At hearings regarding the bill earlier this year, bank representatives argued that the bill's changes would make credit cards harder to get by interfering with the issuers' pricing model. But Adam Levitin, associate professor at Georgetown University Law Center, argues that the bill has provisions that could help small businesses relying on credit cards. "Small businesses don't want to have to worry that a dispute with a supplier or a late rent payment or the like will result in higher costs of borrowing on credit cards," says Levitin.
But even if the bill passes the Senate and becomes law, its provisions won't go into effect for another year after its passage. No matter what Washington does, small-business owners will have plenty of reason to pay close attention to changes being made by their credit card companies. "Who knows what they're going to do in the future?" says Nicholson.
DC of NJ @ Jan 11, 2009 12:50:40 PM
Brian Lupao, University of Nairobi @ Dec 06, 2008 04:01:28 AM
Kristin of OR @ Oct 11, 2008 15:38:28 PM