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S 2245 117th Congress Senate Commerce Administrative law and regulatory procedures Administrative remedies Banking and financial institutions regulation Business records Environmental assessment, monitoring, research Financial services and investments Small Business Administration Small business User charges and fees

504 Credit Risk Management Improvement Act of 2021

Introduced: June 24, 2021 Introduced by: Young, Todd Republican · Indiana See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 24, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jun 24, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

504 Credit Risk Management Improvement Act of 2021

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.

What's happening now June 24, 2021

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2