Legis Daily

504 Credit Risk Management Improvement Act of 2021

USA117th CongressS-2245| Senate 
| Updated: 6/24/2021
Todd Young

Todd Young

Republican Senator

Indiana

Cosponsors (2)
Amy Klobuchar (Democratic)Cory A. Booker (Democratic)

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 19, 2021

Latest Companion Bill Action

HR 117-1482
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jun 24, 2021
Introduced in Senate
Jun 24, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • April 19, 2021

    Latest Companion Bill Action

    HR 117-1482
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • June 24, 2021
    Introduced in Senate


  • June 24, 2021
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Related Bills

  • HR 117-1482: 504 Credit Risk Management Improvement Act of 2021

504 Credit Risk Management Improvement Act of 2021

USA117th CongressS-2245| Senate 
| Updated: 6/24/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Apr 19, 2021

Latest Companion Bill Action

HR 117-1482
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jun 24, 2021
Introduced in Senate
Jun 24, 2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • April 19, 2021

    Latest Companion Bill Action

    HR 117-1482
    Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.


  • June 24, 2021
    Introduced in Senate


  • June 24, 2021
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Todd Young

Todd Young

Republican Senator

Indiana

Cosponsors (2)
Amy Klobuchar (Democratic)Cory A. Booker (Democratic)

Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 117-1482: 504 Credit Risk Management Improvement Act of 2021
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted