{"format":1,"id":"117-hr-1482","congress":117,"number":"H.R. 1482","kind":"bill","group":"bills","title":"504 Credit Risk Management Improvement Act of 2021","title_source":"Short Title(s) as Passed House","official_title":"To amend the Small Business Act to enhance the Office of Credit Risk Management, to require the Administrator of the Small Business Administration to issue rules relating to environmental obligations of certified development companies, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Small Business Act to enhance the Office of Credit Risk Management, to require the Administrator of the Small Business Administration to issue rules relating to environmental obligations of certified development companies, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"504 Credit Risk Management Improvement Act of 2021"},{"type":"Display Title","title":"504 Credit Risk Management Improvement Act of 2021"},{"type":"Short Title(s) as Introduced","title":"504 Credit Risk Management Improvement Act of 2021"},{"type":"Short Title(s) as Passed House","title":"504 Credit Risk Management Improvement Act of 2021"}],"outcome":"passed_house","law_number":null,"introduced":"2021-03-02","chambers":{"house":{"status":"roll_call","date":"2021-04-16","vote":{"id":"117-2021-h119","question":"On Motion to Suspend the Rules and Pass","title":"504 Credit Risk Management Improvement Act","result":"Passed","yea":411,"nay":8,"present":0,"not_voting":10,"source":"https://clerk.house.gov/evs/2021/roll119.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.","date":"2021-04-19"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-04-16","stage":"Passed House","blocks":[{"k":"h","t":"504 Credit Risk Management Improvement Act of 2021"},{"k":"p","t":"This bill revises the duties of the Office of Credit Risk Management to include oversight of a certified development company (CDC) that participates in the 504 Loan Program of the Small Business Administration (SBA), and it requires the SBA to issue rules related to certain environmental requirements. The 504 Loan Program provides a small business with SBA financing—through a CDC intermediary—for expansion or modernization."},{"k":"p","t":"Specifically, the bill requires the office to oversee any CDC that participates in the program and to conduct file reviews with respect to loan closings under the program. Further, the bill authorizes the office to take formal and informal enforcement actions against a CDC for specified violations and to charge each CDC a fee."},{"k":"p","t":"The SBA must issue rules to clarify the procedures necessary for an eligible CDC to comply with certain environmental requirements."}],"words":146},"summary":{"main_subject":{"text":"Amends the Small Business Act to add oversight, file review, enforcement and fee authority over certified development companies in the Small Business Administration's 504 loan program to the Office of Credit Risk Management, and requires rules on how those companies comply with the National Environmental Policy Act of 1969.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"},{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#H7E6AF7EB9AFE4C79916D3B6A36A745A4"}]},"core_areas":["Office of Credit Risk Management oversight of certified development companies","Loan closing file reviews in the title V (504) loan program","Enforcement actions and fees for certified development companies","National Environmental Policy Act compliance procedures for certified development companies"],"what_it_does":[{"text":"Directs the Office of Credit Risk Management to supervise certified development companies in the program under title V of the Small Business Investment Act of 1958, and to conduct file reviews of loan closings under that program.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"}},{"text":"Requires the Office to conduct a complete file review of a random selection of loan closings and to send a written report of each review within 60 days after the review is completed to the company, the designated attorney that closed the loan, and the Commercial Loan Service Center.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"}},{"text":"Requires the Administrator to develop a timeline under which a written report of a review of a certified development company is submitted within 90 days after the review concludes, or the company is told the expected date and the reason for delay.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"}},{"text":"Authorizes the Director to take informal enforcement actions, and with the approval of the Lender Oversight Committee formal enforcement actions, against a certified development company for violations, including a civil monetary penalty of not more than $250,000.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"}},{"text":"Authorizes the Director to suspend for not longer than 30 days, or to penalize by not more than $10,000, a certified development company that has not submitted a required report 30 days after its due date.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#HC25DED5869E847A6A106AFD618274F10"}},{"text":"Requires the Administrator of the Small Business Administration to issue rules, within 180 days after enactment, clarifying the procedures an eligible certified development company must follow to comply with the National Environmental Policy Act of 1969, without modifying that Act's requirements.","cite":{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh#H7E6AF7EB9AFE4C79916D3B6A36A745A4"}}],"unexpected":[],"version":{"type":"Engrossed in House","date":"2021-04-16","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/1482","text":"https://www.congress.gov/bill/117th-congress/house-bill/1482/text"},"card":{"image":"card/item/117-hr-1482.png","v":"6f2567b5a904","alt":"Votes on Record. H.R. 1482, 117th Congress: 504 Credit Risk Management Improvement Act of 2021. House: 411 Yea, 8 Nay. Outcome: Passed House, 16 Apr 2021."}}