Page:United States Statutes at Large Volume 111 Part 3.djvu/513

 PUBLIC LAW 105-135—DEC. 2, 1997 111 STAT. 2601 year" and inserting "any 1 or more of the 4 subsequent fiscal years". SEC. 212. UNDERSERVED AREAS. Section 301(c)(4)(B) of the Small Business Investment Act of 1958 (15 U.S.C. 681(c)(4)(B)) is amended to read as follows: "(B) LEVERAGE. —An applicant licensed pursuant to the exception provided in this paragraph shall not be eligible to receive leverage as a licensee until the applicant satisfies the requirements of section 302(a), unless the applicant— "(i) files an application for a license not later than 180 days after the date of enactment of the Small Business Reauthorization Act of 1997; "(ii) is located in a State that is not served by a licensee; and "(iii) agrees to be limited to 1 tier of leverage available under section 302(b), until the applicant meets the requirements of section 302(a).". SEC. 213. PRIVATE CAPITAL. Section 103(9)(B)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 662(9)(B)(iii)) is amended— (1) by redesignating subclauses (I) and (II) as subclauses (II) and (III), respectively; and (2) by inserting before subclause (II) (as redesignated) the following: "(I) funds obtained from the business revenues (excluding any governmental appropriation) of any federally chartered or government-sponsored corporation established prior to October 1, 1987;". SEC. 214. FEES. Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681) is amended by adding at the end the following: "(e) FEES. — "(1) IN GENERAL. — The Administration may prescribe fees to be paid by each applicant for a license to operate as a small business investment company under this Act. "(2) USE OF AMOUNTS.— Fees collected under this subsection— "(A) shall be deposited in the account for salaries and expenses of the Administration; and "(B) are authorized to be appropriated solely to cover the costs of licensing examinations.". SEC. 215. SMALL BUSINESS INVESTMENT COMPANY PROGRAM REFORM. (a) BANK INVESTMENTS.— Section 302(b) of the Small Business Investment Act of 1958 (15 U.S.C. 682(b)) is amended by striking "1956," and all that follows before the period and inserting the following: "1956, any national bank, or any member bank of the Federal Reserve System or nonmember insured bank to the extent permitted under applicable State law, may invest in any 1 or more small business investment companies, or in any entity established to invest solely in small business investment companies, except that in no event shall the total amount of such investments of any such bank exceed 5 percent of the capital and surplus of the bank". 39-194O-97- 17:QL3Part3

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