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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''. <> ...


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[[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

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