To improve title X.

SA 3918. Ms. SNOWE (for herself and Ms. Landrieu) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail'', to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

On page 1272, line 2, strike ``services who'' and insert
``services, but only to the extent that such person''.
On page 1272, line 22, strike ``(C)'' and insert
``(C)(i)''.
On page 1273, strike line 19 and insert the following:
``(C) Limitations.--
``(i) In general.--Notwithstanding sub-''.
On page 1273, line 20, after ``subparagraph (B)'' insert
``, and except as provided in clause (ii)''.
On page 1274, between lines 2 and 3, insert the following:
``(ii) Exception.--Subparagraph (A) and clause (i) of this
subparagraph do not apply to any merchant, retailer, or
seller of nonfinancial goods or services, to the extent that
such person is subject to any enumerated consumer law or any
law for which authorities are transferred under subtitle F or
H.''.
On page 1274, strike line 3 and all that follows through
``may'' on line 4 and insert the following:
``(D) Rules.--
``(i) Authority of other agencies.--No provision of this
title shall''.
On page 1274, between lines 13 and 14, insert the
following:
``(ii) Small businesses.--A merchant, retailer, or seller
of nonfinancial goods or services that would otherwise be
subject to the authority of the Bureau solely by virtue of
the application of subparagraph (B)(iii) shall be deemed not
to be engaged significantly in offering or providing consumer
financial products or services under subparagraph (C)(i), if
such person--

``(I) only extends credit for the sale of nonfinancial
goods or services, as described in subparagraph (A)(i);
``(II) retains such credit on its own accounts (except to
sell or convey such debt that is delinquent or otherwise in
default); and
``(III) meets the relevant industry size threshold to be a
small business concern, based on annual receipts, pursuant to
section 3 of the Small Business Act (15 U.S.C. 632) and the
implementing rules thereunder.

``(iii) Initial year.--A merchant, retailer, or seller of
nonfinancial goods or services shall be deemed to meet the
relevant industry size threshold described in clause
(ii)(III) during the first year of operations of that
business concern if, during that year, the receipts of that
business concern reasonably are expected to meet that size
threshold.
``(E) Exception from state enforcement.--To the extent that
the Bureau may not exercise authority under this subsection
with respect to a merchant, retailer, or seller of
nonfinancial goods or services, no action by a State attorney
general or State regulator with respect to a claim made under
this title may be brought under subsection 1042(a), with
respect to an activity described in any of clauses (i)
through (iii) of subparagraph (A) by such merchant, retailer,
or seller of nonfinancial goods or services.''.
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