Virginia Small Business Commission Schedules New Hearing on Commercial Credit Reporting Bill


The Virginia Small Business Commission scheduled another meeting next month to discuss the future of House Bill 2198, which could affect the exchange of commercial credit information on businesses in the commonwealth.

According to the Commission's website, the next meeting will take place on August 29 in the General Assembly Building in Richmond, VA. While no agenda has been made available to the public as of yet, NACM has been in contact with Commission staff members who have made it clear that the meeting will consist of the HB 2198 workgroup, a gathering of proponents and opponents of the bill that was informally established at the Commission's last meeting at the end of June.

At that prior meeting, the Commission made no recommendation about whether or not to endorse or reject the legislation, instead urging both sides of the debate to work together on a more agreeable measure. NACM will attend the August hearing to ensure that the interests of unsecured trade credit grantors are considered by Virginia legislators.

NACM has opposed HB 2198 since its introduction and was on hand at the June meeting to make the case against the bill's identification provision. This measure would require commercial credit reporting agencies to make the source of a certain piece of information on a commercial credit report known to the subject of that report, if the information was considered "negative," a term the bill fails to define.

NACM will be monitoring the bill in all its forms throughout and opposing any legislation that could restrict the free and open exchange of credit information. If you have any questions or comments about HB 2198, please contact Jacob Barron, CICP at jakeb@nacm.org.

-Jacob Barron, CICP, NACM staff writer

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