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S 2375 - 98

Small Business Secondary Market Improvements Act of 1984

Became Public Law No: 98-352.

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Small business
1 evidence matches
Impact 86% Confidence 80%

Small Business Secondary Market Improvements Act of 1984 Became Public Law No: 98-352. Commerce

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Summary

35 Passed Senate amended Apr 4, 2004

(Measure passed Senate, amended) Small Business Secondary Market Improvements Act of 1984 - Amends the Small Business Act to require the Small Business Administration (SBA) to develop procedures for the promotion of a secondary market for the portions of loans guaranteed by the SBA. Authorizes the SBA to: (1) issue trust certificates (based on and backed by a trust or pool) representing ownership of all or a fractional part of the guaranteed portion of loans guaranteed by the SBA (except loans to State and local development companies); and (2) guarantee the payment on such certificates. Pledges the full faith and credit of the United States to guarantee such trust certificates. Prohibits the SBA from collecting any fee for such guarantees. Prohibits any State, local, or Federal law from precluding or limiting the SBA from exercising its ownership rights in the portions of loans constituting the trust or pool against which such certificates are issued. Requires the SBA to provide for a central registration of all loans and trust certificates sold pursuant to this Act. Authorizes the SBA to regulate brokers and dealers of such guaranteed loans and trust certificates. Requires the SBA, within nine months after the enactment of this Act, to consult with Federal and State agencies and officials, securities industry, financial institutions, and small businesses to develop regulations to implement this Act. Requires the SBA, not later than March 31 of each year, to transmit to the Committees on Small Business of both Houses of Congress a report on the secondary market operations during the preceding year.

01 Reported to Senate with amendment(s) Apr 4, 2004

(Reported to Senate from the Committee on Small Business with amendment (without written report)) Small Business Secondary Market Improvements Act of 1984 - Amends the Small Business Act to require the Small Business Administration (SBA) to develop procedures for the promotion of a secondary market for the portions of loans guaranteed by the SBA. Authorizes the SBA to: (1) issue trust certificates (based on and backed by a trust or pool) representing ownership of all or a fractional part of the guaranteed portion of loans guaranteed by the SBA (except loans to State and local development companies); and (2) guarantee the payment on such certificates. Pledges the full faith and credit of the United States to guarantee such trust certificates. Prohibits the SBA from collecting any fee for such guarantees. Prohibits any State, local, or Federal law from precluding or limiting the SBA from exercising its ownership rights in the portions of loans constituting the trust or pool against which such certificates are issued. Requires the SBA to provide for a central registration of all loans and trust certificates sold pursuant to this Act. Authorizes the SBA to regulate brokers and dealers of such guaranteed loans and trust certificates. Requires the SBA, within nine months after the enactment of this Act, to consult with Federal and State agencies and officials, securities industry, financial institutions, and small businesses to develop regulations to implement this Act. Requires the SBA, not later than March 31 of each year, to transmit to the Committees on Small Business of both Houses of Congress a report on the secondary market operations during the preceding year.

00 Introduced in Senate Apr 4, 2004

Amends the Small Business Act to provide for the guaranteed payment by the Small Business Administration (SBA) of trust certificates that are: (1) issued to persons approved under this Act; and (2) based on and backed by a trust composed of the portions of deferred participation and guaranteed loans which have been guaranteed by the SBA pursuant to this Act. Prohibits any State, local, or Federal law from preventing the SBA from carrying out the provisions of this Act. Provides that guaranteed obligations issued pursuant to this Act shall be considered exempt securities within the meaning of the securities laws. Requires the SBA to: (1) provide for a central registration of loans, trust certificates, and other securities sold pursuant to this Act; and (2) disclose to purchasers information describing the offer and sale of portions of loans which have been guaranteed by the SBA.

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Timeline

Jul 10, 1984

Signed by President.

Jul 10, 1984

Signed by President.

Jul 10, 1984

Became Public Law No: 98-352.

Jul 10, 1984

Became Public Law No: 98-352.

Jun 28, 1984

By Senator Weicker from Committee on Small Business filed written report. Report No. 98-542.

Jun 28, 1984

By Senator Weicker from Committee on Small Business filed written report. Report No. 98-542.

Jun 28, 1984

Measure Signed in Senate.

Jun 28, 1984

Presented to President.

Jun 28, 1984

Presented to President.

Jun 25, 1984

Called up by House Under Suspension of Rules.

Jun 25, 1984

Passed/agreed to in House: Passed House by Voice Vote.

Jun 25, 1984

Passed House by Voice Vote.

Jun 21, 1984

Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

Jun 21, 1984

Passed Senate with an amendment by Voice Vote.

Jun 20, 1984

Committee on Small Business. Ordered to be reported with an amendment in the nature of a substitute favorably.

Jun 20, 1984

Committee on Small Business. Reported to Senate by Senator Weicker with an amendment in the nature of a substitute. Without written report.

Jun 20, 1984

Committee on Small Business. Reported to Senate by Senator Weicker with an amendment in the nature of a substitute. Without written report.

Jun 20, 1984

Placed on Senate Legislative Calendar under General Orders. Calendar No. 1001.

Mar 6, 1984

Committee on Small Business. Hearings held. Hearings printed: S.Hrg. 98-786.

Feb 29, 1984

Introduced in Senate

Feb 29, 1984

Read twice and referred to the Committee on Small Business.

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