Home > 106th Congressional Public Laws > Pub.L. 106-023 To designate the Federal building located at 310 New Bern Avenue in Raleigh, North Carolina, as the ``Terry Sanford Federal Building''. <> ...

Pub.L. 106-023 To designate the Federal building located at 310 New Bern Avenue in Raleigh, North Carolina, as the ``Terry Sanford Federal Building''. <> ...


Google
 
Web GovRecords.org

<DOC>



[[Page 113 STAT. 36]]

Public Law 106-22
106th Congress

                                 An Act


 
To make technical corrections to the Microloan Program. <<NOTE: Apr. 27, 
                          1999 -  [H.R. 440]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Microloan 
Program Technical Corrections Act of 1999. Small business. 15 USC 631 
note.>> 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Microloan Program Technical 
Corrections Act of 1999''.

SEC. 2. TECHNICAL CORRECTIONS.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended--
            (1) in paragraph (7), by striking subparagraph (B) and 
        inserting the following:
                    ``(B) Allocation.--
                          ``(i) Minimum allocation.--Subject to the 
                      availability of appropriations, of the total 
                      amount of new loan funds made available for award 
                      under this subsection in each fiscal year, the 
                      Administration shall make available for award in 
                      each State (including the District of Columbia, 
                      the Commonwealth of Puerto Rico, the United States 
                      Virgin Islands, Guam, and American Samoa) an 
                      amount equal to the sum of--
                                    ``(I) the lesser of--
                                            ``(aa) $800,000; or
                                            ``(bb) \1/55\ of the total 
                                        amount of new loan funds made 
                                        available for award under this 
                                        subsection for that fiscal year; 
                                        and
                                    ``(II) any additional amount, as 
                                determined by the Administration.
                          ``(ii) Redistribution.--If, at the beginning 
                      of the third quarter of a fiscal year, the 
                      Administration determines that any portion of the 
                      amount made available to carry out this subsection 
                      is unlikely to be made available under clause (i) 
                      during that fiscal year, the Administration may 
                      make that portion available for award in any one 
                      or more States (including the District of 
                      Columbia, the Commonwealth of Puerto Rico, the 
                      United States Virgin Islands, Guam, and American 
                      Samoa) without regard to clause (i).''; and
            (2) in paragraph (8)--
                    (A) by inserting ``and providing funding to 
                intermediaries'' after ``program applicants''; and
                    (B) by inserting ``and provide funding to'' after 
                ``shall select''.

[[Page 113 STAT. 37]]

SEC. 3. LOAN LOSS RESERVE.

    Section 7(m)(3)(D) of the Small Business Act (15 U.S.C. 
636(m)(3)(D)) is amended to read as follows:
                    ``(D)(i) In <<NOTE: Regulations.>> general.--The 
                Administrator shall, by regulation, require each 
                intermediary to establish a loan loss reserve fund, and 
                to maintain such reserve fund until all obligations owed 
                to the Administration under this subsection are repaid.
                    ``(ii) Level of loan loss reserve fund.--
                          ``(I) In general.--Subject to subclause (III), 
                      the Administrator shall require the loan loss 
                      reserve fund of an intermediary to be maintained 
                      at a level equal to 15 percent of the outstanding 
                      balance of the notes receivable owed to the 
                      intermediary.
                          ``(II) Review of loan loss reserve.--After the 
                      initial 5 years of an intermediary's participation 
                      in the program authorized by this subsection, the 
                      Administrator shall, at the request of the 
                      intermediary, conduct a review of the annual loss 
                      rate of the intermediary. Any intermediary in 
                      operation under this subsection prior to October 
                      1, 1994, that requests a reduction in its loan 
                      loss reserve shall be reviewed based on the most 
                      recent 5-year period preceding the request.
                          ``(III) Reduction of loan loss reserve.--
                      Subject to the requirements of clause IV, the 
                      Administrator may reduce the annual loan loss 
                      reserve requirement of an intermediary to reflect 
                      the actual average loan loss rate for the 
                      intermediary during the preceding 5-year period, 
                      except that in no case shall the loan loss reserve 
                      be reduced to less than 10 percent of the 
                      outstanding balance of the notes receivable owed 
                      to the intermediary.
                          ``(IV) Requirements.--The Administrator may 
                      reduce the annual loan loss reserve requirement of 
                      an intermediary only if the intermediary 
                      demonstrates to the satisfaction of the 
                      Administrator that--
                                    ``(aa) the average annual loss rate 
                                for the intermediary during the 
                                preceding 5-year period is less than 15 
                                percent; and
                                    ``(bb) that no other factors exist 
                                that may impair the ability of the 
                                intermediary to repay all obligations 
                                owed to the Administration under this 
                                subsection.''.

    Approved April 27, 1999.

LEGISLATIVE HISTORY--H.R. 440:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 106-12 (Comm. on Small Business).
CONGRESSIONAL RECORD, Vol. 145 (1999):
            Feb. 9, considered and passed House.
            Mar. 25, considered and passed Senate, amended.
            Apr. 12, House concurred in Senate amendment.

                                  <all>

Pages: 1

Other Popular 106th Congressional Public Laws Documents:

1 Pub.L. 106-359 Making further continuing appropriations for the fiscal year 2001, and for other purposes. <> ...
2 Pub.L. 106-387 Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 2001, and for other purposes. <> ...
3 Pub.L. 106-531 To amend chapter 35 of title 31, <> United States Code, to authorize the consolidation of certain financial and performance management reports required of Federal agencies, and for other purposes. %%Filename...
4 Pub.L. 106-455 To address resource management issues in Glacier Bay National Park, Alaska. <> ...
5 Pub.L. 106-152 To amend title 18, United States Code, to punish the depiction of animal cruelty. <> ...
6 Pub.L. 106-160 To amend statutory damages provisions of title 17, United States Code. <> ...
7 Pub.L. 106-395 To amend the Immigration and Nationality Act to modify the provisions governing acquisition of citizenship by children born outside of the United States, and for other purposes. <> ...
8 Pub.L. 106-018 To authorize appropriations for the Coastal Heritage Trail Route in New Jersey, and for other purposes. <> ...
9 Pub.L. 106-434 To provide for the conveyance of a small parcel of public domain land in the San Bernardino National Forest in the State of California, and for other purposes. <> ...
10 Pub.L. 106-312 To establish a 3-year pilot project for the General Accounting Office to report to Congress on economically significant rules of Federal agencies, and for other purposes. <> ...
11 Pub.L. 106-025 To provide for education <> flexibility partnerships. ...
12 Pub.L. 106-256 To establish a Commission on Ocean Policy, and for other purposes. <> ...
13 Pub.L. 106-088 Making further continuing appropriations for the fiscal year 2000, and for other purposes. <> ...
14 Pub.L. 106-091 To designate the United States courthouse under construction at 333 Las Vegas Boulevard South in Las Vegas, Nevada, as the ``Lloyd D. George United States Courthouse''. <> ...
15 Pub.L. 106-309 To establish a program to provide assistance for programs of credit and other financial services for microenterprises in developing countries, and for other purposes. <> ...
16 Pub.L. 106-296 To <> designate the Federal building and United States courthouse located at 402 North Walnut Street in Harrison, Arkansas, as the ``J. Smith Henley Federal Building and United States Courthouse''. %%Filen...
17 Pub.L. 106-272 To authorize the development and maintenance of a multi-agency campus project in the town of Jackson, Wyoming. <> ...
18 Pub.L. 106-409 To amend the Immigration and <> Nationality Act to extend for an additional 3 years the special immigrant religious worker program. ...
19 Pub.L. 106-181 To amend title 49, United States Code, to reauthorize programs of the Federal Aviation Administration, and for other purposes. <> ...
20 Pub.L. 106-238 To redesignate the facility of the United States Postal Service located at 100 Orchard Park Drive in Greenville, South Carolina, as the ``Keith D. Oglesby Station''. <> ...
21 Pub.L. 106-435 To provide for the minting of commemorative coins to support the 2002 Salt Lake Olympic Winter Games and the programs of the United States Olympic Committee. <> ...
22 Pub.L. 106-252 To amend title 4 of the United States Code to establish sourcing requirements for State and local taxation of mobile telecommunication services. <> ...
23 Pub.L. 106-155 To amend <> the U.S. Holocaust Assets Commission Act of 1998 to extend the period by which the final report is due and to authorize additional funding. ...
24 Pub.L. 106-459 To amend the Colorado River Basin Salinity Control Act to authorize additional measures to carry out the control of salinity upstream of Imperial Dam in a cost-effective manner. <> ...
25 Pub.L. 106-533 To amend the Congressional <> Award Act to establish a Congressional Recognition for Excellence in Arts Education Board. ...
26 Pub.L. 106-218 To designate the Federal building located at 2201 C Street, Northwest, in the District of Columbia, currently headquarters for the Department of State, as the ``Harry S Truman Federal Building''. <> %%File...
27 Pub.L. 106-113 Making <> consolidated appropriations for the fiscal year ending September 30, 2000, and for other purposes. ...
28 Pub.L. 106-048 To designate the Federal building and United States courthouse located ...
29 Pub.L. 106-075 Making further continuing appropriations for the fiscal year 2000, and for other purposes. <> ...
30 Pub.L. 106-325 To designate the facility of the United States Postal Service located at 4601 South Cottage Grove Avenue in Chicago, Illinois, as the ``Henry W. McGee Post Office Building''. <> ...


Other Documents:

106th Congressional Public Laws Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy