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House Bill 449
118th Congress(2023-2024)
Microloan Transparency and Accountability Act of 2023
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Passed House on Jan 25, 2023
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H. R. 449 (Engrossed-in-House)


118th CONGRESS
1st Session
H. R. 449

AN ACT

To amend the Small Business Act to increase transparency, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Microloan Transparency and Accountability Act of 2023”.

SEC. 2. Portfolio risk analysis of microloans.

Section 7(m)(10) of the Small Business Act (15 U.S.C. 636(m)(10)) is amended—

(1) by redesignating subparagraphs (A) through (F) as clauses (i) through (vi), respectively, and adjusting the margins accordingly;

(2) by amending clause (iv), as so redesignated, to read as follows:

    “(vi) the number, amount, and percentage of microloans made by intermediaries to small business concerns—

    “(I) that went into default in the previous year; and

    “(II) that were charged off in the previous year by such intermediaries;”;

(3) in clause (vi), as so redesignated, by striking “and” at the end;

(4) by redesignating subparagraph (G) as clause (xviii), and adjusting the margin accordingly;

(5) by striking “On November 1, 1995,” and all that follows through “the following:” and inserting the following:

    “(A) IN GENERAL.—Beginning on February 1, 2023, and annually thereafter, the Administrator shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives, and make available to the public on the website of the Administration, a report on the effectiveness of the microloan program during the fiscal year preceding the date of the report. Such report shall include—”;

(6) in subparagraph (A), as so designated, by inserting after clause (vi) the following new clauses:

    “(vii) the number and type of enforcement actions taken by the Administrator against noncompliant intermediaries;

    “(viii) an analysis of compliance by intermediaries with the credit availability requirements of paragraph (3)(E) for loans in an amount greater than $20,000;

    “(ix) the extent to which microloans are provided to small business concerns in rural areas;

    “(x) the number of underserved borrowers, as defined by the Administration, participating in the microloan program;

    “(xi) the average rate of interest for each microloan;

    “(xii) the average amount of fees charged for each microloan;

    “(xiii) the average size of each microloan, including—

    “(I) the number of loans made in an amount greater than $20,000; and

    “(II) the average size and charge-off rate of such loans;

    “(xiv) the subsidy cost to the Administration;

    “(xv) the number and percentage of microloans that were made to refinance other loans;

    “(xvi) the number and percentage of microloans made to new program participants and the number and percentage of microloans made to previous program participants;

    “(xvii) the average amount of technical assistance grant monies spent on each loan; and”; and

(7) by adding at the end the following:

    “(B) PRIVACY.—Each report submitted under subparagraph (A) shall not contain any personally identifiable information of any borrower.”.

Passed the House of Representatives January 25, 2023.

Attest:





Clerk.  

118th CONGRESS
     1st Session
H. R. 449
AN ACT
To amend the Small Business Act to increase transparency, and for other purposes.