S 1345 United States Senate · 118th Congress

504 Credit Risk Management Improvement Act of 2023

The 504 Credit Risk Management Improvement Act of 2023 strengthens oversight of the SBA's 504 loan program by expanding the Office of Credit Risk Management's authority. It requires the Office to conduct random file reviews of 504 loan closings, report findings to certified development companies (CDCs) within 60 days, and mandate corrections for deficiencies that could cause losses to the SBA. The bill grants new enforcement tools, including fees based on CDCs' portfolio sizes (up to 1 basis point) and penalties of up to $250,000 for violations. Additionally, it directs the SBA to issue NEPA compliance rules for CDCs within 180 days, clarifying how they must meet environmental review requirements for projects.

Issues: ✓ Housing

Sub-Topics: Property Development

Bill status in committee 1 of 4 stages cleared

Introduction

Apr 2023

Committee Review

Floor Vote

President

Introduced Apr 27, 2023 Last action Jul 25, 2023

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jul 25, 2023

Upper · Passed

Committee on Small Business and Entrepreneurship. Reported by Senator Cardin with an amendment in the nature of a substitute. Without written report.

upper

Jul 19, 2023

Upper · Passed

Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.

upper

Apr 27, 2023

Committee

Read twice and referred to the Committee on Small Business and Entrepreneurship.

upper

Apr 27, 2023

Introduced

Introduced in Senate

upper

1 primary · 2 co-sponsors