[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2670 Engrossed in House (EH)]

114th CONGRESS
  1st Session
                                H. R. 2670

_______________________________________________________________________

                                 AN ACT


 
 To amend the Small Business Act to provide for expanded participation 
           in the microloan program, 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 Modernization Act of 
2015''.

SEC. 2. WAIVERS OF 25/75 RULE.

    (a) Waiver Authorized.--Section 7(m)(4)(E)(i) of the Small Business 
Act (15 U.S.C. 636(m)(4)(E)(i)) is amended by adding at the end the 
following: ``The Administrator shall by rule establish a process by 
which intermediaries may apply for and the Administrator may grant a 
waiver from the requirements of this clause.''.
    (b) Contents of Rule.--In the rule required by the amendment made 
by subsection (a), the Administrator of the Small Business 
Administration shall require any applicant for a waiver to--
            (1) to specify how such applicant will use the additional 
        technical assistance; and
            (2) provide assurance in a form provided for by the 
        Administrator in the rule that the intermediary will have 
        sufficient funds to provide technical assistance to all of the 
        intermediary's borrowers.
    (c) Rulemaking Requirements.--The rule required by subsection (a) 
shall be promulgated after notice and the opportunity for comment of 
not less than 60 days. Such regulation shall be codified in the Code of 
Federal Regulations and shall incorporate any delegation of the 
Administrator's authority to approve waivers to any appropriate 
subsidiary official.

SEC. 3. MICROLOAN INTERMEDIARY LENDING LIMIT INCREASED.

    Section 7(m)(3)(C) of the Small Business Act (15 U.S.C. 
636(m)(3)(C)) is amended by striking ``$5,000,000'' and inserting 
``$6,000,000''.

SEC. 4. EXTENDED REPAYMENT TERMS.

    Section 7(m)(6) of the Small Business Act (15 U.S.C. 636(m)(6)) is 
amended by adding at the end the following:
                    ``(F) Repayment terms for loans to small 
                businesses.--The Administrator may not impose 
                limitations on the term for repayment of a loan made by 
                an intermediary to a small business concern or 
                entrepreneur, except that--
                            ``(i) in the case of a loan made by an 
                        intermediary of $10,000 or less, the repayment 
                        term shall be not more than 6 years; and
                            ``(ii) in the case of a loan greater than 
                        $10,000, the repayment term shall be not more 
                        than 10 years.''.

SEC. 5. LINES OF CREDIT AUTHORIZED.

    Section 7(m)(6)(A) of the Small Business Act (15 U.S.C. 
636(m)(6)(A)) is amended by inserting after ``short-term'' insert 
``(including lines of credit)''.

SEC. 6. GAO STUDY OF MICROENTERPRISE PARTICIPATION.

    Not later than 120 days after the date of enactment of this Act, 
the Comptroller General of the United States shall complete a study on 
and report to the Committee on Small Business of the House of 
Representatives on the following:
            (1) The operations (including services provided, structure, 
        size, and area of operation) of a representative sample of--
                    (A) intermediaries that are eligible for 
                participation in the microloan program under section 
                7(m) of the Small Business Act and that do participate; 
                and
                    (B) intermediaries (including those operated for 
                profit, operated as nonprofits, and those affiliated 
                with a United States institution of higher learning) 
                that are so eligible and that do not participate.
            (2) The reasons why intermediaries described in paragraph 
        (1)(B) choose not to participate.
            (3) Recommendations on how to encourage increased 
        participation in the microloan program by intermediaries 
        described in paragraph (1)(B).
            (4) Recommendations on how to decrease the costs associated 
        with participation in the microloan program for eligible 
        intermediaries.

SEC. 7. OFFICE OF ADVOCACY ECONOMIC STUDY OF MANDATORY SAVINGS 
              REQUIREMENT.

    Not later than 120 days after the date of enactment of this Act, 
the Chief Counsel for Advocacy of the Small Business Administration 
shall submit to the Committee on Small Business of the House of 
Representatives a report on the economic impact of a mandatory savings 
requirement on business concerns eligible to participate in the 
microloan program under section 7(m) of the Small Business Act, 
including on the benefits and costs of such a requirement and 
recommendations on implementation of such a requirement.

            Passed the House of Representatives July 13, 2015.

            Attest:

                                                                 Clerk.
114th CONGRESS

  1st Session

                               H. R. 2670

_______________________________________________________________________

                                 AN ACT

 To amend the Small Business Act to provide for expanded participation 
           in the microloan program, and for other purposes.