I 112th CONGRESS 1st Session H. R. 3147 IN THE HOUSE OF REPRESENTATIVES October 11, 2011 Mr. Carney (for himself, Mr. Frank of Massachusetts, Mr. Perlmutter, Mr. Peters, Mr. Miller of North Carolina, and Mrs. Maloney) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Small Business Jobs Act of 2010 to extend the Small Business Lending Fund Program, to provide for an appeals process, and for other purposes.

1.

Short title

This Act may be cited as the Small Business Lending Extension Act.

2.

Extension and updating of the Small Business Lending Fund Program

(a)

Small Business Lending Fund Program extension

Section 4109(a) of the Small Business Jobs Act of 2010 is amended by striking 1 year and inserting 2 years. (b)

Appeal process; Reapplication

Section 4103 of the Small Business Jobs Act of 2010 is amended by adding at the end the following new subsection: (e)

Appeal process; Reapplication

(1)

Disclosure of reason for rejection

(A)

In general

With respect to any institution that submits an application to receive a capital investment from the Fund, and has such application rejected by the Secretary, the Secretary shall supply the institution with the reason for such rejection. (B)

Confidentiality

The Secretary, in consultation with the appropriate Federal banking agency for an institution, shall ensure that the rejection reason described under subparagraph (A) is kept confidential except as provided under that subparagraph. (2)

Appeal of rejection

With respect to an institution described under paragraph (1)(A), the Secretary shall establish an appeal process that provides the institution with an opportunity to contest the reasons that were provided for the rejection of the institution’s application to receive a capital investment from the Fund. (3)

Reapplication

The Secretary shall issue regulations allowing an institution described under paragraph (1)(A) to reapply to receive a capital investment. .