Page:United States Statutes at Large Volume 109 Part 1.djvu/313

 PUBLIC LAW 104-36—OCT. 12, 1995 109 STAT. 297 "(A) IN GENERAL. —With respect to each loan guaran- Regulations. teed under this subsection, the Administration shall, in accordance with such terms and procedures as the Administration shall establish by regulation, assess and collect an annual fee in an amount equal to 0.5 percent of the outstanding balance of the deferred participation share of the loan. "(B) PAYER.—The annual fee assessed under subparagraph (A) shall be payable by the participating lender and shall not be charged to the borrower.". (b) CONFORMING AMENDMENT.— Section 5(g)(4)(A) of the Small Business Act (15 U.S.C. 634(g)(4)(A)) is amended— (1) by striking the first sentence and inserting the following: "The Administration may collect a fee for any loan guarantee sold into the secondary market under subsection (f) in an amount equal to not more than 50 percent of the portion of the sale price that exceeds 110 percent of the outstanding principal amount of the portion of the loan guaranteed by the Administration."; and (2) by striking "fees" each place such term appears and inserting "fee". SEC. 5. NOTIFICATION REQUIREMENT. Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following new paragraph: "(24) NOTIFICATION REQUIREMENT. — The Administration shall notify the Committees on Small Business of the Senate and the House of Representatives not later than 15 days before making any significant policy or administrative change affecting the operation of the loan program under this subsection.". SEC. 6. DEVELOPMENT COMPANY DEBENTURES. Section 503(b) of the Small Business Investment Act of 1958 (15 U.S.C. 697(b)) is amended— (1) in paragraph (5), by striking "and" at the end; (2) in paragraph (6), by striking the period at the end and inserting "; and"; and (3) by adding at the end the following new paragraph: "(7) with respect to each loan made from the proceeds of such debenture, the Administration— " (A) assesses and collects a fee, which shall be payable by the borrower, in an amount equal to 0.125 percent per year of the outstanding balance of the loan; and "(B) uses the proceeds of such fee to offset the cost (as such term is defined in section 502 of the Federal Credit Reform Act of 1990) to the Administration of making guarantees under subsection (a).". SEC. 7. PILOT PREFERRED SURETY BOND GUARANTEE PROGRAM EXTENSION. Section 207 of the Small Business Administration Reauthorization and Amendment Act of 1988 (15 U.S.C. 694b note) is amended by striking "September 30, 1995" and inserting "September 30, 1997". SEC. 8. APPLICABILITY. 15 USC 634 note. (a) IN GENERAL.—Except as provided in subsection (b), the amendments made by this Act do not apply with respect to any

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