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

110th Congress, 2007–2009. Text as of Apr 20, 2007 (Introduced).

Status & Summary | PDF | Source: GPO

I

110th CONGRESS

1st Session

H. R. 1988

IN THE HOUSE OF REPRESENTATIVES

April 20, 2007

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

A BILL

To establish the Gulf Coast Disaster Loan Refinancing Program.

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.