[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4944 Introduced in House (IH)]
<DOC>
116th CONGRESS
1st Session
H. R. 4944
To require the Small Business Administration to issue licenses under
the Small Business Investment Act of 1958 within particular time
frames, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 31, 2019
Mr. Burchett introduced the following bill; 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 1958 within particular time
frames, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Investment
Improvement Act of 2019''.
SEC. 2. TIMELINES FOR ISSUANCE OF SBIC LICENSES.
Section 301(c) of the Small Business Investment Act of 1958 (15
U.S.C. 681(c)) is amended--
(1) in paragraph (2)--
(A) by amending subparagraph (A) to read as
follows:
``(A) 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 application, including any external
or internal delays--
``(i) except as provided in clauses (ii)
and (iii), not later than 120 days after the
initial receipt by the Administrator of the
application;
``(ii) not later than 45 days after the
initial receipt, if the application is
submitted by a repeat applicant or a non-
leveraged, non-bank applicant; or
``(iii) not later than 25 days after the
initial receipt, if the application is
submitted by a bank-owned applicant.'';
(B) in subparagraph (B), in the matter preceding
clause (i), by striking ``Within a reasonable time
after receiving'' and inserting ``Except as provided in
subparagraph (C), not later than 240 days after the
date on which the Administrator receives''; and
(C) by adding at the end the following:
``(C) Exceptions.--
``(i) Repeat applicants; non-leveraged,
non-bank applicant.--Notwithstanding
subparagraph (B), not later than 90 days after
the date on which the Administrator receives a
completed application submitted by a repeat
applicant or a non-leveraged, non-bank
applicant in accordance with this subsection
and in accordance with such requirements as the
Administrator may prescribe by regulation, the
Administrator shall--
``(I) review the application in its
entirety; and
``(II)(aa) approve the application
and issue a license for such operation
to the applicant if the requirements of
this section are satisfied; or
``(bb) disapprove the application
and notify the applicant in writing of
the disapproval.
``(ii) Bank-owned applicants.--
Notwithstanding subparagraph (B), not later
than 45 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 regulation, the
Administrator shall--
``(I) review the application in its
entirety; and
``(II)(aa) approve the application
and issue a license for such operation
to the applicant if the requirements of
this section are satisfied; or
``(bb) disapprove the application
and notify the applicant in writing of
the disapproval.'';
(2) in paragraph (3)--
(A) in subparagraph (A)--
(i) in clause (i), by striking ``and'' at
the end;
(ii) in clause (ii), by adding ``and'' at
the end; and
(iii) by adding at the end the following:
``(iii) the management of the applicant has
successfully passed Federal Bureau of
Investigation background checks within the
preceding 1-year period;''; and
(B) in subparagraph (B)--
(i) in clause (ii), by striking ``and'' at
the end;
(ii) in clause (iii), by adding ``and'' at
the end; and
(iii) by adding at the end the following:
``(iv) the public interest of approving or
disapproving the applicant.'';
(3) in paragraph (4)(A)--
(A) in clause (ii), by striking ``and'' at the end;
(B) in clause (iii), by striking the period at the
end and inserting ``; and''; and
(C) by adding at the end the following:
``(iv) has successfully passed a Federal
Bureau of Investigation background check within
the preceding 1-year period.''; and
(4) by adding at the end the following:
``(5) Definitions.--In this subsection--
``(A) the term `bank-owned applicant' means an
applicant for a license to operate as a small business
investment company under this Act that--
``(i) is a national bank or any member bank
of the Federal Reserve System or nonmember
insured bank;
``(ii) bears the same name as the future
small business investment company;
``(iii) is domestically domiciled; and
``(iv) has not had a license under this Act
revoked or involuntarily surrendered during the
10-year period preceding the date on which the
application is submitted;
``(B) the term `non-leveraged, 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 that, when operational, poses no risk to
the Federal Government; and
``(C) the term `repeat applicant' means an
applicant for a license to operate as a small business
investment company under this Act that--
``(i) has previously applied for and been
issued such a license;
``(ii) has 50 percent of the same
management team with the 50 percent of the same
investment committee as when the applicant
operated as a small business investment
company;
``(iii) is applying for the same or less
ratio leverage as when the applicant operated
as a small business investment company;
``(iv) has substantially the same
investment strategy as when the applicant
operated as a small business investment
company;
``(v) is not more than 50 percent larger
than when the applicant operated as a small
business investment company;
``(vi) has not less than 50 percent of
institutional limited partnerships returning
from the prior fund to invest in the new small
business investment company; and
``(vii) has not had any major findings on
examinations of the prior fund.''.
<all>
Small Business Investment Improvement Act of 2019
#4944 | HR Congress #116
Policy Area: Commerce
Last Action: Referred to the House Committee on Small Business. (10/31/2019)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text