H.R.2130 - Small Business 503 Loan Refinancing Assistance Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Machtley, Ronald K. [R-RI-1] (Introduced 05/17/1993)|
|Committees:||House - Small Business|
|Latest Action:||07/15/1993 Referred to the Subcommittee on SBA Legislation and the General Economy.|
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Summary: H.R.2130 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in House (05/17/1993)
Small Business 503 Loan Refinancing Assistance Act of 1993 - Amends the Small Business Investment Act of 1958 to permit a qualified State or local development company that issues a debenture purchased by the Federal Financing Bank (Bank) and guaranteed by the Small Business Administration (SBA), at the election of the small business borrower whose loan secures such debenture, to: (1) continue to make payments under the original debenture terms; (2) make payments at an adjusted interest rate; or (3) prepay the debenture to the Bank by paying the unpaid principal balance and the amount of the repurchase premium (determined under this Act).
Prohibits any fees or penalties other than those specified in this Act from being imposed against the issuer, borrower, or the SBA as a condition for adjusting the interest rate or prepayment.