,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aige  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bf1 #bjai ,mr4  
,ris* 7= himself1 ,mr4 ,crapo1 ,mrs4    
,capito1 ,mr4 ,"y1 ,ms4 ,duckwor?1 ,mr4 
,book]1 & ,mr4 ,scott ( ,s\? ,c>ol9a7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on ,small
 ,bus9ess & ,entrepr5eur%ip  ,a ,,bill  
,to require ! ,small ,bus9ess           
,adm9i/ration to issue lic5ses "u !     
,small ,bus9ess ,inve/m5t ,act ( #aieh  
)9 p>ticul> "t frames1 & = o!r purposes4
  #a4 ,%ort title  ,?is ,act may be cit$
 z ! ,small ,bus9ess ,inve/m5t          
,improvem5t ,act ( #bjai4  #b4 ,timel9es
 = issuance ( ,,sbic lic5ses ,section   
#cja7;c7 ( ! ,small ,bus9ess ,inve/m5t  
,act ( #aieh 7#ae ,u4,s4,c4 #fha7;c77 is
 am5d$-- 7#a7 9 p>agraph 7#b7--  7,a7 by
 am5d+ subp>agraph 7,a7 to read z       
foll[s3  7,a7 ,/atus ,! ,adm9i/rator    
%all provide an applicant ) a writt5    
report detail+ ! /atus ( ! application &
 any requirem5ts rema9+ = completion ( !

 application1 includ+ any ext]nal or    
int]nal delays--  7i7 except z provid$ 9
 clauses 7ii7 & 7iii71 n lat] ?an #abj  
days aft] ! initial receipt by !        
,adm9i/rator ( ! application2  7ii7 n   
lat] ?an #de days aft] ! initial        
receipt1 if ! application is submitt$ by
 a repeat applicant or a non-lev]ag$1   
non-bank applicant2 or  7iii7 n lat] ?an
 #be days aft] ! initial receipt1 if !  
application is submitt$ by a bank-own$  
applicant4  2  7,b7 9 subp>agraph 7,b71 
9 ! matt] prec$+ clause 7i71 by /rik+   
,)9 a reasonable "t aft] receiv+ &      
ins]t+ ,except z provid$ 9 subp>agraph  
7,c71 n lat] ?an #bdj days aft] ! date  
on :i* ! ,adm9i/rator receives2 &  7,c7 
by add+ at ! end ! foll[+3  7,c7        
,exceptions  7i7 ,repeat applicants2    
non-lev]ag$1 non-bank applicant ,not)/&+
 subp>agraph 7,b71 n lat] ?an #ij days  
aft] ! date on :i* ! ,adm9i/rator       
receives a complet$ application submitt$
 by a repeat applicant or a non-lev]ag$1
 non-bank applicant 9 accordance ) ?is  

subsection & 9 accordance ) su*         
requirem5ts z ! ,adm9i/rator may        
prescribe by regulation1 ! ,adm9i/rator 
%all--  7,i7 review ! application 9 its 
entirety2 &  7,,ii7 7aa7 approve !      
application & issue a lic5se = su*      
op]ation to ! applicant if ! requirem5ts
 ( ?is section are satisfi$2 or  7bb7   
disapprove ! application & notify !     
applicant 9 writ+ ( ! disapproval4  7ii7
 ,bank-own$ applicants ,not)/&+         
subp>agraph 7,b71 n lat] ?an #de days   
aft] ! date on :i* ! ,adm9i/rator       
receives a complet$ application submitt$
 by a bank-own$ applicant 9 accordance )
 ?is subsection & 9 accordance ) su*    
requirem5ts z ! ,adm9i/rator may        
prescribe by regulation1 ! ,adm9i/rator 
%all--  7,i7 review ! application 9 its 
entirety2 &  7,,ii7 7aa7 approve !      
application & issue a lic5se = su*      
op]ation to ! applicant if ! requirem5ts
 ( ?is section are satisfi$2 or  7bb7   
disapprove ! application & notify !     
applicant 9 writ+ ( ! disapproval4  2   

7#b7 9 p>agraph 7#c7--  7,a7 9          
subp>agraph 7,a7-- 7i7 9 clause 7i71 by 
/rik+ & at ! end2  7ii7 9 clause 7ii71  
by add+ & at ! end2 &  7iii7 by add+ at 
! end ! foll[+3  7iii7 ! managem5t ( !  
applicant has successfully pass$ ,f$]al 
,bureau ( ,inve/igation backgr\nd *ecks 
)9 ! prec$+ #a-ye> p]iod2  2 &  7,b7 9  
subp>agraph 7,b7-- 7i7 9 clause 7ii71 by
 /rik+ & at ! end2  7ii7 9 clause 7iii71
 by add+ & at ! end2 &  7iii7 by add+ at
 ! end ! foll[+3  7iv7 ! public int]e/ (
 approv+ or disapprov+ ! applicant4  2  
7#c7 9 p>agraph 7#d77;,a7--  7,a7 9     
clause 7ii71 by /rik+ & at ! end2  7,b7 
9 clause 7iii71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7,c7 by add+ at !  
end ! foll[+3  7iv7 has successfully    
pass$ a ,f$]al ,bureau ( ,inve/igation  
backgr\nd *eck )9 ! prec$+ #a-ye> p]iod4
  2 &  7#d7 by add+ at ! end ! foll[+3  
7#e7 ,def9itions ,9 ?is subsection--    
7,a7 ! t]m bank-own$ applicant means an 
applicant = a lic5se to op]ate z a small
 bus9ess inve/m5t company "u ?is ,act   

t--  7i7 is a national bank or any memb]
 bank ( ! ,f$]al ,res]ve ,sy/em or      
nonmemb] insur$ bank2  7ii7 be>s ! same 
"n z ! future small bus9ess inve/m5t    
company2  7iii7 is dome/ically domicil$2
 &  7iv7 has n _h a lic5se "u ?is ,act  
revok$ or involunt>ily surr5d]$ dur+ !  
#aj-ye> p]iod prec$+ ! date on :i* !    
application is submitt$2  7,b7 ! t]m    
non-lev]ag$1 non-bank applicant means an
 applicant = a lic5se to op]ate z a     
small bus9ess inve/m5t company "u ?is   
,act t is n bank-own$ & t1 :5           
op]ational1 poses no risk to ! ,f$]al   
,gov]nm5t2 &  7,c7 ! t]m repeat         
applicant means an applicant = a lic5se 
to op]ate z a small bus9ess inve/m5t    
company "u ?is ,act t--  7i7 has        
previ\sly appli$ = & be5 issu$ su* a    
lic5se2  7ii7 has #ej p]c5t ( ! same    
managem5t team ) ! #ej p]c5t ( ! same   
inve/m5t committee z :5 ! applicant     
op]at$ z a small bus9ess inve/m5t       
company2  7iii7 is apply+ = ! same or   
less ratio lev]age z :5 ! applicant     

op]at$ z a small bus9ess inve/m5t       
company2  7iv7 has sub/antially ! same  
inve/m5t /rategy z :5 ! applicant op]at$
 z a small bus9ess inve/m5t company2    
7v7 is n m ?an #ej p]c5t l>g] ?an :5 !  
applicant op]at$ z a small bus9ess      
inve/m5t company2  7vi7 has n less ?an  
#ej p]c5t ( in/itutional limit$         
p>tn]%ips return+ f ! prior fund to     
inve/ 9 ! new small bus9ess inve/m5t    
company2 &  7vii7 has n _h any major    
f9d+s on exam9ations ( ! prior fund4  4