    [United States Statutes at Large, Volume 132, 115th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    Public Law 115-333
    115th Congress

    An Act

    To amend the Small Business Investment Act of 1958 to improve the number
    of small business investment companies in underlicensed States, 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 ``Spurring Business in Communities Act
    of 2017''.
    SEC. 2. IMPROVING THE NUMBER OF SMALL BUSINESS INVESTMENT
    COMPANIES IN UNDERLICENSED STATES.

    The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is
    amended--
    (1) in section 103 (15 U.S.C. 662)--
    (A) in paragraph (18)(E), by striking ``and'' at the
    end;
    (B) in paragraph (19), by striking the period at the
    end and inserting ``; and''; and
    (C) by adding at the end the following:
    ``(20) <>  the term `underlicensed State'
    means a State in which the number of licensees per capita is
    less than the median number of licensees per capita for all
    States, as calculated by the Administrator.'';
    (2) in section 301(c) (15 U.S.C. 681(c))--
    (A) in paragraph (3)--
    (i) in subparagraph (B)(iii), by striking
    ``and'' at the end;
    (ii) in subparagraph (C), by striking the
    period at the end and inserting ``; and''; and
    (iii) by adding at the end the following:
    ``(D) <>  shall give first
    priority to an applicant that is located in an
    underlicensed State with below median financing, as
    determined by the Administrator.''; and
    (B) in paragraph (4)(B)--
    (i) by striking clause (i);
    (ii) by redesignating clauses (ii) and (iii)
    as clauses (i) and (ii), respectively; and
    (iii) by amending clause (i), as so
    redesignated, to read as follows:
    ``(i) is located in a State that--
    ``(I) is not served by a licensee;
    or
    ``(II) is an underlicensed State;
    and''; and
    (3) in section 308(g) (15 U.S.C. 687(g))--
    (A) in paragraph (2)--

    [[Page 4489]]

    (i) in subparagraph (B), by inserting ``and
    licensing'' after ``financing'';
    (ii) by redesignating subparagraphs (C)
    through (J) as subparagraphs (E) through (L),
    respectively; and
    (iii) by inserting after subparagraph (B) the
    following:
    ``(C) Steps taken by the Administration to improve the
    number of licensees in underlicensed States.
    ``(D) The Administration's plans to support States that seek
    to increase the number of licensees in the State.''; and
    (B) in paragraph (3)--
    (i) in subparagraph (C), by striking ``and''
    at the end;
    (ii) in subparagraph (D), by striking the
    period at the end and inserting ``; and''; and
    (iii) by adding at the end the following:
    ``(E) the geographic dispersion of licensees in each State
    compared to the population of the State, identifying
    underlicensed States.''.

    Approved December 19, 2018.

    LEGISLATIVE HISTORY--H.R. 4111 (S. 1995):
    ---------------------------------------------------------------------------

    SENATE REPORTS: No. 115-449 (Comm. on Small Business and
    Entrepreneurship) accompanying S. 1995.
    CONGRESSIONAL RECORD, Vol. 164 (2018):
    May 8, considered and passed House.
    Dec. 6, considered and passed Senate.