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Protecting Small Businesses from Credit Data Breaches

This act introduces new rules for credit reporting companies to better protect small businesses from data breaches. These companies will be required to report breaches more quickly and will not be able to charge for credit reports after a data breach. This aims to reduce financial risks for small businesses.
Key points
Credit reporting companies must promptly report data breaches affecting small businesses, following state law or without unreasonable delay.
After a data breach, credit reporting companies cannot charge affected small businesses for their credit reports for 180 days.
The act does not override existing state laws on credit reporting, meaning stronger state protections remain in effect.
The government will study the financial harm incurred by small businesses due to data breaches to better understand the issue.
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Additional Information
Print number: 118_HR_3071
Sponsor: Rep. Steube, W. Gregory [R-FL-17]
Process start date: 2023-05-02
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Credit Protection Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3071.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-02.

What are the main provisions?

Key points include:

  • Credit reporting companies must promptly report data breaches affecting small businesses, following state law or without unreasonable delay.
  • After a data breach, credit reporting companies cannot charge affected small businesses for their credit reports for 180 days.
  • The act does not override existing state laws on credit reporting, meaning stronger state protections remain in effect.
  • The government will study the financial harm incurred by small businesses due to data breaches to better understand the issue.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Steube, W. Gregory [R-FL-17].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law