Page:United States Statutes at Large Volume 118.djvu/679

 118 STAT. 649 PUBLIC LAW 108–232—MAY 28, 2004 Public Law 108–232 108th Congress An Act To amend the Small Business Investment Act of 1958 to allow certain premier certified lenders to elect to maintain an alternative loss reserve. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Premier Certified Lenders Pro gram Improvement Act of 2004’’. SEC. 2. LOSS RESERVES OF PREMIER CERTIFIED LENDERS TEMPO RARILY DETERMINED ON THE BASIS OF OUTSTANDING BALANCE OF DEBENTURES. Paragraph (6) of section 508(c) of the Small Business Invest ment Act of 1958 (15 U.S.C. 697e(c)) is amended— (1) by striking ‘‘The Administration’’ and inserting the fol lowing: ‘‘(A) IN GENERAL.—The Administration’’; and (2) by adding at the end the following new subparagraph: ‘‘(B) TEMPORARY REDUCTION BASED ON OUTSTANDING BALANCE.—Notwithstanding subparagraph (A), during the 2 year period beginning on the date that is 90 days after the date of the enactment of this subparagraph, the Administration shall allow the certified development com pany to withdraw from the loss reserve such amounts as are in excess of 1 percent of the aggregate outstanding balances of debentures to which such loss reserve relates. The preceding sentence shall not apply with respect to any debenture before 100 percent of the contribution described in paragraph (4) with respect to such debenture has been made.’’. SEC. 3. ALTERNATIVE LOSS RESERVE PILOT PROGRAM FOR CERTAIN PREMIER CERTIFIED LENDERS. (a) IN GENERAL.—Subsection (c) of section 508 of the Small Business Investment Act of 1958 (15 U.S.C. 697e) is amended by adding at the end the following new paragraphs: ‘‘(7) ALTERNATIVE LOSS RESERVE.— ‘‘(A) ELECTION.—With respect to any eligible calendar quarter, any qualified high loss reserve PCL may elect to have the requirements of this paragraph apply in lieu of the requirements of paragraphs (2) and (4) for such quarter. ‘‘(B) CONTRIBUTIONS.— Effective date. 15 USC 661 note. Premier Certified Lenders Program Improvement Act of 2004. May 28, 2004 [H.R. 923]

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