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United States · Bill · HR

H.R. 2614 (106th)

Certified Development Company Program Improvements Act of 2000

openUnited States· United States Congress· EN

Introduced

27 July 1999

Last action

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Status

Conference report considered in Senate by motion. (consideration: CR S11416-11417)

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Certified Development Company Program Improvements Act of 1999 - Amends provisions of the Small Business Investment Act of 1958 relating to the certified development company (CDC) program (a program providing loans to State or local development companies for assisting small businesses) to: (1) include within program goals the expansion of women-owned business development; (2) increase to $1 million the authorized amount of a loan from the development company to an identifiable small business; (3) terminate on or after October 1, 2003, the authority of the Small Business Administration (SBA) to charge a fee for such loans; (4) repeal the certified lenders program; and (5) provide for the sale of certain defaulted loans under the CDC program, requiring prior notice of the sale of such a loan to any CDC which has a contingent liability for such loan. Authorizes the SBA to delegate to any qualified State or local development company the authority to foreclose and liquidate defaulted loans that are guaranteed with the proceeds of debentures guaranteed by the SBA. Outlines delegation eligibility requirements and the scope of such delegation authority (all necessary liquidation and foreclosure as well as required litigation). Requires each eligible development company, before carrying out such liquidation and foreclosure, to submit a proposed liquidation plan to the SBA for approval. Provides administrative procedures with respect to the submission and approval of such plan. Authorizes the SBA to suspend or revoke any delegation authority granted for failure to comply with delegation requirements. Requires an annual report from the SBA to the congressional small business committees on the results of the delegation of authority under this section. Terminates on the effective date of final regulations implementing this section the current loan liquidation pilot program.

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Documents

14 official files

Engrossed Amendment Senate (text)

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