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H.R. 923: Premier Certified Lenders Program Improvement Act of 2004

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H.R. 923: Premier Certified Lenders Program Improvement Act of 2004

108th Congress · introduced 2003-02-26 · Commerce · Latest: Became Public Law No: 108-232.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2003-02-26 · official record
  2. Who proposed it: Rep. Doolittle, John T. [R-CA-4] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 303 (2003): On Motion to Suspend the Rules and Pass, as Amended, HR923 (2003-06-24), Passed. See all
  4. Where it stands now: Became Public Law No: 108-232. (final step reached)
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Premier Certified Lenders Program Improvement Act of 2004

Plain summary

Premier Certified Lenders Program Improvement Act of 2003 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to allow a certified development company to withdraw from its loss reserve amounts in excess of one percent of the aggregate outstanding balances of debentures to which such loss reserve relates (with an exception). Makes loss reserve requirements of lenders under the premier certified lenders (PCL) program inapplicable to PCLs that ensure that the amount of their loss reserve is: (1) not less than $100,000; and (2) sufficient, as determined by an independent auditor, for the PCL to meet its obligations to protect the Federal Government from risk of loss. Designates such PCLs as qualified high loss reserve PCLs. Requires such PCLs to certify quarterly to the SBA Administrator as to the sufficiency of such reserves. Requires: (1) the Administrator to allow the qualified high loss reserve PCL to withdraw funds in excess of the required reserve; (2) PCL recontribution when the reserve does not meet such minimum requirements; and (3) the PCL to meet specified SBA risk management benchmarks when not qualified as a high loss reserve PCL. Establishes in the SBA the Bureau of PCLP Oversight to carry out PCL Program functions designated by the Administrator. Increases the reimbursement required from a PCL to the Administrator for losses sustained by the SBA as a result of PCL default on debentures issued by the PCL and guaranteed by the SBA during any period in which the PCL elects to operate under the alternative loss reserve requirements of this Act to 15 percent of the total principal and interest on such debentures. (Currently, ten percent reimbursement is required when a PCL is operating under normal loss reserve requirements.) Directs the Administrator to contract with either a Federal agency experienced in community development lending and financial regulation or a member of the Federal Financial Institutions Examination Council to study and prepare a report regarding: (1) the extent to which statutory requirements have caused overcapitalization in the loss reserves maintained by certified PCLs participating in the PCL Program; and (2) alternatives for establishing and maintaining loss reserves sufficient to protect the Federal Government from the risk of loss associated with loans guaranteed under the Program. Requires the report to be transmitted to the congressional small business committees.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Premier Certified Lenders Program Improvement Act of 2004

Source: Congressional Research Service summary (Reported to House with amendment(s))

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Doolittle, John T. [R-CA-4] · 0 cosponsors

Cost estimate: CBO cost estimate: H.R. 923, Premier Certified Lenders Program Improvement Act of 2003 (2003-06-05); CBO cost estimate: H.R. 923, Premier Certified Lenders Program Improvement Act of 2003 (2003-06-05)

Recorded votes

Words on this page, explained (3)
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Statute
A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong108-hr923 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108