H.R. 1988 (110th): To establish the Gulf Coast Disaster Loan Refinancing Program.

HR 1988 IH

To establish the Gulf Coast Disaster Loan Refinancing Program.

April 20, 2007

Mr. JINDAL introduced the following bill; which was referred to the Committee on Small Business

To establish the Gulf Coast Disaster Loan Refinancing Program.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. GULF COAST DISASTER LOAN REFINANCING PROGRAM.

(a) In General- The Administrator of the Small Business Administration may carry out a program to refinance Gulf Coast disaster loans.

(b) Terms- The terms of a Gulf Coast disaster loan refinanced under the program shall be identical to the terms of the original loan, except that the Administrator may provide an option to defer repayment on the loan. Such a deferment may not exceed 4 years after the date on which the initial disbursement under the original loan was made.

(c) Amount- The amount of a Gulf Coast disaster loan refinanced under the program shall not exceed the amount of the original loan.

(d) Disclosure of Accrued Interest- Whenever the Administrator provides an option to defer repayment under subsection (b), the Administrator shall disclose the accrued interest that must be paid under the option.

(e) Definition- In this section, the term `Gulf Coast disaster loan' means a loan--

(1) made under section 7(b) of the Small Business Act;

(2) in response to Hurricane Katrina, Hurricane Rita, or Hurricane Wilma of 2005; and

(3) for a small business located in a county or parish designated by the Administrator as a disaster area by reason of such Hurricane Katrina, Hurricane Rita, or Hurricane Wilma under disaster declaration 10176, 10177, 10178, 10179, 10180, 10181, 10203, 10204, 10205, 10206, 10222, or 10223.

(f) Authorization of Appropriations- There are authorized to be appropriated such sums as may be necessary to carry out this section.

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