1. Short title
This Act may be cited as the “LGBTQ Business Equal Credit Enforcement and Investment Act”.
LGBTQ Business Equal Credit Enforcement and Investment Act
A BILL
To amend the Equal Credit Opportunity Act to require the collection of small business loan data related to LGBTQ-owned businesses.
2. Small business loan data collection
Section 704B of the Equal Credit Opportunity Act (15 U.S.C. 1691c–2) is amended—
by inserting “LGBTQ-owned,” after “minority-owned,” each place the term appears;
in subsection (e)(2)(G), by inserting “sexual orientation, gender identity,” after “sex,”; and
in subsection (h), by adding at the end the following:
“(7) LGBTQ-owned business—The term LGBTQ-owned business means a business—
“(A) more than 50 percent of the ownership or control of which is held by 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer; and
“(B) more than 50 percent of the net profit or loss of which accrues to 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer.”