Small Business Capital Enhancement Act of 1992

Summary

Small Business Capital Enhancement Act of 1992 - Establishes the Small Business Capital Enhancement Program to enhance the availability of financing for small business concerns. Authorizes any State to apply to the Secretary of Housing and Urban Development for approval as participating State under the Program and eligible for reimbursement by the Secretary. Sets forth application approval criteria. Provides that a State that is not a participating State but that has its own capital access program providing portfolio insurance for business loans (based on a separate loss reserve fund for each financial institution) may apply to the Secretary to be approved as a participating State, subject to specified requirements. Specifies that: (1) if a State is approved for participation each financial institution with a particular agreement in effect with the participating State shall immediately be considered a participating financial institution; (2) reimbursements may be made under this Act in connection with all contributions made to the reserve funds by the State with respect to lending that occurs on or after the date on which the Secretary approves the State for participation; (3) if an amended participation agreement is required to secure participation approval by the Secretary, contributions subject to reimbursement shall include only those contributions made to a reserve fund with respect to loans enrolled on or after the date that an amended participation agreement becomes effective; and (4) a State with an existing program that is approved for participation may continue to implement the program utilizing the reserve funds accumulated under the State program. Prohibits the Secretary from approving a State for participation in the Program until at least $50,000,000 has been appropriated to the Secretary (subject to an appropriations Act), without fiscal year limitation, for the purpose of making reimbursements. Requires an approved participating State that wishes to amend its form of participation agreement and continue as a participating State to submit such amendment for review by the Secretary in accordance with specified provisions. Provides that any such amendment shall become effective only after it has been approved by the Secretary. Establishes requirements with respect to the terms of participation agreements, including provisions regarding: (1) establishment of separate reserve funds; (2) investment authority; (3) earned income and interest; (4) loan terms and conditions; (5) enrollment process; (6) coverage amount; (7) premium charges; (8) enrollment and other restrictions; (9) State contributions; (10) claims by financial institutions; (11) claims for other expenses; (12) payment and denial of claims; (13) subsequent recovery of claim amounts; (14) termination clauses; and (15) allowable withdrawals from the reserve fund. Sets forth reporting requirements. Provides for reimbursement by the Secretary of participating States, based on specified formulas. Requires a participating State that withdraws funds from a reserve fund pursuant to terms of the participation agreement to reimburse the Secretary according to a specified formula. Authorizes appropriations.

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Timeline

1. 9 September 1992

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 9 September 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 9 September 1992

  Open at official source

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Sponsors

• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Lieberman, Joseph I. [ID-CT] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• · ssbk00 · Standing

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