[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.