H.R.8199 – 116th Congress (2019-2020): 504 Credit Risk Management Improvement Act of 2020
Here are the steps for Status of Legislation:
|Sponsor:||Rep. Bishop, Dan [R-NC-9] (Introduced 09/11/2020)|
|Committees:||House – Small Business|
|Latest Action:||House – 09/16/2020 Ordered to be Reported by Voice Vote. (All Actions)|
This bill has the status Introduced
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.
- Passed House
- Passed Senate
- To President
- Became Law
Subject — Policy Area:
Summary: H.R.8199 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (09/11/2020)
504 Credit Risk Management Improvement Act of 2020
The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements.
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.