H.R.4773 - Small Business Secondary Market Improvements Act of 198498th Congress (1983-1984)
|Sponsor:||Rep. Nowak, Henry [D-NY-33] (Introduced 02/07/1984)|
|Committees:||House - Small Business|
|Committee Reports:||H.Rept 98-853|
|Latest Action:||House - 06/25/1984 Other Measure S.2375 Passed House in Lieu. (All Actions)|
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Summary: H.R.4773 — 98th Congress (1983-1984)All Information (Except Text)
(Reported to House from the Committee on Small Business with amendment, H. Rept. 98-853)
Reported to House with amendment(s) (06/21/1984)
Small Business Secondary Market Improvements Act of 1984 - Amends the Small Business Act to require the Small Business Administration (SBA) to develop procedures for the promotion of a secondary market for the portions of loans guaranteed by the SBA. Authorizes the SBA to: (1) issue trust certificates (based on and backed by a trust or pool) representing ownership of all or a fractional part of the guaranteed portion of loans guaranteed by the SBA (except loans to State and local development companies); and (2) guarantee the payment on such certificates. Pledges the full faith and credit of the United States to guarantee such trust certificates. Prohibits the SBA from collecting any fee for such guarantees.
Prohibits any State, local, or Federal law from precluding or limiting the SBA from exercising its ownership rights in the portions of loans constituting the trust or pool against which such certificates are issued.
Requires the SBA to provide for a central registration of all loans and trust certificates sold pursuant to this Act. Authorizes the SBA to regulate brokers and dealers of such guaranteed loans and trust certificates.
Requires the SBA, within nine months after the enactment of this Act, to consult with Federal and State agencies and officials, securities industry, financial institutions, and small businesses to develop regulations to implement this Act. Requires the SBA, not later than March 31 of each year, to transmit to the Committees on Small Business of both Houses a report on the secondary market operations during the preceding year.