Section 1 Short title
This Act may be cited as the “Small Business Loan Simplification Act of 2014”.
Small Business Loan Simplification Act of 2014
A BILL
To clarify that the use of electronic signatures and records in SBA loan and related financing programs is permitted.
Sec. 2 Electronic signatures and records
In general— Section 4 of the Small Business Act (15 U.S.C. 633) is amended by the adding the following new subsection:
“(g) Electronic signatures and records—In accordance with the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.), the Administrator shall—
“(1) amend regulations and Standard Operating Procedures to authorize the Administration and participants in lending programs under subsections (a), (j), (l), and (m) of section 7 of the Small Business Act, and under title III, title IV, and title V of the Small Business Investment Act of 1958, to use electronic signatures and records, as defined by section 106 of the Electronic Signatures in Global and National Commerce Act, for such programs; and
“(2) accept electronic signatures and records, as defined by section 106 of the Electronic Signatures in Global and National Commerce Act, associated with the management and closing processes under section 7 of the Small Business Act and Small Business Administration Standard Operating Procedure 50 10, Standard Operating Procedure 50 57, Standard Operating Procedure 50 50, and in Standard Operating Procedure 10 06 (as in effect on the date of enactment of this paragraph and any successor rule or successor Standard Operating Procedure).”
Preservation of State Law— Nothing in this Act may be construed to preempt applicable State law except as provided in the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.) with respect to such State law.
Effective date— The amendments made in subsection (a) of this section shall take effect on the date that is 60 days after the date of enactment of this Act. To ensure timely implementation of the requirements of this section, any rules made during the 60-day period to carry out this section are not subject to the requirements under subsection (b) or (c) of section 553 of title 5, United States Code.