S.1196 - Small Business Investment Company Amendments Act of 2001107th Congress (2001-2002)
|Sponsor:||Sen. Bond, Christopher S. [R-MO] (Introduced 07/18/2001)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Committee Reports:||S. Rept. 107-55|
|Latest Action:||12/21/2001 Became Public Law No: 107-100.|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- Resolving Differences
- To President
- Became Law
Summary: S.1196 — 107th Congress (2001-2002)All Bill Information (Except Text)
Small Business Investment Company Amendments Act of 2001 - Amends the Small Business Investment Act of 1958 to: (1) increase the amount that the Small Business Administration (SBA) may charge as a subsidy fee for guaranteeing the payment of a debenture from 1.0 to 1.38 percent of the debenture amount; and (2) extend through FY 2001 the debenture maturity period.
Senate agreed to House amendment with amendment (12/08/2001)
(Sec. 4) Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide civil penalties for false statements or representations of securities for purposes of influencing SBA actions.
(Sec. 5) Authorizes the SBA Administrator to serve upon any management official (currently, only upon a director or officer of a licensee) a written notice of the SBA's intention to remove such official for violations of SBIA or for breach of duty. Revises removal requirements, including provisions concerning hearings, issuance of an order of removal, the authority to suspend or prohibit the business participation of a management official, judicial review of suspensions, and the authority to suspend a management official due to the commission of or participation in a felony involving dishonesty or a breach of trust.
(Sec. 6) Reduces, for a two-year period beginning on October 1, 2002: (1) the guarantee fee for SBA-guaranteed loans to small businesses; (2) the annual fee charged for such loans; and (3) the fee charged for the SBA guaranty of the payment of principal and interest on debentures issued by a qualified State or local development company. Prohibits the SBA, with respect to the latter fee, from charging any up-front fee with respect to such loans during such two-year period. Provides for the budgetary treatment of loans and financings made to small businesses during such period. Makes this section effective only upon the availability of appropriated funds to offset the cost of such amendments.