Small Business Loan Securitization and Secondary Market Enhancement Act of 1993

Summary

Small Business Loan Securitization and Secondary Market Enhancement Act of 1993 - Amends the Securities Exchange Act of 1934 to define a "small business related security" (SBRS) as generally a high rated security that represents and is secured by promissory notes evidencing, and that provides for payments of principal in relation to payments on the notes. Provides that SBRSs shall be exempt from: (1) certain restrictions in the margin and securities delivery rules; (2) certain restrictions on borrowing on securities by and lending among, brokers, dealers, and other members of national securities exchanges; and (3) certain prohibitions on the extension of credit by members of exchanges, brokers, and dealers against a security which was part of a new issue. Amends the Home Owners' Loan Act, the Federal Credit Union Act, and related statutes to allow banks, credit unions, and other depository institutions to invest in SBRSs. Amends the Secondary Mortgage Market Enhancement Act of 1984 to: (1) authorize any U.S. person or entity to invest in SBRS, to the same extent such person is authorized to invest in U.S. obligations issued; and (2) exempt SBRSs from any State law's security registration and qualification to the same extent that U.S. securities are so exempt. Provides for States to enact provisions prescribing specific requirement for SBRSs. Requires the accounting principles applicable to the transfer of a small business loan with recourse contained in reports or statements required by appropriate Federal banking agencies to be uniform and consistent with generally accepted accounting principles. Prohibits the amount of capital required to be maintained by a depository institution with respect to the sale of a small business loan with recourse from exceeding an amount sufficient to meet the institution's reasonable estimated liability under the recourse arrangement. Requires an SBRS to be treated as a mortgage-backed security under the risk-based capital requirements applicable to insured depository institutions. Directs the Secretary of Labor to exclude transactions involving SBRSs from certain restrictions and taxes imposed on "prohibited transactions" Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (thereby allowing pension fund managers to participate in the pooling and packaging of small business loans for sale as securities). Requires the Secretary of the Treasury to promulgate regulations providing for the taxation of a small business loan investment conduit and the holder of an interest therein similar to the taxation of a real estate mortgage investment conduit and the holder of an interest therein under the Internal Revenue Code.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 24 February 1993

   Introduced

   Introduced in House

   Source: IntroReferral

2. 24 February 1993

   Introduced

   Referred to the House Committee on Banking, Finance + Urban Affrs.

   Source: IntroReferral

3. 24 February 1993

   Introduced

   Introduced in House

   Source: IntroReferral

4. 25 February 1993

   Introduced

   Sponsor introductory remarks on measure. (CR E456-457)

   Source: IntroReferral

5. 9 March 1993

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

6. 16 March 1993

   Referred

   Referred to the Subcommittee on Labor-Management Relations.

   Source: Committee

7. 17 March 1993

   Referred

   Referred to the Subcommittee on Economic Growth and Credit Formation.

   Source: Committee

8. 28 September 1994

   Committee

   See H.R.5110.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 24 February 1993 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 24 February 1993

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 24 February 1993

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 24 February 1993

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Leach, James A. [R-IA-2] · R · Sponsor
• Rep. McCollum, Bill [R-FL-8] · R · Sponsor
• Rep. Johnson, Sam [R-TX-3] · R · Sponsor
• Rep. McCandless, Alfred A. (Al) [R-CA-44] · R · Sponsor
• Rep. King, Peter T. [R-NY-2] · R · Sponsor
• Rep. Pryce, Deborah [R-OH-15] · R · Sponsor
• Rep. Linder, John [R-GA-7] · R · Sponsor
• Rep. Huffington, Michael [R-CA-22] · R · Sponsor
• Rep. Nussle, Jim [R-IA-2] · R · Sponsor
• Sen. Grams, Rod [R-MN] · R · Sponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Cosponsor
• Rep. Zeliff, William H., Jr. [R-NH-1] · R · Cosponsor
• Rep. Machtley, Ronald K. [R-RI-1] · R · Cosponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Cosponsor
• Rep. Ravenel, Arthur, Jr. [R-SC-1] · R · Cosponsor
• Rep. McHugh, John M. [R-NY-23] · R · Cosponsor
• Rep. Rogers, Harold [R-KY-5] · R · Cosponsor
• Rep. Schiff, Steven [R-NM-1] · R · Cosponsor
• Rep. Doolittle, John T. [R-CA-4] · R · Cosponsor
• Rep. Franks, Gary A. [R-CT-5] · R · Cosponsor
• Rep. Fish, Hamilton, Jr. [R-NY-19] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Tauzin, W. J. (Billy) [R-LA-3] · D · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Rep. Fields, Jack [R-TX-8] · R · Cosponsor
• Rep. Parker, Mike [R-MS-4] · D · Cosponsor
• Rep. Combest, Larry [R-TX-19] · R · Cosponsor
• Rep. Gunderson, Steve [R-WI-3] · R · Cosponsor
• Rep. Gejdenson, Sam [D-CT-2] · D · Cosponsor
• Sen. Santorum, Rick [R-PA] · R · Cosponsor
• Rep. Hilliard, Earl F. [D-AL-7] · D · Cosponsor
• Rep. McDade, Joseph M. [R-PA-10] · R · Cosponsor
• · hsba00 · Standing
• · hsed00 · Standing
• · hsif00 · Standing
• · hswm00 · Standing

Related records

• related to ← Uruguay Round Agreements Act
• related to ← Small Business Loan Securitization and Secondary Market Enhancement Act of 1993