CLEAR SBA Act

Bill: 115-hr-1590
Sponsor: full_name: Rep. Torres, Norma J. [D-CA-35]
Introduced: 2017-03-16
Policy area: Commerce
Subjects: Business investment and capital

Credit and credit markets

Government information and archives

Small Business Administration

Small business
Latest action: action_date: 2017-03-16
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2017-03-16
action_desc: Introduced in House
text: <p><b>Communicating Lender Activity Reports from the Small Business Administration Act or the CLEAR SBA Act</b></p> <p>This bill amends <his> the Small Business Act to define &quot;covered loan&quot; as a loan made or debenture issued under the Act or the Small Business Investment Act of 1958 by a private individual or entity.</p> <p>The bill requires the Small Business Administration (SBA) to make publicly available on its website a Lender Activity Index (i.e., a user-friendly database of specified information relating to lenders making covered loans).</p> <p>The SBA shall: (1) include in the database information relating to covered loans made during FY2009-FY2016, and (2) incorporate information related to such loans on an ongoing basis.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1590 IN THE HOUSE OF REPRESENTATIVES March 16, 2017 Mrs. Torres (for herself, Ms. Norton , Mr. Soto , Mr. Swalwell of California , and Mr. Carson of Indiana ) introduced the following bill; which was referred to the Committee on Small Business A BILL To require the Small Business Administration to make information relating to lenders making covered loans publicly available, and for other purposes.

1. Short title This Act may be cited as the Communicating Lender Activity Reports from the Small Business Administration Act or the CLEAR SBA Act . 2. SBA lender activity index Section 4 of the Small Business Act ( 15 U.S.C. 633 ) is amended by adding at the end the following: (i) SBA lender activity index (1) Definition In this subsection, the term covered loan means a loan made or debenture issued under this Act or the Small Business Investment Act of 1958 ( 15 U.S.C. 661 et seq.) by a private individual or entity. (2) Requirement Not later than 6 months after the date of enactment of this subsection, the Administrator shall make publicly available on the Web site of the Administration a user-friendly database of information relating to lenders making covered loans (to be known as the Lender Activity Index ). (3) Data included (A) In general The database made available under paragraph (2) shall include, for each lender making a covered loan— (i) the name of the lender; (ii) the number of covered loans made by the lender; (iii) the total dollar amount of covered loans made by the lender; (iv) a list of each ZIP Code in which a recipient of a covered loan made by the lender is located; (v) a list of the industries of the recipients to which the lender made a covered loan; (vi) whether the covered loan is for an existing business or a new business; (vii) the number and total dollar amount of covered loans made by the lender to— (I) small business concerns owned and controlled by women; (II) socially and economically disadvantaged small business concerns (as defined in section 8(a)(4)(A)); and (III) small business concerns owned and controlled by veterans; and (viii) whether the covered loan was made under section 7(a) or under the program to provide financing to small business concerns through guarantees of loans under title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq.). (B) Incorporation of data The Administrator shall— (i) include in the database made available under paragraph (2) information relating to covered loans made during fiscal years 2009, 2010, 2011, 2012, 2013, 2014, 2015, and 2016; and (ii) incorporate information relating to covered loans on an ongoing basis. (C) Period of data availability The Administrator shall retain information relating to a covered loan in the database made available under paragraph (2) until not earlier than the end of the third fiscal year beginning after the fiscal year during which the covered loan was made. .