118th Congress Commerce
S. 1345: 504 Credit Risk Management Improvement Act of 2023
Reported
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
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The bill also extends, with respect to certain loans, the temporary authorities of a local development company that is designated as an accredited lender.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cory Booker D-NJOriginal
- Amy Klobuchar D-MNOriginal
Who scored on this bill
- 1Todd Young SponsorDrew cross-party cosponsors, introduced, reported3 events+26
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Todd Young
History
- Introduced in the Senate by Todd Young.
Show the full action history (5 actions)
- Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 167.
- Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Introduced in Senate
- Read twice and referred to the Committee on Small Business and Entrepreneurship.