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S 1345 118th Congress Senate Commerce 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

504 Credit Risk Management Improvement Act of 2023

Introduced: April 27, 2023 Introduced by: Young, Todd Republican · Indiana See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2023
Placed on Senate Legislative Calendar under General Orders. Calendar No. 167.
Jul 25, 2023
Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
Jul 19, 2023
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
Apr 27, 2023
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Apr 27, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now July 25, 2023

Placed on Senate Legislative Calendar under General Orders. Calendar No. 167.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2