Page:United States Statutes at Large Volume 118.djvu/623

 118 STAT. 593 PUBLIC LAW 108–217—APR. 5, 2004 ‘‘(A) PERCENTAGE.— ‘‘(i) IN GENERAL.—With respect to each loan guaranteed under this subsection, the Administrator shall, in accord ance with such terms and procedures as the Administrator 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. ‘‘(ii) TEMPORARY PERCENTAGE.—With respect to loans approved during the period beginning on the date of enact ment of this clause and ending on September 30, 2004, the annual fee assessed and collected under clause (i) shall be equal to 0.36 percent of the outstanding balance of the deferred participation share of the loan.’’. (c) RETENTION OF CERTAIN FEES.—Subparagraph (B) of para graph (18) of subsection (a) of section 7 of the Small Business Act (15 U.S.C. 636(a)(18)(B)) shall not be effective during the period beginning on the date of the enactment of this section and ending on September 30, 2004. SEC. 6. EXPRESS LOAN PROVISIONS. (a) DEFINITIONS.—For the purposes of this section: (1) The term ‘‘express lender’’ shall mean any lender authorized by the Administrator to participate in the Express Loan Pilot Program. (2) The term ‘‘Express Loan’’ shall mean any loan made pursuant to section 7(a) of the Small Business Act (15 U.S.C. 636(a)) in which a lender utilizes to the maximum extent prac ticable its own loan analyses, procedures, and documentation. (3) The term ‘‘Express Loan Pilot Program’’ shall mean the program established by the Administrator prior to the date of enactment of this section under the authority granted in section 7(a)(25)(B) of the Small Business Act (15 U.S.C. 636(a)(25)(B)) with a guaranty rate not to exceed 50 percent. (4) The term ‘‘Administrator’’ means the Administrator of the Small Business Administration. (5) The term ‘‘small business concern’’ has the same meaning given such term under section 3(a) of the Small Busi ness Act (15 U.S.C. 632(a)). (b) RESTRICTION TO EXPRESS LENDER.—The authority to make an Express Loan shall be limited to those lenders deemed qualified to make such loans by the Administrator. Designation as an express lender for purposes of making an Express Loan shall not prohibit such lender from taking any other action authorized by the Adminis trator for that lender pursuant to section 7(a) of the Small Business Act (15 U.S.C. 636(a)). (c) GRANDFATHERING OF EXISTING LENDERS.—Any express lender shall retain such designation unless the Administrator deter mines that the express lender has violated the law or regulations promulgated by the Administrator or modifies the requirements to be an express lender and the lender no longer satisfies those requirements. (d) TEMPORARY EXPANSION OF EXPRESS LOAN PILOT PROGRAM.— (1) AUTHORIZATION.—As of the date of enactment of this section, the maximum loan amount in the Express Loan Pilot Program shall be increased to a maximum loan amount of $2,000,000 as set forth in section 7(a)(3)(A) of the Small Busi ness Act (15 U.S.C. 636(a)(3)(A)). 15 USC 636 note.

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