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504 Credit Risk Management Improvement Act of 2023

12/15/2023, 4:07 PM

Summary of Bill S 1345

Bill 118 s 1345, also known as the 504 Credit Risk Management Improvement Act of 2023, aims to improve the credit risk management practices of small businesses participating in the Small Business Administration's 504 loan program. The bill seeks to enhance the program's effectiveness by requiring participating lenders to implement stronger risk management practices, such as conducting thorough credit analyses and monitoring borrower performance more closely.

Additionally, the bill includes provisions to increase transparency and accountability within the program by requiring lenders to report on their risk management practices and outcomes to the Small Business Administration. This will help ensure that taxpayer dollars are being used efficiently and effectively to support small businesses.

Overall, the 504 Credit Risk Management Improvement Act of 2023 is designed to strengthen the 504 loan program and better support small businesses in accessing the capital they need to grow and succeed. It emphasizes the importance of sound risk management practices in ensuring the long-term success of small business borrowers and the overall health of the program.

Congressional Summary of S 1345

504 Credit Risk Management Improvement Act of 2023

This bill revises the duties of the Office of Credit Risk Management to include oversight of a certified development company (CDC) that participates in the 504 Loan Program of the Small Business Administration (SBA), and it requires the SBA to issue rules related to certain environmental requirements. The 504 Loan Program provides a small business with SBA financing—through a CDC intermediary—for expansion or modernization.

Specifically, the bill requires the office to oversee any CDC that participates in the program and to conduct file reviews with respect to loan closings under the program. Further, the bill authorizes the office to take formal and informal enforcement actions against a CDC for specified violations and to charge each CDC a fee.

The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements.

The bill also extends, with respect to certain loans, the temporary authorities of a local development company that is designated as an accredited lender.

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Current Status of Bill S 1345

Bill S 1345 is currently in the status of Bill Introduced since April 27, 2023. Bill S 1345 was introduced during Congress 118 and was introduced to the Senate on April 27, 2023.  Bill S 1345's most recent activity was Placed on Senate Legislative Calendar under General Orders. Calendar No. 167. as of July 25, 2023

Bipartisan Support of Bill S 1345

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
4
Democrat Cosponsors
4
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1345

Primary Policy Focus

Commerce

Alternate Title(s) of Bill S 1345

504 Credit Risk Management Improvement Act of 2023
504 Credit Risk Management Improvement Act of 2023
504 Credit Risk Management Improvement Act of 2023
A bill to amend the Small Business Act to enhance the Office of Credit Risk Management, to require the Administrator of the Small Business Administration to issue rules relating to environmental obligations of certified development companies, and for other purposes.

Comments

Sponsors and Cosponsors of S 1345

Todd Young
Todd Young
IndianaRepublican
Amy Klobuchar
Amy Klobuchar
MinnesotaDemocrat
Cory A. Booker
Cory A. Booker
New JerseyDemocrat

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