H.R. 4743 — what changed
Small Business 7(a) Lending Oversight Reform Act of 2018
From Engrossed in House to Placed on Calendar Senate. 1 section amended between Engrossed in House and Placed on Calendar Senate.
Sec. 5 Authority for Administrator to increase amount for general business loans
Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended—
“(g) Authority To increase amount of general business loans
changed
“(1) In general—Subject to paragraphs (2) and (3) and with respect to fiscal year 2019 2018 and each fiscal year thereafter, if the Administrator determines that the amount of commitments by the Administrator for general business loans authorized under section 7(a) for a fiscal year could exceed the limit on the total amount of commitments the Administrator may make for those loans under this Act, an appropriations Act, or any other provision of law, the Administrator may make commitments for those loans for that fiscal year in an aggregate amount equal to not more than 115 percent of that limit.
“(2) Notice required before exercising authority—Not later than 30 days before the date on which the Administrator intends to exercise the authority under paragraph (1), the Administrator shall submit notice of intent to exercise the authority to—
“(A) the Committee on Small Business and Entrepreneurship and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the Senate; and
“(B) the Committee on Small Business and the Subcommittee on Financial Services and General Government of the Committee on Appropriations of the House of Representatives.
“(3) Limitation—The Administrator shall not exercise the authority under paragraph (1) more than once during any fiscal year.”