Text: H.R.4111 — 115th Congress (2017-2018)All Information (Except Text)

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Public Law No: 115-333 (12/19/2018)

 
[115th Congress Public Law 333]
[From the U.S. Government Publishing Office]



[[Page 132 STAT. 4488]]

Public Law 115-333
115th Congress

                                 An Act


 
To amend the Small Business Investment Act of 1958 to improve the number 
of small business investment companies in underlicensed States, and for 
         other purposes. <<NOTE: Dec. 19, 2018 -  [H.R. 4111]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Spurring 
Business in Communities Act of 2017. 15 USC 661 note.>> 
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Spurring Business in Communities Act 
of 2017''.
SEC. 2. IMPROVING THE NUMBER OF SMALL BUSINESS INVESTMENT 
                    COMPANIES IN UNDERLICENSED STATES.

    The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is 
amended--
            (1) in section 103 (15 U.S.C. 662)--
                    (A) in paragraph (18)(E), by striking ``and'' at the 
                end;
                    (B) in paragraph (19), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following:
            ``(20) <<NOTE: Definition.>>  the term `underlicensed State' 
        means a State in which the number of licensees per capita is 
        less than the median number of licensees per capita for all 
        States, as calculated by the Administrator.'';
            (2) in section 301(c) (15 U.S.C. 681(c))--
                    (A) in paragraph (3)--
                          (i) in subparagraph (B)(iii), by striking 
                      ``and'' at the end;
                          (ii) in subparagraph (C), by striking the 
                      period at the end and inserting ``; and''; and
                          (iii) by adding at the end the following:
                    ``(D) <<NOTE: Determination.>>  shall give first 
                priority to an applicant that is located in an 
                underlicensed State with below median financing, as 
                determined by the Administrator.''; and
                    (B) in paragraph (4)(B)--
                          (i) by striking clause (i);
                          (ii) by redesignating clauses (ii) and (iii) 
                      as clauses (i) and (ii), respectively; and
                          (iii) by amending clause (i), as so 
                      redesignated, to read as follows:
                          ``(i) is located in a State that--
                                    ``(I) is not served by a licensee; 
                                or
                                    ``(II) is an underlicensed State; 
                                and''; and
            (3) in section 308(g) (15 U.S.C. 687(g))--
                    (A) in paragraph (2)--

[[Page 132 STAT. 4489]]

                          (i) in subparagraph (B), by inserting ``and 
                      licensing'' after ``financing'';
                          (ii) by redesignating subparagraphs (C) 
                      through (J) as subparagraphs (E) through (L), 
                      respectively; and
                          (iii) by inserting after subparagraph (B) the 
                      following:
            ``(C) Steps taken by the Administration to improve the 
        number of licensees in underlicensed States.
            ``(D) The Administration's plans to support States that seek 
        to increase the number of licensees in the State.''; and
                    (B) in paragraph (3)--
                          (i) in subparagraph (C), by striking ``and'' 
                      at the end;
                          (ii) in subparagraph (D), by striking the 
                      period at the end and inserting ``; and''; and
                          (iii) by adding at the end the following:
            ``(E) the geographic dispersion of licensees in each State 
        compared to the population of the State, identifying 
        underlicensed States.''.

    Approved December 19, 2018.

LEGISLATIVE HISTORY--H.R. 4111 (S. 1995):
---------------------------------------------------------------------------

SENATE REPORTS: No. 115-449 (Comm. on Small Business and 
Entrepreneurship) accompanying S. 1995.
CONGRESSIONAL RECORD, Vol. 164 (2018):
            May 8, considered and passed House.
            Dec. 6, considered and passed Senate.

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