Sec. 2. Fair debt collection practices for loans to small businesses
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The Fair Debt Collection Practices Act ( 15 U.S.C. 1692 et seq.) is amended— in section 803, by amending paragraph
(5)to read as follows: The term debt means any obligation or alleged obligation to pay money arising out of a transaction, whether or not such obligation has been reduced to judgment. ; by redesignating section 819 as section 820; and by inserting after section 818 the following: This Act shall apply to small businesses to the same extent as this Act applies to consumers. The Director of the Bureau, in consultation with the Administrator of the Small Business Administration, shall issue a rule to define the term small business for purposes of this section. . The table of contents for the Fair Debt Collection Practices Act is amended by striking the item relating to section 819 and inserting the following: 819. Application to small businesses. 820. Effective date. . Section 806(3) of the Fair Debt Collection Practices Act ( 15 U.S.C. 1692d ) is amended— by striking consumers who and inserting consumers or small businesses that ; and by inserting , to a commercial credit bureau, after consumer reporting agency .
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