Microloan Transparency and Accountability Act of 2021

Bill: 117-hr-1487
Sponsor: full_name: Rep. Burchett, Tim [R-TN-2]
Introduced: 2021-03-02
Policy area: Commerce
Subjects: Administrative remedies

Congressional oversight

Government information and archives

Government lending and loan guarantees

Government studies and investigations

Rural conditions and development

Small Business Administration
Latest action: action_date: 2021-04-19
text: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2021-03-02
action_desc: Introduced in House
text: <p><b>Microloan Transparency and Accountability Act of 2021</b></p> <p>This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.</p> <p>Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan. </p>

action_date: 2021-04-15
action_desc: Passed House
text: <p><b>Microloan Transparency and Accountability Act of 2021</b></p> <p>This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.</p> <p>Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan. </p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1487 IN THE HOUSE OF REPRESENTATIVES March 2, 2021 Mr. Burchett (for himself, Mr. Kim of New Jersey , Mr. Fitzgerald , and Ms. Newman ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to increase transparency, and for other purposes.

1. Short title This Act may be cited as the Microloan Transparency and Accountability Act of 2021 . 2. Portfolio risk analysis of microloans Section 7(m)(10) of the Small Business Act ( 15 U.S.C. 636(m)(10) ) is amended— (1) by redesignating subparagraphs (A) through (F) as clauses (i) through (vi), respectively, and adjusting the margins accordingly; (2) by amending clause (iv), as so redesignated, to read as follows: (vi) the number, amount, and percentage of microloans made by intermediaries to small business concerns— (I) that went into default in the previous year; and (II) that were charged off in the previous year by such intermediaries; ; (3) in clause (vi), as so redesignated, by striking and at the end; (4) by redesignating subparagraph (G) as clause (xviii), and adjusting the margin accordingly; (5) by striking On November 1, 1995, and all that follows through the following: and inserting the following: (A) In general Beginning on February 1, 2022, and annually thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives, and make available to the public on the website of the Administration, a report on the effectiveness of the microloan program during the fiscal year preceding the date of the report. Such report shall include— ; (6) in subparagraph (A), as so designated, by inserting after clause (vi) the following new clauses: (vii) the number and type of enforcement actions taken by the Administrator against noncompliant intermediaries; (viii) an analysis of compliance by intermediaries with the credit availability requirements of paragraph (3)(E) for loans in an amount greater than $20,000; (ix) the extent to which microloans are provided to small business concerns in rural areas; (x) the number of underserved borrowers, as defined by the Administration, participating in the microloan program; (xi) the average rate of interest for each microloan; (xii) the average amount of fees charged for each microloan; (xiii) the average size of each microloan, including— (I) the number of loans made in an amount greater than $20,000; and (II) the average size and charge-off rate of such loans; (xiv) the subsidy cost to the Administration; (xv) the number and percentage of microloans that were made to refinance other loans; (xvi) the number and percentage of microloans made to new program participants and the number and percentage of microloans made to previous program participants; (xvii) the average amount of technical assistance grant monies spent on each loan; and ; and (7) by adding at the end the following: (B) Privacy Each report submitted under subparagraph (A) shall not contain any personally identifiable information of any borrower. .

tv_txt: I 117th CONGRESS 1st Session H. R. 1487 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Small Business Act to increase transparency, and for other purposes.

1. Short title This Act may be cited as the Microloan Transparency and Accountability Act of 2021 . 2. Portfolio risk analysis of microloans Section 7(m)(10) of the Small Business Act ( 15 U.S.C. 636(m)(10) ) is amended— (1) by redesignating subparagraphs (A) through (F) as clauses (i) through (vi), respectively, and adjusting the margins accordingly; (2) by amending clause (iv), as so redesignated, to read as follows: (vi) the number, amount, and percentage of microloans made by intermediaries to small business concerns— (I) that went into default in the previous year; and (II) that were charged off in the previous year by such intermediaries; ; (3) in clause (vi), as so redesignated, by striking and at the end; (4) by redesignating subparagraph (G) as clause (xviii), and adjusting the margin accordingly; (5) by striking On November 1, 1995, and all that follows through the following: and inserting the following: (A) In general Beginning on February 1, 2022, and annually thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives, and make available to the public on the website of the Administration, a report on the effectiveness of the microloan program during the fiscal year preceding the date of the report. Such report shall include— ; (6) in subparagraph (A), as so designated, by inserting after clause (vi) the following new clauses: (vii) the number and type of enforcement actions taken by the Administrator against noncompliant intermediaries; (viii) an analysis of compliance by intermediaries with the credit availability requirements of paragraph (3)(E) for loans in an amount greater than $20,000; (ix) the extent to which microloans are provided to small business concerns in rural areas; (x) the number of underserved borrowers, as defined by the Administration, participating in the microloan program; (xi) the average rate of interest for each microloan; (xii) the average amount of fees charged for each microloan; (xiii) the average size of each microloan, including— (I) the number of loans made in an amount greater than $20,000; and (II) the average size and charge-off rate of such loans; (xiv) the subsidy cost to the Administration; (xv) the number and percentage of microloans that were made to refinance other loans; (xvi) the number and percentage of microloans made to new program participants and the number and percentage of microloans made to previous program participants; (xvii) the average amount of technical assistance grant monies spent on each loan; and ; and (7) by adding at the end the following: (B) Privacy Each report submitted under subparagraph (A) shall not contain any personally identifiable information of any borrower. .

Passed the House of Representatives April 15, 2021. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 1st Session H. R. 1487 IN THE SENATE OF THE UNITED STATES April 19, 2021 Received; read twice and referred to the Committee on Small Business and Entrepreneurship AN ACT To amend the Small Business Act to increase transparency, and for other purposes.

1. Short title This Act may be cited as the Microloan Transparency and Accountability Act of 2021 . 2. Portfolio risk analysis of microloans Section 7(m)(10) of the Small Business Act ( 15 U.S.C. 636(m)(10) ) is amended— (1) by redesignating subparagraphs (A) through (F) as clauses (i) through (vi), respectively, and adjusting the margins accordingly; (2) by amending clause (iv), as so redesignated, to read as follows: (vi) the number, amount, and percentage of microloans made by intermediaries to small business concerns— (I) that went into default in the previous year; and (II) that were charged off in the previous year by such intermediaries; ; (3) in clause (vi), as so redesignated, by striking and at the end; (4) by redesignating subparagraph (G) as clause (xviii), and adjusting the margin accordingly; (5) by striking On November 1, 1995, and all that follows through the following: and inserting the following: (A) In general Beginning on February 1, 2022, and annually thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives, and make available to the public on the website of the Administration, a report on the effectiveness of the microloan program during the fiscal year preceding the date of the report. Such report shall include— ; (6) in subparagraph (A), as so designated, by inserting after clause (vi) the following new clauses: (vii) the number and type of enforcement actions taken by the Administrator against noncompliant intermediaries; (viii) an analysis of compliance by intermediaries with the credit availability requirements of paragraph (3)(E) for loans in an amount greater than $20,000; (ix) the extent to which microloans are provided to small business concerns in rural areas; (x) the number of underserved borrowers, as defined by the Administration, participating in the microloan program; (xi) the average rate of interest for each microloan; (xii) the average amount of fees charged for each microloan; (xiii) the average size of each microloan, including— (I) the number of loans made in an amount greater than $20,000; and (II) the average size and charge-off rate of such loans; (xiv) the subsidy cost to the Administration; (xv) the number and percentage of microloans that were made to refinance other loans; (xvi) the number and percentage of microloans made to new program participants and the number and percentage of microloans made to previous program participants; (xvii) the average amount of technical assistance grant monies spent on each loan; and ; and (7) by adding at the end the following: (B) Privacy Each report submitted under subparagraph (A) shall not contain any personally identifiable information of any borrower. .

Passed the House of Representatives April 15, 2021. Cheryl L. Johnson, Clerk