Small Business Lending Oversight Act of 2016

Summary

Small Business Lending Oversight Act of 2016 This bill amends the Small Business Act to establish within the Small Business Administration (SBA) an Office of Credit Risk Management (OCRM) to impose specified administrative penalties, including monetary penalties, on any loan-financing lender that knowingly and repeatedly: fails properly to determine and document that a small business loan is eligible for financing, including failure to document that a loan is eligible because the applicant is unable to obtain credit elsewhere (from non-federal, non-state, or non-local government sources); sells the guaranteed portion of a loan when the loan proceeds have not been fully disbursed in accordance with program requirements; imposes on a loan applicant a fee that the SBA has not specifically authorized; or re-amortizes a loan solely to make the loan appear current. The SBA shall: conduct annual risk analyses of its loan portfolio, and assess a separate fee for each approved loan whose proceeds shall be used solely to support OCRM operations. The SBA shall also, at the end of each year, calculate the percentage of loans in a lender's portfolio made without a contribution of borrower equity when the loan's purpose was to establish a new small business concern, to effectuate a change of small business ownership, or to purchase real estate. No new loan application without a contribution of borrower equity, except in certain circumstances, may be approved if more than 15% of the lender's loan portfolio is without such a contribution. The SBA shall also make end-of-year calculations of industry concentrations for each lender. No new loan application to a lender from a small business concern operating in a single industry, except in certain circumstances, may be approved if over 20% of the lender's loans are concentrated in that industry. The SBA may not approve any loan if its financing is more than 100% of project costs. A lender may use an outside agent or lender service provider to assist in identifying potential applicants and with processing, disbursing, servicing, and liquidating a loan. With respect to an SBA loan for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, as well as a loan to any qualified small business concern, no lender may sell or pledge an amount higher than 85% of the loan, or the percentage guaranteed by the SBA, whichever is greater.

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

Timeline

1. 25 May 2016

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship.

   Source: IntroReferral

2. 25 May 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 26 May 2016

   Committee

   Committee on Small Business and Entrepreneurship. Hearings held.

   Source: Committee

4. 8 June 2016

   Reported

   Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

5. 9 June 2016

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 512.

   Source: Calendars

6. 9 June 2016

   Reported

   Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with an amendment in the nature of a substitute. Without written report.

   Source: Committee

7. 9 June 2016

   Reported

   Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with an amendment in the nature of a substitute. Without written report.

   Source: Committee

8. 20 December 2016

   Floor

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-421.

   Source: Floor

9. 20 December 2016

   Committee

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-421.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 9 June 2016 · Download file
• Introduced in Senate · 25 May 2016 · Download file

Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 9 June 2016

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 9 June 2016

  ViewDownloadOpen at official source

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  Vertaal document

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• Reported to Senate with amendment(s)

  summary · EN · 9 June 2016

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  Vertaal document

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

• Introduced in Senate (text)

  Introduced in Senate · EN · 25 May 2016

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  Vertaal document

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

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 25 May 2016

  ViewDownloadOpen at official source

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  Vertaal document

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

• Introduced in Senate

  summary · EN · 25 May 2016

  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

• Sen. Vitter, David [R-LA] · R · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• Sen. Risch, James E. [R-ID] · R · Sponsor
• Sen. Ayotte, Kelly [R-NH] · R · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Cosponsor
• · sssb00 · Standing

Related records

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