A bill to amend title IV of the Small Business Investment Act of 1958 (Public Law 85-699) for the purpose of creating industrial mortgage insurance, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

14 June 1973

Last action

—

Status

Referred to House Committee on Banking and Currency.

Summary

Creates, under the Small Business Investment Act, industrial mortgage insurance for the purpose of finnancing plant construction, the acquisition of equipment or supplying of working capital by small business concerns. Limits any mortgage insurance guarantee to $10,000,000 or 90 percent of the outstanding balance of a loan, whichever is less. Provides that upon default under the mortgage or lease, the mortgagee or lessor shall make reasonably diligent exports to eliminate or minimize losses.

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Documents

1 official file

Introduced in House
summary · EN · 14 June 1973
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/93rd-congress/house-bill/8689
Open data entity: https://api.congress.gov/v3/bill/93/hr/8689