HR 923 · 108th Congress 2003–2005, ended

Premier Certified Lenders Program Improvement Act of 2004

Introduced Feb 26, 2003 Originated House Became Public Law 108-232 Sponsor John T. Doolittle R-CA

Latest action · May 28, 2004 Became Public Law No: 108-232.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedFeb 26, 2003
Passed HouseJun 24, 2003
Passed SenateMay 18, 2004
To the PresidentMay 20, 2004
Became lawMay 28, 2004Public Law 108-232

Summary

Version

(This measure has not been amended since it was reported to the House on June 12, 2003. The summary of that version is repeated here.)

Premier Certified Lenders Program Improvement Act of 2003 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to allow a certified development company to withdraw from its loss reserve amounts in excess of one percent of the aggregate outstanding balances of debentures to which such loss reserve relates (with an exception).

Makes loss reserve requirements of lenders under the premier certified lenders (PCL) program inapplicable to PCLs that ensure that the amount of their loss reserve is: (1) not less than $100,000; and (2) sufficient, as determined by an independent auditor, for the PCL to meet its obligations to protect the Federal Government from risk of loss. Designates such PCLs as qualified high loss reserve PCLs. Requires such PCLs to certify quarterly to the SBA Administrator as to the sufficiency of such reserves. Requires: (1) the Administrator to allow the qualified high loss reserve PCL to withdraw funds in excess of the required reserve; (2) PCL recontribution when the reserve does not meet such minimum requirements; and (3) the PCL to meet specified SBA risk management benchmarks when not qualified as a high loss reserve PCL.

Establishes in the SBA the Bureau of PCLP Oversight to carry out PCL Program functions designated by the Administrator.

Increases the reimbursement required from a PCL to the Administrator for losses sustained by the SBA as a result of PCL default on debentures issued by the PCL and guaranteed by the SBA during any period in which the PCL elects to operate under the alternative loss reserve requirements of this Act to 15 percent of the total principal and interest on such debentures. (Currently, ten percent reimbursement is required when a PCL is operating under normal loss reserve requirements.)

Directs the Administrator to contract with either a Federal agency experienced in community development lending and financial regulation or a member of the Federal Financial Institutions Examination Council to study and prepare a report regarding: (1) the extent to which statutory requirements have caused overcapitalization in the loss reserves maintained by certified PCLs participating in the PCL Program; and (2) alternatives for establishing and maintaining loss reserves sufficient to protect the Federal Government from the risk of loss associated with loans guaranteed under the Program. Requires the report to be transmitted to the congressional small business committees.

Recorded votes 1

Newest first. Open one to see how every member voted.

Roll call	Question	Result	Date
House 303	On Motion to Suspend the Rules and Pass, as Amended	Passed416–3	Jun 24, 2003

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 2

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Small Business Committee	Referred Feb 26, 2003Markup May 22, 2003Reported Jun 12, 2003
Senate	Small Business and Entrepreneurship Committee	Referred Jun 25, 2003Discharged May 18, 2004

Actions 21

Everything that happened, newest first.

May 28, 2004Signed by President.
May 28, 2004Became Public Law No: 108-232.
May 20, 2004Presented to President.
May 19, 2004Message on Senate action sent to the House.
May 18, 2004Senate Committee on Small Business and Entrepreneurship discharged by Unanimous Consent.(consideration: CR S5726-5727)
May 18, 2004Senate Committee on Small Business and Entrepreneurship discharged by Unanimous Consent. (consideration: CR S5726-5727)
May 18, 2004Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Jun 25, 2003Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jun 24, 2003Mr. Manzullo moved to suspend the rules and pass the bill, as amended.
Jun 24, 2003Considered under suspension of the rules. (consideration: CR H5724-5727)
Jun 24, 2003DEBATE - The House proceeded with forty minutes of debate on H.R. 923.
Jun 24, 2003At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Jun 24, 2003Considered as unfinished business. (consideration: CR H5742-5743)
Jun 24, 2003Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 416 - 3 (Roll no. 303). (text: CR H5724-5725)
Jun 24, 2003Motion to reconsider laid on the table Agreed to without objection.
Jun 12, 2003Reported (Amended) by the Committee on Small Business. H. Rept. 108-153.
Jun 12, 2003Placed on the Union Calendar, Calendar No. 75.
May 22, 2003Committee Consideration and Mark-up Session Held.
May 22, 2003Ordered to be Reported (Amended) by Voice Vote.
Feb 26, 2003Introduced in House
Feb 26, 2003Referred to the House Committee on Small Business.

In the Congressional Record 2

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

Where	In the Record	Members	Date
Senate	Debate and remarks S5726, S5727	William H. Frist R-TN	May 18, 2004
House	Debate and remarks H5724–H5727Text printed H5724Recorded votes H5742enact	Danny K. Davis D-IL, Donald A. Manzullo R-IL, Donna M. Christensen D-VI, John T. Doolittle R-CA, Juanita Millender-McDonald D-CA	Jun 24, 2003

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Committee report

H. Rept. 108-153

Congressional Budget Office cost estimates 2

Jun 5, 2003H.R. 923, Premier Certified Lenders Program Improvement Act of 2003<p>Cost estimate for the bill as ordered reported by the House Committee on Small Business on May 22, 2003</p>
Jun 5, 2003H.R. 923, Premier Certified Lenders Program Improvement Act of 2003Cost estimate for the bill as ordered reported by the House Committee on Small Business on May 22, 2003

Titles 6

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Small Business Investment Act of 1958 to allow certain premier certified lenders to elect to maintain an alternative loss reserve.
Short Titles as Introduced: Premier Certified Lenders Program Improvement Act of 2002
Short Titles as Reported to House: Premier Certified Lenders Program Improvement Act of 2003
Short Titles as Passed House: Premier Certified Lenders Program Improvement Act of 2003
Short Titles as Passed Senate: Premier Certified Lenders Program Improvement Act of 2003
Short Titles as Enacted: Premier Certified Lenders Program Improvement Act of 2004

Subjects

Assigned by the Library of Congress. Policy area: Commerce.

Text 5

Each version as it was printed, newest first.

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.