H.R. 8199 · 116th Congress
504 Credit Risk Management Improvement Act of 2020
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 116th Congress ended.
R
BishopSponsor2 cosponsors · 2 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Sep 11, 2020
- House Passed Dec 3, 2020
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.
What it does: CRS summary · Passed House · Dec 3, 2020
504 Credit Risk Management Improvement Act of 2020
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 504 Credit Risk Management Improvement Act of 2020
Latest action (Dec 7, 2020): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: House · Introduced: Sep 11, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Sep 11, 2020
- House Passed Dec 3, 2020
No recorded floor vote found.