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Requiring Data Collection on Small Business Loans for LGBTQI-Owned Firms.

This legislation mandates financial institutions to collect detailed data on small business loan applications submitted by firms owned by individuals identifying as LGBTQI. The goal is to monitor access to capital and identify potential disparities or discrimination in lending practices affecting these businesses. This data collection provides a tool for ensuring equal credit opportunities for LGBTQI entrepreneurs.
Key points
Financial institutions must now collect data on the sexual orientation, gender identity, and intersex status of small business owners applying for loans.
The change aims to help identify and address potential discrimination in credit access for LGBTQI-owned businesses.
A legal definition of an 'LGBTQI-owned business' (over 50% ownership and profit) is established for data collection purposes.
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Expired
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Additional Information
Print number: 118_S_3421
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2023-12-06
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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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_S_3421.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-12-06.

What are the main provisions?

Key points include:

  • Financial institutions must now collect data on the sexual orientation, gender identity, and intersex status of small business owners applying for loans.
  • The change aims to help identify and address potential discrimination in credit access for LGBTQI-owned businesses.
  • A legal definition of an 'LGBTQI-owned business' (over 50% ownership and profit) is established for data collection purposes.
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 Sen. Gillibrand, Kirsten E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Courts and Law