arrow_back Back to App

Equal Credit for LGBTQI Businesses: New Data Collection Rules

This act aims to ensure equal credit opportunities for LGBTQI-owned businesses. It mandates the collection of small business loan data, including information on the sexual orientation, gender identity, and intersex status of owners. This will help monitor and address potential discrimination in access to financing for these businesses.
Key points
Banks and financial institutions will be required to collect data on whether small businesses applying for loans are LGBTQI-owned.
The act defines an LGBTQI-owned business as one where over 50% of ownership or control is held by individuals identifying as lesbian, gay, bisexual, transgender, queer, or intersex.
The goal is to better enforce equal credit opportunity laws and identify any barriers to financing for these businesses.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_6652
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2023-12-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

LGBTQI Business Equal Credit Enforcement and Investment Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6652.

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 2023-12-06.

What are the main provisions?

Key points include:

  • Banks and financial institutions will be required to collect data on whether small businesses applying for loans are LGBTQI-owned.
  • The act defines an LGBTQI-owned business as one where over 50% of ownership or control is held by individuals identifying as lesbian, gay, bisexual, transgender, queer, or intersex.
  • The goal is to better enforce equal credit opportunity laws and identify any barriers to financing for these businesses.
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. Torres, Ritchie [D-NY-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

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