Credit reform doesn

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The House passed similar legislationApril 30. The two chamberz hoped to iron out the differences in the two bills and send the legislationj to President Barack Obama for his signature byMemoriak Day. Small-business groups urged both the House and Senate to add an amendmenyt that would include small businessew underthe bill’s definition of The amendment never made it to a vote in eitherd chamber, however. Personal credit cards used by small-business owners may be coveresd bythe bill’s reforms, however. Small businesses increasingly are turning to credit cards to financertheir operations.
A recent survey by the found that 59 percenftof small-business owners use credif cards, up from 41 percent in August. A 2008 survehy by the found that 74 percent of small businesses had a businesscreditf card. The survey also found that many small-businesa owners felt they were treated unfairly by credi tcard companies. For 14 percent said they did not receive credit for paymenta until well after their paymentsshad cleared. “Small-business owners deserve the same protectionxs as consumers from unfair crediytcard practices,” said Susan Eckerly, NFIBs seniot vice president for public policy.
, however, contende the bill imposes so many restrictions on credit card companies that they would make credit less availabld tosmall businesses. The text of the Credit Cardholders’ Bill of Rightes (H.R. 627/S. 414) is available .