,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bdea  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #bj1 #bjac ,ms4 
,velzquez 7= h]self1 ,mr4 ,payne1 ,ms4  
,*u1 & ,ms4 ,cl>ke7 introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,small ,bus9ess  ,a ,,bill  ,to direct !
 ,adm9i/rator ( ! ,small ,bus9ess       
,adm9i/ration to e/abli% & c>ry out a   
direct l5d+ program = small bus9ess     
conc]ns1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,/r5g!n+
 ,entrepr5eurs' ,economic ,developm5t   
,act ( #bjac4  #b4 ,direct ,l5d+        
,program = ,small ,bus9ess ,conc]ns  7a7
 ,e/abli%m5t ,! ,adm9i/rator ( ! ,small 
,bus9ess ,adm9i/ration %all--  7#a7     
e/abli% & c>ry out a loan program 79 ?is
 ,act ref]r$ to z ! program72 &  7#b7   
e/abli% a process "u :i* an eligible    
small bus9ess conc]n may submit an      
application to ! ,adm9i/rator = !       
purpose ( secur+ a loan "u ! program4   
7b7 ,loan am\nt ,ea* loan made to an    
eligible small bus9ess conc]n "u !      

program %all be 9 an am\nt n to exce$   
#aej1jjj4  7c7 ,repaym5t p]iod ,an      
eligible small bus9ess conc]n t receives
 a loan "u ! program %all repay ! loan n
 lat] ?an #f ye>s aft] ! date on :i* su*
 loan is disburs$4  7d7 ,no prepaym5t   
p5alty ,!re %all be no prepaym5t p5alty 
on a loan made "u ! program4  7e7       
,int]e/ rate ,! maximum legal rate (    
int]e/ on any loan made "u ! program    
%all n exce$ ! sum ( ! rate prescrib$ by
 ! ,adm9i/rator pursuant to section     
#g7;a77#d77;,a7 ( ! ,small ,bus9ess ,act
 7#ae ,u4,s4,c4 #fcf7;a77#d77;,a77 =    
direct loans plus #e p]c5t4  7f7 ,borr[]
 fees ,) respect to ea* loan made to an 
eligible small bus9ess conc]n "u !      
program1 ! ,adm9i/rator may collect a   
fee f ! borr[] us+ ! =mula e/abli%$ "u  
section #g7;a77#ah7 ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fcf7;a77#ah774  7g7
 ,und]writ+ /&>ds ,n lat] ?an #ahj days 
aft] ! date ( enactm5t ( ?is ,act1 !    
,adm9i/rator %all issue guidance reg>d+ 
prud5t und]writ+ /&>ds t mu/ be us$ =   

loans made "u ! program4  7h7 ,l5d]     
p>ticipation  7#a7 ,l5d]s  7,a7 ,9 g5]al
 ,! ,adm9i/rator %all e/abli% a process 
"u :i* ! ,adm9i/rator makes available to
 l5d]s ea* loan application submitt$ = !
 purpose ( su* l5d]s orig9at+1          
und]writ+1 clos+1 & s]vic+ ! loan = :i* 
! applicant appli$4  7,b7 ,eligibility  
,l5d]s are eligible to receive a loan   
application describ$ 9 subp>agraph 7,a7 
if !y p>ticipate 9 ! program4  7,c7     
,local l5d]s ,! ,adm9i/rator %all fir/  
make available a loan application       
describ$ 9 subp>agraph 7,a7 to l5d]s )9 
#ej miles ( ! pr9cipal (fice ( ! loan   
applicant4  7,d7 ,pref]r$ l5d]s ,if a   
l5d] describ$ 9 subp>agraph 7,c7 does n 
agree to orig9ate1 und]write1 close1 &  
s]vice ! loan appli$ = )9 #e bus9ess    
days ( receiv+ a loan application       
describ$ 9 subp>agraph 7,a71 !          
,adm9i/rator %all subsequ5tly make      
available su* loan application to l5d]s 
9 ! ,pref]r$ ,l5d]s ,program "u section 
#g7;a77#b77;,c77ii7 ( ! ,small ,bus9ess 

,act 7#ae ,u4,s4,c4                     
#fcf7;a77#b77;,c77ii774  7,e7 ,au?ority 
( adm9i/ration to l5d ,if a l5d]        
describ$ 9 subp>agraphs 7,c7 & 7,d7 does
 n agree to orig9ate1 und]write1 close1 
& s]vice ! loan appli$ = )9 #aj bus9ess 
days ( receiv+ a loan application       
describ$ 9 subp>agraph 7,a71 !          
,adm9i/rator %all1 9 accordance ) !     
und]writ+ /&>ds promulgat$ "u subsection
 7g71 consid] su* loan = orig9ation1    
und]writ+1 clos+1 & s]vic+ by !         
,adm9i/ration )9 #aj bus9ess days4  7#b7
 ,asset sales ,! ,adm9i/rator %all (f]  
to sell loans made by ! ,adm9i/rator "u 
! program4 ,su* sales %all be made ?r\gh
 ! semi-annual public solicitation 79 ! 
,f$]al ,regi/] & 9 o!r m$ia7 ( (f]s to  
pur*ase4 ,! ,adm9i/rator may contract ) 
v5dors = due dilig5ce1 asset valuation1 
& o!r s]vices relat$ to su* sales4 ,!   
,adm9i/rator may n sell any loan "u !   
program = less ?an #ij p]c5t ( ! net    
pres5t value ( ! loan1 z det]m9$ &      
c]tifi$ by a qualifi$ ?ird p>ty4  7#c7  

,loans n sold ,! ,adm9i/rator %all      
ma9ta9 & s]vice loans made by !         
,adm9i/rator "u ?is p>agraph t are n    
sold ?r\gh ! asset sales "u ?is         
subsection4  7i7 ,def9itions ,9 ?is     
,act3  7#a7 ,adm9i/rator ,! t]m         
,adm9i/rator means ! ,adm9i/rator ( !   
,small ,bus9ess ,adm9i/ration4  7#b7    
,eligible small bus9ess conc]n ,! t]m   
eligible small bus9ess conc]n means a   
small bus9ess conc]n t has less ?an #bj 
employees4  7#c7 ,small bus9ess conc]n  
,! t]m small bus9ess conc]n has ! same  
mean+ giv5 su* t]m "u section #c ( !    
,small ,bus9ess ,act 7#ae ,u4,s4,c4     
#fcb74  #c4 ,fee = high-doll> #g7;a7    
loans ,section #g7;a7 ( ! ,small        
,bus9ess ,act is am5d$--  7#a7 by       
r$esignat+ p>agraphs 7#ca7 ?r\gh 7#ce7 z
 p>agraphs 7#cb7 ?r\gh 7#cf72 &  7#b7 by
 ins]t+ ! foll[+ new p>agraph3  7#ca7   
,fee = high-doll> loans ,) respect to   
ea* loan 9 excess ( #b1jjj1jjj approv$  
"u ?is subsection1 ! ,adm9i/ration %all 
assess1 collect1 & reta9 a fee n to     

exce$ a c]ta9 p]c5tage1 z det]m9$ by !  
,adm9i/rator1 ( ! out/&+ balance ( !    
def]r$ p>ticipation %>e ( ! loan1 z     
necess>y to r$uce to z]o ! co/ to !     
,adm9i/ration ( mak+ loans "u ?is       
subsection4 ,z us$ 9 ! p>agraph1 ! t]m  
co/ has ! mean+ giv5 t t]m 9 section    
#ejb ( ! ,f$]al ,cr$it ,re=m ,act (     
#aiij 7#b ,u4,s4,c4 #ffa;a74  4