[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1988 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 1988

     To establish the Gulf Coast Disaster Loan Refinancing Program.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 20, 2007

  Mr. Jindal introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
     To establish the Gulf Coast Disaster Loan Refinancing Program.

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

SECTION 1. GULF COAST DISASTER LOAN REFINANCING PROGRAM.

    (a) In General.--The Administrator of the Small Business 
Administration may carry out a program to refinance Gulf Coast disaster 
loans.
    (b) Terms.--The terms of a Gulf Coast disaster loan refinanced 
under the program shall be identical to the terms of the original loan, 
except that the Administrator may provide an option to defer repayment 
on the loan. Such a deferment may not exceed 4 years after the date on 
which the initial disbursement under the original loan was made.
    (c) Amount.--The amount of a Gulf Coast disaster loan refinanced 
under the program shall not exceed the amount of the original loan.
    (d) Disclosure of Accrued Interest.--Whenever the Administrator 
provides an option to defer repayment under subsection (b), the 
Administrator shall disclose the accrued interest that must be paid 
under the option.
    (e) Definition.--In this section, the term ``Gulf Coast disaster 
loan'' means a loan--
            (1) made under section 7(b) of the Small Business Act;
            (2) in response to Hurricane Katrina, Hurricane Rita, or 
        Hurricane Wilma of 2005; and
            (3) for a small business located in a county or parish 
        designated by the Administrator as a disaster area by reason of 
        such Hurricane Katrina, Hurricane Rita, or Hurricane Wilma 
        under disaster declaration 10176, 10177, 10178, 10179, 10180, 
        10181, 10203, 10204, 10205, 10206, 10222, or 10223.
    (f) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to carry out this section.
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