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Strengthening Oversight and Risk Management for Small Business 504 Loans

This law enhances the supervision of companies (Certified Development Companies) that provide loans under the SBA 504 program, which helps small businesses finance major assets like real estate and equipment. It mandates random file reviews and introduces new environmental compliance rules, aiming to protect the program from losses and ensure its long-term stability. For small businesses, this means a more secure and transparent lending environment.
Key points
Mandatory random file reviews of 504 loan closings are introduced to ensure lending companies follow program rules and integrity standards.
The SBA gains stronger enforcement powers, including the ability to fine lending companies up to $250,000 for serious or frequent violations.
New rules must be issued to clarify how lending companies comply with environmental protection laws (NEPA) when processing loans.
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Expired
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Additional Information
Print number: 118_S_1345
Sponsor: Sen. Young, Todd [R-IN]
Process start date: 2023-04-27
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

504 Credit Risk Management Improvement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1345.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • Mandatory random file reviews of 504 loan closings are introduced to ensure lending companies follow program rules and integrity standards.
  • The SBA gains stronger enforcement powers, including the ability to fine lending companies up to $250,000 for serious or frequent violations.
  • New rules must be issued to clarify how lending companies comply with environmental protection laws (NEPA) when processing loans.
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 Sen. Young, Todd [R-IN].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 167.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy