Sec. 221. Small business loan data collection

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Section 704B of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2 ) is amended— by inserting LGBTQ-owned, after minority-owned, each place such term appears; in subsection (e)(2)(G), by inserting , sexual orientation, gender identity after sex ; and in subsection (h), by adding at the end the following: The term LGBTQ-owned business means a business— more than 50 percent of the ownership or control of which is held by 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer; and more than 50 percent of the net profit or loss of which accrues to 1 or more individuals self-identifying as lesbian, gay, bisexual, transgender, or queer. .

It is the sense of the Congress that the term sex , as used within the Equal Credit Opportunity Act, includes an individual’s sexual orientation and gender identity, and that this section, in part, clarifies that the sex, sexual orientation, and gender identity of the principal owners of a business should be collected under section 704B of the Equal Credit Opportunity Act as three separate forms of information.

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15 USC 1691c–2

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Sec. 221

Small business loan data collection

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