504 Credit Risk Management Improvement Act of 2023
- Last Action
- 7/25/2023
Actions
- 2023-07-25Placed on Senate Legislative Calendar under General Orders. Calendar No. 167.
- 2023-07-25Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
- 2023-07-25Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
- 2023-07-19Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
- 2023-04-27Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2023-04-27Introduced in Senate
CRS Summary
As of 2023-07-25 (25)
504 Credit Risk Management Improvement Act of 2023
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—through a CDC intermediary—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.
The bill also extends, with respect to certain loans, the temporary authorities of a local development company that is designated as an accredited lender.
Cosponsors (2)
- Amy Klobuchar (D-MN)
- Cory Booker (D-NJ)
Subjects
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Business records
- Environmental assessment, monitoring, research
- Financial services and investments
- Small Business Administration
- Small business
- User charges and fees
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.