A bill to amend the Small Business Investment Act of 1958 to permit prepayment of loans made to State and local development companies, and for other purposes.

Summary

Amends the Small Business Investment Act of 1958 to permit a borrower of a loan made from the proceeds of debentures guaranteed by State and local development companies to repay that portion of the loan by paying the outstanding principal balance due (plus interest). Requires the Small Business Administration to promulgate regulations for the prepayment of such loans, and to devise and implement a plan to notify the borrower of any such loan that such loan may be refinanced if the borrower takes action within one year after regulations are issued. Grants any certified development company which is the holder of any such debenture the right of first refusal with respect to the refinancing. Requires the Administration to issue regulations to implement this Act within 60 days after its enactment.

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Documents

1 official file

• Introduced in House

  summary · EN · 22 December 1987

  Open at official source

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