Small Business Loan Simplification Act of 2014

Bill: 113-hr-5599
Sponsor: full_name: Rep. Graves, Sam [R-MO-6]
Introduced: 2014-09-18
Policy area: Commerce
Subjects: Administrative law and regulatory procedures

Business records

Government lending and loan guarantees

Small Business Administration

Small business
Latest action: action_date: 2014-09-18
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2014-09-18
action_desc: Introduced in House
text: <p>Small Business Loan Simplification Act of 2014 - Amends the Small Business Act to require the Administrator of the Small Business Administration (SBA) to: (1) amend regulations and Standard Operating Procedures (SOPs) to authorize the SBA and participants in specified lending programs to use electronic signatures and records for the programs, and (2) accept such electronic signatures and records associated with SBA management and closing processes.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5599 IN THE HOUSE OF REPRESENTATIVES September 18, 2014 Mr. Graves of Missouri (for himself, Mr. Chabot , Mr. Schweikert , Mr. Hanna , Mr. Huelskamp , Mr. Collins of New York , Mr. Luetkemeyer , Mr. Tipton , Mr. King of Iowa , and Mr. Rice of South Carolina ) introduced the following bill; which was referred to the Committee on Small Business A BILL To clarify that the use of electronic signatures and records in SBA loan and related financing programs is permitted.

1. Short title This Act may be cited as the Small Business Loan Simplification Act of 2014 . 2. Electronic signatures and records (a) In general Section 4 of the Small Business Act ( 15 U.S.C. 633 ) is amended by the adding the following new subsection: (g) Electronic signatures and records In accordance with the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.), the Administrator shall— (1) amend regulations and Standard Operating Procedures to authorize the Administration and participants in lending programs under subsections (a), (j), (l), and (m) of section 7 of the Small Business Act, and under title III, title IV, and title V of the Small Business Investment Act of 1958, to use electronic signatures and records, as defined by section 106 of the Electronic Signatures in Global and National Commerce Act, for such programs; and (2) accept electronic signatures and records, as defined by section 106 of the Electronic Signatures in Global and National Commerce Act, associated with the management and closing processes under section 7 of the Small Business Act and Small Business Administration Standard Operating Procedure 50 10, Standard Operating Procedure 50 57, Standard Operating Procedure 50 50, and in Standard Operating Procedure 10 06 (as in effect on the date of enactment of this paragraph and any successor rule or successor Standard Operating Procedure). . (b) Preservation of State Law Nothing in this Act may be construed to preempt applicable State law except as provided in the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.) with respect to such State law. (c) Effective date The amendments made in subsection (a) of this section shall take effect on the date that is 60 days after the date of enactment of this Act. To ensure timely implementation of the requirements of this section, any rules made during the 60-day period to carry out this section are not subject to the requirements under subsection (b) or (c) of section 553 of title 5, United States Code.