[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2188 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2188

   To amend the Small Business Investment Act of 1958 to improve the 
 license application process for small business investment companies, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 18, 2019

 Mr. Hawley (for himself and Mr. Coons) introduced the following bill; 
 which was read twice and referred to the Committee on Small Business 
                          and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
   To amend the Small Business Investment Act of 1958 to improve the 
 license application process for small business investment companies, 
                        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 ``SBIC Licensing Improvement Act''.

SEC. 2. APPROVAL OR DISAPPROVAL OF SBIC LICENSE APPLICATIONS.

    Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 
681) is amended--
            (1) in subsection (a), by inserting after the first 
        sentence the following: ``Notwithstanding the preceding 
        sentence, a small business investment company may be a State 
        development company that qualifies for assistance under title V 
        if the development company possesses the powers reasonably 
        necessary to perform the functions and activities contemplated 
        under this title.''; and
            (2) in subsection (c)(2)--
                    (A) in subparagraph (B)--
                            (i) by striking clause (i) and inserting 
                        the following:
                            ``(i) if the requirements of this section 
                        are satisfied, approve the application and, not 
                        later than 10 business days after the date of 
                        that approval, issue a license for such 
                        operation to the applicant; or''; and
                            (ii) in clause (ii), by inserting ``, which 
                        shall include specific reasons for the 
                        disapproval that are based on items in the 
                        application'' after ``disapproval''; and
                    (B) by adding at the end the following:
                    ``(C) Effect of disapproval.--With respect to an 
                application that the Administrator disapproves, the 
                applicant may submit to the Administrator a request for 
                a written decision regarding that disapproval.
                    ``(D) Appeals.--An applicant that submits an 
                application with respect to which the Administration 
                denies may submit an appeal as follows:
                            ``(i) With respect to an application that 
                        is denied by the Investment Committee of the 
                        Office of Investment and Innovation of the 
                        Administration or the Investment Division 
                        Licensing Committee of the Administration--
                                    ``(I) not later than 30 days after 
                                the date on which the applicable 
                                committee so denies the application, 
                                the applicant may submit an appeal to 
                                the Chair of the Agency Licensing 
                                Committee of the Administration 
                                (referred to in this subparagraph as 
                                the `Chair'); and
                                    ``(II) not later than 30 days after 
                                the date on which the applicant submits 
                                an appeal under subclause (I), the 
                                Chair shall--
                                            ``(aa) issue a ruling with 
                                        respect to the appeal; and
                                            ``(bb) notify the applicant 
                                        regarding the ruling of the 
                                        Chair.
                            ``(ii) With respect to an application that 
                        the Chair denies in an appeal submitted under 
                        clause (i)--
                                    ``(I) not later than 30 days after 
                                the date on which the Chair submits the 
                                notification required under subclause 
                                (II)(bb) of that clause, the applicant 
                                may submit to the Administrator an 
                                appeal of the ruling made by the Chair; 
                                and
                                    ``(II) not later than 30 days after 
                                the date on which the applicant submits 
                                an appeal under subclause (I), the 
                                Administrator shall--
                                            ``(aa) issue a final ruling 
                                        with respect to the appeal; and
                                            ``(bb) notify the applicant 
                                        regarding the ruling of the 
                                        Administrator.''.
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