H.R.660 - Small Business Credit Availability Act of 1993103rd Congress (1993-1994)
Summary: H.R.660 — 103rd Congress (1993-1994)
Introduced in House (01/27/1993)
Small Business Credit Availability Act of 1993 - Establishes the Venture Enhancement and Loan Development Administration for Smaller Undercapitalized Enterprises (Velda Sue) as a Federal instrumentality to: (1) develop uniform underwriting, security appraisal, and repayment standards for qualified loans; (2) determine the eligibility of certified poolers to contract with Velda Sue for specific mortgage pool guarantees; and (3) provide timely repayment guarantees of the principal and interest on certain qualified obligations.
Provides for a Board of Directors to manage Velda Sue. Authorizes Velda Sue to: (1) set conditions under which it will guarantee qualified obligations and securities; and (2) issue securities based on certain pooled interests in qualified obligations.
Directs Velda Sue to issue certification and eligibility standards for secondary marketing for loan poolers.
Directs Velda Sue to establish fees based upon the risk incurred in providing financial assistance or guarantees for: (1) qualified loans; and (2) securities issued by a qualified loan pooler.
Declares that for purposes of the Securities Act of 1933, neither securities nor guarantees issued by Velda Sue shall be deemed to be a security issued by an agent of the Federal Government or a "government security."
Authorizes appropriations to the Secretary of the Treasury without fiscal year limitation.
Provides Federal funding to the Corporation through purchases by the Secretary of Corporation obligations of up to $300 million. Authorizes appropriations to the Secretary for such purchases.