504 Credit Risk Management Improvement Act of 2021

Bill: 117-hr-1482
Sponsor: Rep. Bishop, Dan [R-NC-9]
Introduced: 2021-03-02 in the House
Policy area: Commerce
Subjects: Administrative law and regulatory procedures
Administrative remedies
Banking and financial institutions regulation
Business records
Environmental assessment, monitoring, research
Financial services and investments
Small Business Administration
Small business
User charges and fees

Summary:
action_date: 2021-03-02
text: 

504 Credit Risk Management Improvement Act of 2021

 
This bill revises the duties of the Office of Credit Risk Management to include oversight of a certified development company (CDC) that participates in the 504 Loan Program of the Small Business Administration (SBA), and it requires the SBA to issue rules related to certain environmental requirements. The 504 Loan Program provides a small business with SBA financing&#8212;through a CDC intermediary&#8212;for expansion or modernization.
 
Specifically, the bill requires the office to oversee any CDC that participates in the program and to conduct file reviews with respect to loan closings under the program. Further, the bill authorizes the office to take formal and informal enforcement actions against a CDC for specified violations and to charge each CDC a fee.
 
The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements. 

action_date: 2021-04-16
text: 

504 Credit Risk Management Improvement Act of 2021

 
This bill revises the duties of the Office of Credit Risk Management to include oversight of a certified development company (CDC) that participates in the 504 Loan Program of the Small Business Administration (SBA), and it requires the SBA to issue rules related to certain environmental requirements. The 504 Loan Program provides a small business with SBA financing&#8212;through a CDC intermediary&#8212;for expansion or modernization.
 
Specifically, the bill requires the office to oversee any CDC that participates in the program and to conduct file reviews with respect to loan closings under the program. Further, the bill authorizes the office to take formal and informal enforcement actions against a CDC for specified violations and to charge each CDC a fee.
 
The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements. 


Legislative actions:
action_date: 2021-04-19
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2021-04-16
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2021-04-16
text: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 8 (Roll no. 119). (text: 04/14/2021 CR H1772-1773)
action_date: 2021-04-16
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 411 - 8 (Roll no. 119).(text: 04/14/2021 CR H1772-1773)
action_date: 2021-04-16
text: Considered as unfinished business. (consideration: CR H1872-1873)
action_date: 2021-04-14
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2021-04-14
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1482.
action_date: 2021-04-14
text: Considered under suspension of the rules. (consideration: CR H1772-1775)
action_date: 2021-04-14
text: Ms. Davids (KS) moved to suspend the rules and pass the bill.
action_date: 2021-03-02
text: Referred to the House Committee on Small Business.
action_date: 2021-03-02
text: Introduced in House
action_date: 2021-03-02
text: Introduced in House