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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4598 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4598

 To amend the Small Business Act to improve the Express Loan Program, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 2010

  Mrs. Dahlkemper (for herself, Ms. Bean, Mr. Pomeroy, Mr. Welch, Mr. 
 Altmire, Ms. Kosmas, Mr. Ryan of Ohio, Mr. Schrader, Mr. Bright, Ms. 
   Schwartz, Mr. Driehaus, Mr. Peters, Ms. Richardson, Mr. Klein of 
Florida, Ms. Wasserman Schultz, Mr. Grayson, Mr. McMahon, Mr. Donnelly 
 of Indiana, and Mr. Shuster) introduced the following bill; which was 
              referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL

 
 To amend the Small Business Act to improve the Express Loan Program, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Express Loans Improvements Act of 
2010''.

SEC. 2. IMPROVEMENT OF EXPRESS LOAN PROGRAM.

    (a) Guaranty Rate.--
            (1) Temporary increase.--
                    (A) In general.--Section 7(a)(31)(A)(iii) of the 
                Small Business Act (15 U.S.C. 636(a)(31)(A)(iii)) is 
                amended by striking ``50 percent'' and inserting ``75 
                percent''.
                    (B) Effective dates.--The amendment under 
                subparagraph (A) shall take effect on the date of 
                enactment of this Act and shall cease to have effect on 
                the date that is 2 years after such date.
            (2) Permanent increase.--
                    (A) In general.--The percentage specified in 
                section 7(a)(31)(A)(iii) of the Small Business Act (15 
                U.S.C. 636(a)(31)(A)(iii)) is amended to read ``60 
                percent''.
                    (B) Effective date.--The amendment under 
                subparagraph (A) shall take effect on the date that is 
                2 years after the date of enactment of this Act.
    (b) Maximum Loan Amount.--Section 7(a)(31)(D) of the Small Business 
Act (15 U.S.C. 636(a)(31)(D)) is amended by striking ``$350,000'' and 
inserting ``$1,000,000''.
    (c) Regulations.--Not later than 180 days after the date of 
enactment of this Act, the Administrator of the Small Business 
Administration shall issue regulations with respect to the loan 
eligibility, lender eligibility, and collateral requirements (including 
lien protection for lenders) of the Express Loan Program under section 
7(a)(31) of the Small Business Act (15 U.S.C. 636(a)(31)) that 
minimize, with respect to the Federal Government, the risk of loss 
associated with such Program.
    (d) Reports.--Not later than one year after the date of enactment 
of this Act and annually thereafter, the Administrator of the Small 
Business Administration shall submit to the Committee on Small Business 
of the House of Representatives and the Committee on Small Business and 
Entrepreneurship of the Senate a report describing the implementation 
of the Express Loan Program under section 7(a)(31) of the Small 
Business Act (15 U.S.C. 636(a)(31)), including actions taken to reduce 
default rates with respect to such Program.
                                 <all>
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