In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fairness for Homeowners Act of 
2007''.

SEC. 2. ORIGINATIONS OF CONSUMER CREDIT TRANSACTIONS SECURED BY THE 
              CONSUMER'S PRINCIPAL DWELLING.

    (a) In General.--The Truth in Lending Act (15 U.S.C. 1601 et seq.) 
is amended by inserting after section 129 the following new section:
``Sec. 129A. Originations of consumer credit transactions secured by 
              the consumer's principal dwelling
    ``(a) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Fully indexed rate.--The term `fully indexed rate' 
        equals the index rate prevailing at the time a consumer credit 
        transaction secured by a consumer's principal dwelling is 
        originated, plus the margin that will apply after the 
        expiration of an introductory interest rate.
            ``(2) Mortgage broker.--The term `mortgage broker' means 
        any person who is defined as a mortgage broker under applicable 
        State law.
    ``(b) Requirements for Originators.--
            ``(1) Ability to pay.--
                    ``(A) In general.--No creditor or mortgage broker 
                may make, provide, or arrange for any consumer credit 
                transaction secured by a consumer's principal dwelling 
                without verifying the consumer's reasonable ability to 
                pay the scheduled payments of the following, as 
                applicable: principal; interest; real estate taxes; 
                homeowner's insurance, assessments, and mortgage 
                insurance premiums.
                    ``(B) Variable interest rate.--In the case of any 
                consumer credit transaction secured by a consumer's 
                principal dwelling for which the applicable annual 
                percentage rate may vary over the life of the credit, 
                the reasonable ability to pay shall be determined, for 
                purposes of this paragraph, on the basis of a fully 
                indexed rate plus 200 basis points and a repayment 
                schedule which achieves full amortization over the life 
                of the extension of credit.
                    ``(C) Verification of consumer income and financial 
                resources.--In the case of any consumer credit 
                transaction secured by a consumer's principal dwelling, 
                the income and financial resources of the consumer 
                shall be verified for purposes of this paragraph by tax 
                returns, payroll receipts, bank records, or other 
                similarly reliable documents.
                    ``(D) Other criteria.--No provision of this 
                paragraph shall be construed as prohibiting reliance on 
                criteria other than a consumer's income and financial 
                resources to establish the reasonable ability of the 
                consumer to repay any consumer credit transaction 
                secured by the consumer's principal dwelling, to the 
                extent such other criteria are also verified through 
                reasonably reliable methods and documentation.
                    ``(E) Consumer statement is insufficient proof.--A 
                statement by a consumer of the consumer's income or 
                financial resources shall not be sufficient to 
                establish the existence of any income or financial 
                resources when verifying the reasonable ability of the 
                consumer to repay any consumer credit transaction 
                secured by the consumer's principal dwelling, for 
                purposes of this paragraph.
            ``(2) Prohibition on steering.--No creditor or mortgage 
        broker may make, provide, or arrange for any consumer credit 
        transaction secured by a consumer's principal dwelling that is 
        of a lower investment grade if--
                    ``(A) the consumer's credit score; or
                    ``(B) comparable underwriting data, in any case in 
                which the creditor or mortgage broker does not utilize 
                credit scoring or a credit score for the consumer is 
                unavailable,
        indicates that the borrower may qualify for a consumer credit 
        transaction, available from or through the creditor or mortgage 
        broker, that is of a higher investment grade.
            ``(3) Prohibition on prepayment penalties for arms.--
                    ``(A) In general.--In the case of any consumer 
                credit transaction secured by a consumer's principal 
                dwelling that provides for variable rates of interest 
                on the credit extended under the transaction, the 
                transaction may not contain terms under which a 
                consumer must pay a prepayment penalty for paying all 
                or part of the principal before the date on which the 
                principal is due.
                    ``(B) Exclusion for jumbo mortgages.--Subparagraph 
                (A) shall not apply to any consumer credit transaction 
                secured by a consumer's principal dwelling the 
                principal amount (as defined in subsection (c)(2)) of 
                which exceeds the maximum dollar amount limitation (for 
                a residence of the applicable size) on the amount of 
                the principal obligation of a mortgage for a 1- to 4-
                family residence that may be purchased by the Federal 
                Home Loan Mortgage Corporation, as then in effect 
                pursuant to section 305(a)(2) of the Federal Home Loan 
                Mortgage Corporation Act.
    ``(c) Limitation on Financed Points, Charges, and Fees.--
            ``(1) In general.--No creditor or mortgage broker may, in 
        connection with any consumer credit transaction secured by the 
        consumer's principal dwelling, include in the principal amount 
        of such transaction any portion of any qualified finance charge 
        in excess of the amount which is equal to 5 percent of the 
        principal amount of the transaction.
            ``(2) Definitions.--For purposes of this subsection, the 
        following definitions shall apply:
                    ``(A) Qualified finance charge.--The term 
                `qualified finance charge' means the sum of--
                            ``(i) the finance charge as determined 
                        under section 106, minus any interest and time 
                        price differential; and
                            ``(ii) all compensation paid to a mortgage 
                        broker from any source in connection with this 
                        transaction.
                    ``(B) Principal amount.--The term `principal 
                amount' means--
                            ``(i) in the case of any consumer credit 
                        transaction under an open end credit plan 
                        secured by the consumer's principal dwelling, 
                        the maximum amount of credit that may be 
                        extended under the terms of such plan as 
                        determined without taking into account any 
                        amount included in determining the finance 
                        charge under section 106; and
                            ``(ii) in the case of any other consumer 
                        credit transaction secured by a consumer's 
                        principal dwelling, the amount financed (as 
                        defined in section 138(a)(2)).
            ``(3) Prohibition on excessive finance charges.--No 
        creditor or mortgage broker may, in connection with any 
        consumer credit transaction secured by the consumer's principal 
        dwelling, impose or receive any amount included in determining 
        the qualified finance charge for such transaction that exceeds 
        the amount which is equal to 5 percent of the principal amount 
        of the transaction.
            ``(4) Exception.--This subsection shall not apply to any 
        consumer credit transaction secured by the consumer's principal 
        dwelling that is ensured or guaranteed by the Secretary of 
        Housing and Urban Development, the Secretary of Veterans 
        Affairs, or the Farmers Home Administration.
    ``(d) Mortgage Broker Duties of Agency.--
            ``(1) In general.--Any mortgage broker acting to obtain or 
        arrange for any consumer credit transaction secured by the 
        consumer's principal dwelling shall be considered to have an 
        agency relationship with the consumer in all cases by operation 
        of law and shall comply with the following duties:
                    ``(A) Mortgage brokers shall act in the consumer's 
                best interest and in the utmost good faith toward each 
                consumer and shall not compromise a consumer's right or 
                interest in favor of another's right or interest, 
                including a right or interest of the mortgage broker.
                    ``(B) A mortgage broker shall not accept, give, or 
                charge any undisclosed compensation or realize any 
                undisclosed remuneration, either through direct or 
                indirect means, that inures to the benefit of the 
                mortgage broker on an expenditure made for the 
                consumer.
                    ``(C) Mortgage brokers shall carry out all lawful 
                instructions given by the consumer.
                    ``(D) Mortgage brokers shall disclose to consumers 
                all material facts of which the mortgage broker has 
                knowledge which might reasonably affect the consumer's 
                rights, interests, or ability to receive the consumer's 
                intended benefit from the consumer credit transaction, 
                but not facts which are reasonably susceptible to the 
                knowledge of the consumer.
                    ``(E) Mortgage brokers shall use reasonable care in 
                performing duties.
                    ``(F) Mortgage brokers shall account to a consumer 
                for all the consumer's money and property received as 
                agent.
            ``(2) Scope.--The duty of agency between mortgage broker 
        and consumer applies when the mortgage broker is acting in the 
        capacity of mortgage broker providing mortgage brokerage 
        services with respect to any consumer credit transaction 
        secured by the consumer's principal dwelling for which the 
        broker is not the creditor.
            ``(3) Rules of construction.--
                    ``(A) Fees for services rendered.--No provision of 
                this subsection shall be construed as prohibiting a 
                mortgage broker from contracting for or collecting a 
                fee for services rendered which had been disclosed to 
                the consumer in advance of the provision of such 
                services.
                    ``(B) Duty of broker.--No provision of this 
                subsection shall be construed as requiring a mortgage 
                broker--
                            ``(i) to obtain or arrange for any consumer 
                        credit transaction secured by the consumer's 
                        principal dwelling on behalf of a consumer that 
                        contains terms or conditions not available to 
                        the mortgage broker in the mortgage broker's 
                        usual course of business; or
                            ``(ii) to obtain or arrange for any 
                        consumer credit transaction secured by the 
                        consumer's principal dwelling from a creditor 
                        with whom the mortgage broker does not have a 
                        business relationship.
    ``(e) Independent Verification of Consumer Counseling Before 
Refinancing Special Mortgages.--
            ``(1) In general.--No creditor or mortgage broker may make, 
        provide, or arrange for any consumer credit transaction secured 
        by the consumer's principal dwelling all or a portion of the 
        proceeds of which are used to fully or partially pay off a 
        special mortgage unless the borrower has obtained a written 
        certification from an authorized independent loan counselor 
        that the borrower has received counseling on the advisability 
        of the transaction.
            ``(2) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    ``(A) Special mortgage.--The term `special 
                mortgage' means any consumer credit transaction secured 
                by the consumer's principal dwelling that was 
                originated, subsidized, funded, or guaranteed by or 
                through a State, tribal, or local government, or 
                nonprofit organization, that bears 1 or more of the 
                following nonstandard payment terms which substantially 
                benefit the consumer:
                            ``(i) Payments vary with income.
                            ``(ii) Payments of principal or interest 
                        are not required or can be deferred under 
                        specified conditions.
                            ``(iii) Principal or interest is forgivable 
                        under specified conditions.
                            ``(iv) Either no interest or an annual 
                        interest rate of 2 percent or less is charged 
                        in connection with the loan.
                    ``(B) Authorized loan counselor.--The term 
                `authorized independent loan counselor' means any 
                nonprofit, third-party individual or organization 
                providing homebuyer education programs, foreclosure 
                prevention services, mortgage loan counseling, or 
                credit counseling that is certified by the Secretary of 
                Housing and Urban Development, or certified by any 
                State housing agency or nonprofit organization 
                designated by such Secretary, for such purposes.
    ``(f) Minimum Financial Requirements for Mortgage Brokers.--No 
mortgage broker may obtain or arrange for any consumer credit 
transaction secured by the consumer's principal dwelling unless at all 
times the mortgage broker--
            ``(1) maintains a minimum net worth, net of intangibles, of 
        at least $500,000, as determined in accordance with generally 
        accepted accounting principles; or
            ``(2) maintains a surety bond or irrevocable letter of 
        credit in the amount of $50,000.
    ``(g) Enforcement.--For purposes of providing a cause of action for 
any failure by a mortgage broker to comply with any requirement imposed 
under this section, section 130(a) shall be applied with respect to any 
such failure--
            ``(1) by substituting `mortgage broker' for `creditor' each 
        place such term appears in such section; and
            ``(2) by treating all qualified finance charges (as defined 
        in subsection (c)(2)(A)) incurred in the origination of any 
        consumer credit transaction secured by the consumer's principal 
        dwelling as actual damages sustained by the consumer as a 
        result of the failure.
    ``(h) Exclusion of Reverse Mortgages.--This section shall not apply 
with respect to any consumer mortgage transaction that constitutes a 
reverse mortgage.''.
    (b) Technical and Conforming Amendments.--The Truth in Lending Act 
is amended--
            (1) in section 103 (u) (15 U.S.C. 1602(u)), by striking 
        ``and the disclosures required by section 129(a)'' and 
        inserting ``and the provisions of section 129 and 129A''; and
            (2) in section 130 (15 U.S.C. 1640), by inserting ``or 
        129A'' after section 129 each place such term appears.
    (c) Clerical Amendment.--The table of sections for chapter 2 of the 
Truth in Lending Act is amended by inserting after the item relating to 
section 129 the following new item:

``129A. Originations of consumer credit transactions secured by the 
                            consumer's principal dwelling.''.
Example Output: Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums.

Prescribes criteria for determining the reasonable ability to make such payments.

Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages.

Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration.

Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling.

Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer.

Prescribes minimum financial requirements for mortgage brokers.

Excludes reverse mortgages from coverage by this Act.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Women's History and Nineteenth 
Amendment Centennial Quarter Dollar Coin Program Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The tireless and passionate efforts of the suffragists, 
        their supporters, and other stakeholders contributed to the 
        movement to grant and protect the right of all women to vote.
            (2) On August 26, 1920, after a long campaign by 
        suffragists across the country, the United States Constitution 
        was amended with the 19th Amendment, granting women the right 
        to vote.
            (3) On June 24, 1924, all Native Americans were granted 
        citizenship, and by extension the right to vote.
            (4) In 1948, the legal victories of Native American 
        veterans granted protections for the right of all Native men 
        and women to vote.
            (5) On June 27, 1952, the Immigration and Nationality Act 
        of 1952 was enacted, granting citizenship to all individuals of 
        Asian descent, and by extension, the right to vote.
            (6) Enactment of the Voting Rights Act of 1965 on August 6, 
        1965, granted Black women protections to overcome the legal 
        barriers that prevented many from exercising their right to 
        vote even though all Blacks had been granted citizenship in 
        1868 with ratification of the 14th Amendment.
            (7) On August 6, 1975, the amendments to the 
        reauthorization of the Voting Rights Act of 1965 removed 
        language barriers to mitigate discrimination against Hispanic, 
        Asian, and Native American voters.
            (8) It was not until March 29, 1961, when the 23rd 
        Amendment passed that women in Washington, DC, were allowed to 
        vote in all elections.
            (9) Women's history and the movement for women's rights 
        that the suffragists began extends beyond ratification of the 
        Nineteenth Amendment.
            (10) August 26, 2020, marks the centennial of the day that 
        women were granted the right to vote in America.

SEC. 3. ISSUANCE OF COINS COMMEMORATING THE NINETEENTH AMENDMENT.

    (a) Amendment to National Sites Quarter Dollar Program.--Subsection 
(t) of section 5112 of title 31, United States Code, is amended--
            (1) in paragraph (1)(A), by striking ``Notwithstanding the 
        fourth sentence of subsection (d)(1) and subsection (d)(2)'' 
        and inserting ``Subject to paragraph (8), and notwithstanding 
        the fourth sentence of subsection (d)(1) and subsection 
        (d)(2)'';
            (2) by striking paragraph (7) and inserting the following:
            ``(7) Period of issuance.--Subject to paragraph (2), the 
        program established under this subsection shall continue in 
        effect until a national site in each State has been honored and 
        shall terminate not later than March 31, 2021.''; and
            (3) by striking paragraph (8) and inserting the following:
            ``(8) Designs starting on january 1, 2021.--
                    ``(A) Transition period.--The design of the quarter 
                dollar from January 1, 2021, to March 31, 2021, shall 
                be as follows:
                            ``(i) On January 1, 2021, the design shall 
                        be the final design of the national sites 
                        program established by this subsection.
                            ``(ii) On a date selected by the Secretary 
                        that is not earlier than January 15, 2021, and 
                        not later than March 31, 2021, the design shall 
                        be the first design selected pursuant to the 
                        program described in subsection (w).
                    ``(B) Design after end of program.--As of April 1, 
                2021, the design of the quarter dollar shall be in 
                accordance with subsection (w).''.
    (b) Issuance of Coins Commemorating the Nineteenth Amendment.--
Section 5112 of title 31, United States Code, is amended by adding at 
the end the following:
    ``(w) Redesign and Issuance of Quarter Dollars Commemorating the 
Ratification of the Nineteenth Amendment.--
            ``(1) Redesign beginning in 2021.--Notwithstanding the 
        fourth sentence of subsection (d)(1) and subsection (d)(2), 
        quarter dollars issued during the period beginning on the date 
        described in subsection (t)(8)(A)(ii) and ending on the date 
        described in paragraph (8) shall have designs on the reverse 
        selected in accordance with this subsection.
            ``(2) Nineteenth amendment quarter dollar design 
        requirements.--
                    ``(A) Flexibility with regard to placement of 
                inscriptions.--Notwithstanding subsection (d)(1), the 
                Secretary may select a design for quarter dollars 
                described in paragraph (1) in which--
                            ``(i) the inscription described in the 
                        second sentence of subsection (d)(1) appears on 
                        the reverse side of any such quarter dollars; 
                        and
                            ``(ii) any inscription described in the 
                        third sentence of subsection (d)(1) or the 
                        designation of the value of the coin appears on 
                        the obverse side of any such quarter dollars.
                    ``(B) Single prominent american woman.--
                Notwithstanding subsection (d)(1), the design on the 
                reverse of each coin issued under this subsection 
                shall--
                            ``(i) be emblematic of the accomplishments 
                        and contributions of a prominent woman who was 
                        a resident of a State, the District of 
                        Columbia, or a territory;
                            ``(ii) bear the name of the prominent woman 
                        and the State, District of Columbia, or 
                        territory; and
                            ``(iii) bear other appropriate 
                        inscriptions.
            ``(3) Issuance of coins during each year.--
                    ``(A) In general.--The designs for the quarter 
                dollar coins issued during each year of the period 
                referred to in paragraph (1) shall be emblematic of a 
                maximum of 5 States, the District of Columbia, or 
                territories.
                    ``(B) Order of issuance.--The quarter dollar coins 
                issued during each year of the period referred to in 
                paragraph (1) shall be issued in alphabetical order of 
                the area represented, starting with Alabama.
                    ``(C) Number of each of coin designs in each 
                year.--The Secretary shall prescribe the number of 
                quarter dollars which shall be issued with each of the 
                designs selected for each year.
            ``(4) Selection of design.--
                    ``(A) In general.--Each of the designs required 
                under this subsection for quarter dollar coins shall--
                            ``(i) be approved by the Secretary after--
                                    ``(I) submission of a 
                                recommendation from the chief executive 
                                of the applicable State, the District 
                                of Columbia, or territory being 
                                commemorated;
                                    ``(II) consultation with women's 
                                groups and organizations within the 
                                applicable State, the District of 
                                Columbia, or territory being 
                                commemorated that are pursuing a 
                                mission focused on increasing the 
                                inclusion of women, or improving the 
                                quality of life for women; and
                                    ``(III) consultation with the 
                                Commission of Fine Arts;
                            ``(ii) be reviewed by the Citizens Coinage 
                        Advisory Committee; and
                            ``(iii) honor or commemorate a woman who 
                        has made significant contributions to the lives 
                        of individuals of the applicable State, the 
                        District of Columbia, or territory.
                    ``(B) Selection and approval process.--Designs for 
                quarter dollars may be submitted in accordance with the 
                design selection and approval process developed by the 
                Secretary.
                    ``(C) Participation.--The Secretary shall include 
                in design selection, to the greatest extent 
                practicable, participation by--
                            ``(i) the chief executive of the applicable 
                        State, District of Columbia, or territory;
                            ``(ii) artists from the States, District of 
                        Columbia, and territories;
                            ``(iii) engravers of the United States 
                        Mint; and
                            ``(iv) members of the general public from 
                        groups or organizations that are pursuing a 
                        mission focused on increasing the inclusion of 
                        women or improving the quality of life for 
                        women.
                    ``(D) Standards.--Because it is important that the 
                Nation's coinage and currency bear dignified designs of 
                which the citizens of the United States can be proud, 
                the Secretary shall not select any frivolous or 
                inappropriate design for any coin minted under this 
                subsection.
                    ``(E) Prohibition on certain representations.--The 
                design of any quarter dollar under this subsection may 
                not include--
                            ``(i) a head and shoulders portrait or bust 
                        of any person, living or dead;
                            ``(ii) a portrait of a living person; or
                            ``(iii) a depiction of an individual in a 
                        size such that the coin could be considered to 
                        be a `2-headed' coin.
                    ``(F) Release of designs.--Not later than August 
                31, 2020, the Secretary shall publish each of the first 
                5 designs described in subparagraph (A).
            ``(5) Treatment as numismatic items.--For purposes of 
        sections 5134 and 5136, all coins described under this 
        subsection shall be considered to be numismatic items.
            ``(6) Issuance.--
                    ``(A) Quality of coins.--The Secretary may mint and 
                issue such number of quarter dollars of each design 
                selected under paragraph (4) in uncirculated and proof 
                qualities as the Secretary determines to be 
                appropriate.
                    ``(B) Silver coins.--Notwithstanding subsection 
                (b), the Secretary may mint and issue such number of 
                quarter dollars of each design selected under paragraph 
                (4) as the Secretary determines to be appropriate, with 
                a content of not less than 90 percent silver.
            ``(7) Application in event of the admission of additional 
        state.--If any additional State is admitted into the Union 
        before the termination date described in paragraph (8), the 
        Secretary may issue quarter dollar coins, in accordance with 
        this subsection, with a design which is emblematic of such 
        State during any 1 year of the period described in paragraph 
        (1), in addition to the quarter dollar coins issued during such 
        year in accordance with paragraph (3)(A).
            ``(8) Termination date.--The authority to issue quarter 
        dollar coins pursuant to this subsection shall terminate on 
        December 31 of the year in which the final State or territory 
        has been commemorated with a design pursuant to paragraph (3).
            ``(9) Designs after end of program.--On the first day of 
        the year following the year of the date described in paragraph 
        (8)--
                    ``(A) the design on the obverse of the quarter 
                dollar shall revert to the same design containing an 
                image of President Washington in effect for the quarter 
                dollar before the institution of the 50-State quarter 
                dollar program; and
                    ``(B) notwithstanding the fourth sentence of 
                subsection (d)(1), the design on the reverse of the 
                quarter dollar shall contain an image of General 
                Washington crossing the Delaware River prior to the 
                Battle of Trenton.
            ``(10) Definitions.--In this subsection:
                    ``(A) The term `territory' means the Commonwealth 
                of Puerto Rico, Guam, American Samoa, the United States 
                Virgin Islands, and the Commonwealth of the Northern 
                Mariana Islands.
                    ``(B) The term `resident', with respect to a State, 
                the District of Columbia, or a territory, means that a 
                woman resided in such State, the District of Columbia, 
                or such territory for a period of at least 1 
                consecutive year.
    ``(x) Silver Bullion Investment Product.--
            ``(1) In general.--The Secretary shall strike and make 
        available for sale such number of bullion coins as the 
        Secretary determines to be appropriate that are exact 
        duplicates of the quarter dollars issued under subsection (w), 
        each of which shall--
                    ``(A) have a diameter of 3.0 inches and weigh 5.0 
                ounces;
                    ``(B) contain .999 fine silver;
                    ``(C) have incused into the edge the fineness and 
                weight of the bullion coin;
                    ``(D) bear an inscription of the denomination of 
                such coin, which shall be `quarter dollar'; and
                    ``(E) not be minted or issued by the United States 
                Mint as so-called `fractional' bullion coins or in any 
                size other than the size described in subparagraph (A).
            ``(2) Availability for sale.--Bullion coins minted under 
        paragraph (1)--
                    ``(A) shall become available for sale no sooner 
                than the first day of the calendar year in which the 
                circulating quarter dollar coins of which such bullion 
                coins are a duplicate are issued; and
                    ``(B) may only be available for sale during the 
                year in which such circulating quarter dollar coins are 
                issued.''.

SEC. 4. COLLECTION AND RECOGNITION PROGRAM.

    (a) In General.--Not later than December 1, 2018, the Secretary of 
the Treasury shall initiate a program to promote the collection of, and 
recognition of the subjects of, the coins authorized under the 
amendments made by this Act.
    (b) Study Required.--The Secretary shall conduct a study on the 
progress of the program described in subsection (a).
    (c) Report.--Not later than March 1, 2019, the Secretary shall 
submit a report to the Congress on the results of the study conducted 
pursuant to subsection (b).
Example Output: Women's History and Nineteenth Amendment Centennial Quarter Dollar Coin Program Act  This bill requires&nbsp;the Department of the Treasury to mint and issue quarter-dollar coins in commemoration of the ratification of the Nineteenth Amendment granting women the right to vote. The design on the reverse of each coin shall be emblematic of the accomplishments and contributions of a prominent woman who was a resident of a state, the District of Columbia, or a U.S. territory.  Such coins shall be issued in alphabetical order of the area represented, starting with the state of Alabama.  Treasury shall:   initiate a program to promote collection of the coins and recognition of their subjects, and  strike and make available for sale silver bullion coins that are the exact duplicates of the coins. 

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Early-Stage 
Investment Act of 2009''.

SEC. 2. SMALL BUSINESS EARLY-STAGE INVESTMENT PROGRAM.

    Title III of the Small Business Investment Act of 1958 (15 U.S.C. 
681 et seq.) is amended by adding at the end the following:

        ``PART D--SMALL BUSINESS EARLY-STAGE INVESTMENT PROGRAM

``SEC. 399A. ESTABLISHMENT OF PROGRAM.

    ``The Administrator shall establish and carry out an early-stage 
investment program (hereinafter referred to in this part as the 
`program') to provide equity investment financing to support early-
stage small businesses in targeted industries in accordance with this 
part.

``SEC. 399B. ADMINISTRATION OF PROGRAM.

    ``The program shall be administered by the Administrator acting 
through the Associate Administrator described under section 201.

``SEC. 399C. APPLICATIONS.

    ``(a) In General.--Any incorporated body, limited liability 
company, or limited partnership organized and chartered or otherwise 
existing under Federal or State law for the purpose of performing the 
functions and conducting the activities contemplated under the program 
and any small business investment company may submit to the 
Administrator an application to participate in the program.
    ``(b) Requirements for Application.--An application to participate 
in the program shall include the following:
            ``(1) A business plan describing how the applicant intends 
        to make successful venture capital investments in early-stage 
        small businesses in targeted industries.
            ``(2) Information regarding the relevant venture capital 
        investment qualifications and backgrounds of the individuals 
        responsible for the management of the applicant.
            ``(3) A description of the extent to which the applicant 
        meets the selection criteria under section 399D.
    ``(c) Applications From Small Business Investment Companies.--The 
Administrator shall establish an abbreviated application process for 
small business investment companies that have received a license under 
section 301 and that are applying to participate in the program. Such 
abbreviated process shall incorporate a presumption that such small 
business investment companies satisfactorily meet the selection 
criteria under paragraphs (3) and (5) of section 399D(b).

``SEC. 399D. SELECTION OF PARTICIPATING INVESTMENT COMPANIES.

    ``(a) In General.--Not later than 90 days after the date on which 
the Administrator receives an application from an applicant under 
section 399C, the Administrator shall make a final determination to 
approve or disapprove such applicant to participate in the program and 
shall transmit such determination to the applicant in writing.
    ``(b) Selection Criteria.--In making a determination under 
subsection (a), the Administrator shall consider each of the following:
            ``(1) The likelihood that the applicant will meet the goals 
        specified in the business plan of the applicant.
            ``(2) The likelihood that the investments of the applicant 
        will create or preserve jobs, both directly and indirectly.
            ``(3) The character and fitness of the management of the 
        applicant.
            ``(4) The experience and background of the management of 
        the applicant.
            ``(5) The extent to which the applicant will concentrate 
        investment activities on early-stage small businesses in 
        targeted industries.
            ``(6) The likelihood that the applicant will achieve 
        profitability.
            ``(7) The experience of the management of the applicant 
        with respect to establishing a profitable investment track 
        record.

``SEC. 399E. GRANTS.

    ``(a) In General.--The Administrator may make one or more grants to 
a participating investment company.
    ``(b) Grant Amounts.--
            ``(1) Non-federal capital.--A grant made to a participating 
        investment company under the program may not be in an amount 
        that exceeds the amount of the capital of such company that is 
        not from a Federal source and that is available for investment 
        on or before the date on which a grant is drawn upon. Such 
        capital may include legally binding commitments with respect to 
        capital for investment.
            ``(2) Limitation on aggregate amount.--The aggregate amount 
        of all grants made to a participating investment company under 
        the program may not exceed $100,000,000.
    ``(c) Grant Process.--In making a grant under the program, the 
Administrator shall commit a grant amount to a participating investment 
company and the amount of each such commitment shall remain available 
to be drawn upon by such company--
            ``(1) for new-named investments during the 5-year period 
        beginning on the date on which each such commitment is first 
        drawn upon; and
            ``(2) for follow-on investments and management fees during 
        the 10-year period beginning on the date on which each such 
        commitment is first drawn upon, with not more than 2 additional 
        1-year periods available at the discretion of the 
        Administrator.

``SEC. 399F. INVESTMENTS IN EARLY-STAGE SMALL BUSINESSES IN TARGETED 
              INDUSTRIES.

    ``(a) In General.--As a condition of receiving a grant under the 
program, a participating investment company shall make all of the 
investments of such company in small business concerns, of which at 
least 50 percent shall be early-stage small businesses in targeted 
industries.
    ``(b) Evaluation of Compliance.--With respect to a grant amount 
committed to a participating investment company under section 399E, the 
Administrator shall evaluate the compliance of such company with the 
requirements under this section if such company has drawn upon 50 
percent of such commitment.

``SEC. 399G. PRO RATA INVESTMENT SHARES.

    ``Each investment made by a participating investment company under 
the program shall be treated as comprised of capital from grants under 
the program according to the ratio that capital from grants under the 
program bears to all capital available to such company for investment.

``SEC. 399H. GRANT INTEREST.

    ``(a) Grant Interest.--
            ``(1) In general.--As a condition of receiving a grant 
        under the program, a participating investment company shall 
        convey a grant interest to the Administrator in accordance with 
        paragraph (2).
            ``(2) Effect of conveyance.--The grant interest conveyed 
        under paragraph (1) shall have all the rights and attributes of 
        other investors attributable to their interests in the 
        participating investment company, but shall not denote control 
        or voting rights to the Administrator. The grant interest shall 
        entitle the Administrator to a pro rata portion of any 
        distributions made by the participating investment company 
        equal to the percentage of capital in the participating 
        investment company that the grant comprises. The Administrator 
        shall receive distributions from the participating investment 
        company at the same times and in the same amounts as any other 
        investor in the company with a similar interest. The investment 
        company shall make allocations of income, gain, loss, 
        deduction, and credit to the Administrator with respect to the 
        grant interest as if the Administrator were an investor.
    ``(b) Manager Profits.--As a condition of receiving a grant under 
the program, the manager profits interest payable to the managers of a 
participating investment company under the program shall not exceed 20 
percent of profits, exclusive of any profits that may accrue as a 
result of the capital contributions of any such managers with respect 
to such company. Any excess of this amount, less taxes payable thereon, 
shall be returned by the managers and paid to the investors and the 
Administrator in proportion to the capital contributions and grants 
paid in. No manager profits interest (other than a tax distribution) 
shall be paid prior to the repayment to the investors and the 
Administrator of all contributed capital and grants made.
    ``(c) Distribution Requirements.--As a condition of receiving a 
grant under the program, a participating investment company shall make 
all distributions to all investors in cash and shall make distributions 
within a reasonable time after exiting investments, including following 
a public offering or market sale of underlying investments.

``SEC. 399I. FUND.

    ``There is hereby created within the Treasury a separate fund for 
grants which shall be available to the Administrator subject to annual 
appropriations as a revolving fund to be used for the purposes of the 
program. All amounts received by the Administrator, including any 
moneys, property, or assets derived by the Administrator from 
operations in connection with the program, shall be deposited in the 
fund. All expenses and payments, excluding administrative expenses, 
pursuant to the operations of the Administrator under the program shall 
be paid from the fund.

``SEC. 399J. APPLICATION OF OTHER SECTIONS.

    ``To the extent not inconsistent with requirements under this part, 
the Administrator may apply sections 309, 311, 312, 313, and 314 to 
activities under this part and an officer, director, employee, agent, 
or other participant in a participating investment company shall be 
subject to the requirements under such sections.

``SEC. 399K. DEFINITIONS.

    ``In this part, the following definitions apply:
            ``(1) Early-stage small business in a targeted industry.--
        The term `early-stage small business in a targeted industry' 
        means a small business concern that--
                    ``(A) is domiciled in a State;
                    ``(B) has not generated gross annual sales revenues 
                exceeding $15,000,000 in any of the previous 3 years; 
                and
                    ``(C) is engaged primarily in researching, 
                developing, manufacturing, producing, or bringing to 
                market goods, products, or services with respect to any 
                of the following business sectors:
                            ``(i) Agricultural technology.
                            ``(ii) Energy technology.
                            ``(iii) Environmental technology.
                            ``(iv) Life science.
                            ``(v) Information technology.
                            ``(vi) Digital media.
                            ``(vii) Clean technology.
                            ``(viii) Defense technology.
                            ``(ix) Photonics technology.
            ``(2) Participating investment company.--The term 
        `participating investment company' means an applicant approved 
        under section 399D to participate in the program.
            ``(3) Small business concern.--The term `small business 
        concern' has the same meaning given such term under section 
        3(a) of the Small Business Act (15 U.S.C. 632(a)).

``SEC. 399L. AUTHORIZATION OF APPROPRIATIONS.

    ``There is authorized to be appropriated to carry out the program 
$200,000,000 for the first full fiscal year beginning after the date of 
the enactment of this part.''.

SEC. 3. PROHIBITIONS ON EARMARKS.

    None of the funds appropriated for the program established under 
part D of title III of the Small Business Investment Act of 1958, as 
added by this Act, may be used for a Congressional earmark as defined 
in clause 9(d) of rule XXI of the Rules of the House of 
Representatives.

SEC. 4. REGULATIONS.

    Except as otherwise provided in this Act or in amendments made by 
this Act, after an opportunity for notice and comment, but not later 
than 180 days after the date of the enactment of this Act, the 
Administrator shall issue


              

 regulations to carry out this Act and the amendments made by this Act.

            Passed the House of Representatives November 18, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
Example Output:
Small Business Early-Stage Investment Act of 2009 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to establish and carry out a program to provide equity investment financing to support early-stage small businesses in the following targeted industries: (1) agricultural technology; (2) energy technology; (3) environmental technology; (4) life science; (5) information technology; (6) digital media; (7) clean technology; (8) defense technology; and (9) photonics technology. Directs the Administrator to make grants to participating investment companies under the program and limits to $100 million the aggregate amount of all grants made to a participating investment company under the program. Requires, as a condition of receiving a grant under the program, all of the investments of participating investment companies to be in small businesses, and at least 50% to be in early-stage small businesses in the targeted industries. Directs the Administrator to monitory participant compliance with such requirements. Establishes a separate Treasury fund for such grants.

Authorizes appropriations.

Prohibits funds appropriated for such purpose from being used for a congressional earmark.