,i #aafth ,,congress #ast ,session ,h4 ,r4 #didd ,,in ,,the ,,house ,,of ,,representatives ,october #ca1 #bjai,mr4 ,burchett introduced the following bill2 which was referred to the ,committee on ,small ,business ,a ,,bill ,to require the ,small ,business ,administration to issue licenses under the ,small ,business ,investment ,act of #aieh within particular time frames1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,investment ,improvement ,act of #bjai4 #b4 ,timelines for issuance of ,,sbic licenses ,section #cja7;c7 of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #fha7;c77 is amended-- 7#a7 in paragraph 7#b7-- 7,a7 by amending subparagraph 7,a7 to read as follows3 7,a7 ,status ,the ,administrator shall provide an applicant with a written report detailing the status of the application and any requirements remaining for completion of the application1 including any external or internal delays-- 7i7 except as provided in clauses 7ii7 and 7iii71 not later than #abj days after the initial receipt by the ,administrator of the application2 7ii7 not later than #de days after the initial receipt1 if the application is submitted by a repeat applicant or a non-leveraged1 non-bank applicant2 or 7iii7 not later than #be days after the initial receipt1 if the application is submitted by a bank-owned applicant4 2 7,b7 in subparagraph 7,b71 in the matter preceding clause 7i71 by striking ,within a reasonable time after receiving and inserting ,except as provided in subparagraph 7,c71 not later than #bdj days after the date on which the ,administrator receives2 and 7,c7 by adding at the end the following3 7,c7 ,exceptions 7i7 ,repeat applicants2 non-leveraged1 non-bank applicant ,notwithstanding subparagraph 7,b71 not later than #ij days after the date on which the ,administrator receives a completed application submitted by a repeat applicant or a non-leveraged1 non-bank applicant in accordance with this subsection and in accordance with such requirements as the ,administrator may prescribe by regulation1 the ,administrator shall-- 7,i7 review the application in its entirety2 and 7,,ii7 7aa7 approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied2 or 7bb7 disapprove the application and notify the applicant in writing of the disapproval4 7ii7 ,bank-owned applicants ,notwithstanding subparagraph 7,b71 not later than #de days after the date on which the ,administrator receives a completed application submitted by a bank-owned applicant in accordance with this subsection and in accordance with such requirements as the ,administrator may prescribe by regulation1 the ,administrator shall-- 7,i7 review the application in its entirety2 and 7,,ii7 7aa7 approve the application and issue a license for such operation to the applicant if the requirements of this section are satisfied2 or 7bb7 disapprove the application and notify the applicant in writing of the disapproval4 2 7#b7 in paragraph 7#c7-- 7,a7 in subparagraph 7,a7-- 7i7 in clause 7i71 by striking and at the end2 7ii7 in clause 7ii71 by adding and at the end2 and 7iii7 by adding at the end the following3 7iii7 the management of the applicant has successfully passed ,federal ,bureau of ,investigation background checks within the preceding #a-year period2 2 and 7,b7 in subparagraph 7,b7-- 7i7 in clause 7ii71 by striking and at the end2 7ii7 in clause 7iii71 by adding and at the end2 and 7iii7 by adding at the end the following3 7iv7 the public interest of approving or disapproving the applicant4 2 7#c7 in paragraph 7#d77;,a7-- 7,a7 in clause 7ii71 by striking and at the end2 7,b7 in clause 7iii71 by striking the period at the end and inserting 2 and2 and 7,c7 by adding at the end the following3 7iv7 has successfully passed a ,federal ,bureau of ,investigation background check within the preceding #a-year period4 2 and 7#d7 by adding at the end the following3 7#e7 ,definitions ,in this subsection-- 7,a7 the term bank-owned applicant means an applicant for a license to operate as a small business investment company under this ,act that-- 7i7 is a national bank or any member bank of the ,federal ,reserve ,system or nonmember insured bank2 7ii7 bears the same name as the future small business investment company2 7iii7 is domestically domiciled2 and 7iv7 has not had a license under this ,act revoked or involuntarily surrendered during the #aj-year period preceding the date on which the application is submitted2 7,b7 the term non-leveraged1 non-bank applicant means an applicant for a license to operate as a small business investment company under this ,act that is not bank-owned and that1 when operational1 poses no risk to the ,federal ,government2 and 7,c7 the term repeat applicant means an applicant for a license to operate as a small business investment company under this ,act that-- 7i7 has previously applied for and been issued such a license2 7ii7 has #ej percent of the same management team with the #ej percent of the same investment committee as when the applicant operated as a small business investment company2 7iii7 is applying for the same or less ratio leverage as when the applicant operated as a small business investment company2 7iv7 has substantially the same investment strategy as when the applicant operated as a small business investment company2 7v7 is not more than #ej percent larger than when the applicant operated as a small business investment company2 7vi7 has not less than #ej percent of institutional limited partnerships returning from the prior fund to invest in the new small business investment company2 and 7vii7 has not had any major findings on examinations of the prior fund4 4