1. Short title
This Act may be cited as the “Small Business Fraud Protection Act”.
Small Business Fraud Protection Act
A BILL
To apply the provisions relating to consumer liability for unauthorized transfers to small business concerns, and for other purposes.
2. Application of the Electronic Fund Transfer Act to small business concerns
In general— Section 909 of the Electronic Fund Transfer Act (15 U.S.C. 1693g) is amended by adding at the end the following:
“(f) For purposes of this section, the term consumer shall include a small business concern, as defined in section 3(a) of the Small Business Act (15 U.S.C. 632(a)).”
Regulations— Not later than 2 years after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall amend 1005.6 of title 12, Code of Federal Regulations, to carry out the amendment made by subsection (a).