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Consumer Protection Laws & Small Business Owners

Credit.com has posted a good piece on Congressional efforts to extend the protections of new credit card laws to small businesses. You can link to the post here.

Extending credit card protections to small business owners certainly is a start, but it should not be the end. I also would like to see the protection of the fair debt collection laws extended to small business debt. We have received complaints about debt collectors bragging to small business owners that they need not comply with the fair debt collection laws because the debt was incurred by a business. In my opinion, there’s no reason for the distinction. Because you own a small business, and may have taken the necessary risks to grow that business, you are allowed to be treated unfairly? That makes no sense. Small business owners should be protected from harassment and abuse at the hands of debt collectors, irrespective of whether the alleged debt was incurred for business or personal purposes.

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