Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
Senate Bill 2245
117th Congress(2021-2022)
504 Credit Risk Management Improvement Act of 2021
Introduced
Introduced
Introduced in Senate on Jun 24, 2021
Overview
Text
Sponsor
Republican
Introduced
Jun 24, 2021
Latest Action
Jun 24, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2245
Congress
117
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Todd Young
Indiana
Democrat
Amy Klobuchar
Minnesota
Democrat
Cory Booker
New Jersey
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

504 Credit Risk Management Improvement Act of 2021

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.

Text (1)
Introduced in Senate
June 24, 2021
Related Bills (1)
Apr 16, 2021
Passed House
6
Sponsorship
House Bill 1482
504 Credit Risk Management Improvement Act of 2021
Active
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (2)
06/24/2021
Read twice and referred to the Committee on Small Business and Entrepreneurship.
06/24/2021
Introduced in Senate
Public Record
Record Updated
Dec 30, 2022 1:18:11 PM
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