[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 449 Engrossed in House (EH)]

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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.