Page:United States Statutes at Large Volume 122.djvu/1432

 12 2 STA T . 1 409PUBLIC LA W 110 – 2 3 4 —M A Y 22, 200 8(1)INGE NE RAL.—Section3 o f t h eS mal l Bus iness A ct (1 5U .S. C . 6 3 2 ) is amen d ed by addin g at the end the follo w ing

‘(s) M A JO R DIS AS T ER.—In this Act , the te r m ‘ma j or disaster ’ has the meaning gi v en that term in section 1 0 2of the R obert T . Stafford Disaster Relief and E mergency Assistance Act ( 4 2 U.S.C. 5122).’’. (2) TE CH NICAL CORRECTION.—Section 7 (b)(2) of the Small Business Act (15 U.S.C. 636(b)(2)) is amended by stri k ing ‘‘Dis - aster Relief and Emergency Assistance Act’’ and inserting ‘‘Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et se q .)’’. SEC.12064 .C ON S I S T ENC YB ET W EEN ADM INIST R ATION RE GUL ATIONS AND STANDARD O P ERATING PROCEDURES. (a) IN G ENERAL.—The Administrator shall, p romptly following the date of enactment of this Act, conduct a study of whether the standard operating procedures of the Administration for loans offered under section 7(b) of the Small Business Act (15 U.S.C. 636(b)) are consistent with the regulations of the Administration for administering the disaster loan program. (b) RE P ORT.— N ot later than 1 8 0 days after the date of enact- ment of this Act, the Administrator shall submit to Congress a report containing all findings and recommendations of the study conducted under subsection (a). SEC. 1206 5 . INCREASING COLLATERAL RE Q UIREMENTS. Section 7(c)(6) of the Small Business Act (15 U.S.C. 636(c)(6)) is amended by striking ‘‘ $ 10,000 or less’’ and inserting ‘‘$14,000 or less (or such higher amount as the Administrator determines appropriate in the event of a major disaster)’’. SEC. 12066. PROCESSING DISASTER LOANS. (a) A U THORIT YF OR Q UALIFIE DP RI V ATE CONTRACTORS TO PROCESS DISASTER L OANS.—Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is amended by inserting immediately after para- graph (5), as added by this Act, the following: ‘‘(6) AUTHORITY FOR Q UALIFIED PRIVATE CONTRACTORS.— ‘‘(A) DISASTER LOAN PROCESSING.—The Administrator may enter into an agreement with a qualified private con- tractor, as determined by the Administrator, to process loans under this subsection in the event of a major disaster (including any major disaster relating to which the Administrator declares eligibility for additional disaster assistance under paragraph ( 9 )), under which the Adminis- trator shall pay the contractor a fee for each loan processed. ‘‘(B) LOAN LOSS VERIFICATION SERVICES.—The Adminis- trator may enter into an agreement with a qualified lender or loss verification professional, as determined by the Administrator, to verify losses for loans under this sub- section in the event of a major disaster (including any major disaster relating to which the Administrator declares eligibility for additional disaster assistance under para- graph (9)), under which the Administrator shall pay the lender or verification professional a fee for each loan for which such lender or verification professional verifies losses.’’.

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