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| Protection for Small Business Credit Card Users Making Its Way Through Congress |
| Sunday, September 20,2009 08:55 PM |
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I'm pretty sure I wasn't alone in being bummed out that small business credit card customers were specifically excluded from the protections offered to regular consumers earlier this year when Congress passed the Credit Cardholders Bill of Rights. That legislation, in case you've forgotten, put the brakes on some of the more non-sensical shenanigans wrought on consumer cardholders by the credit card companies. Turns out, I wasn't alone.
The Small Business Credit Card Act of 2009 would extend the consumer protection of the Credit Cardholders Bill of Rights, passed in May, to businesses with 50 employees or fewer.
Specifically, the measure would amend the Truth in Lending Act to protect small businesses from abusive practices such as double-cycle billing, and retroactive or unannounced interestrate hikes and due date changes.
Since almost half of small business owners use credit cards to facilitate cash flow, let's hope Congress can make this happen. In any case, kudos to the elected officials who are leading the charge:
HR 3457 was introduced July 31 by U.S. Rep. Neil Abercrombie, D-Hawaii, and three other House members. There is also a Senate companion bill.
Stay tuned ...
Here's the whole article: http://pacific.bizjournals.com/pacific/stories/2009/09/14/daily59.html
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