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Stronger Oversight for Small Business 504 Loans and Environmental Compliance.

This law strengthens the oversight of the 504 loan program for small businesses by increasing control over the companies that administer these loans (Certified Development Companies). It introduces stricter penalties for violations and requires clear rules for complying with environmental regulations in project financing. The goal is to make the loan program more secure, protecting public funds and ensuring stable financing for entrepreneurs.
Key points
Enhanced supervision of 504 loan providers, including the power to impose significant financial penalties (up to $250,000) for serious program violations.
Requirement for new rules clarifying how loan companies must comply with federal environmental requirements (NEPA) when funding projects.
Extension of delegated authority for accredited lenders until 2025, ensuring continued access to financing for small businesses.
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Expired
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Additional Information
Print number: 118_HR_10247
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2024-11-21
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

504 Credit Risk Management Improvement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10247.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-11-21.

What are the main provisions?

Key points include:

  • Enhanced supervision of 504 loan providers, including the power to impose significant financial penalties (up to $250,000) for serious program violations.
  • Requirement for new rules clarifying how loan companies must comply with federal environmental requirements (NEPA) when funding projects.
  • Extension of delegated authority for accredited lenders until 2025, ensuring continued access to financing for small businesses.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velázquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Environment