Sec. 5413. 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. . Subparagraph
(A)of section 7(a)(3) of the Federal Reserve Act ( 12 U.S.C. 289(a)(3)(A) ) is amended by reducing the dollar figure described in such subparagraph by $500,000. The amendment made by paragraph
(1)shall take effect on September 30, 2032.
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- 15 USC 1691c–2
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