S.3672 - A bill to clarify the collateral requirement for certain loans under section 7(d) of the Small Business Act, and for other purposes.

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  • Official: A bill to clarify the collateral requirement for certain loans under section 7(d) of the Small Business Act, and for other purposes. as introduced.

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President
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12/12/12
 
 
 
 
 
 
 

Official Summary

Amends the Small Business Act to prohibit the Administrator of the Small Business Administration (SBA), in obtaining the best available collateral for a disaster loan of not more than $200,000 relating to damage to or destruction of property or economic injury to a small business, from requ

Official Summary

Amends the Small Business Act to prohibit the Administrator of the Small Business Administration (SBA), in obtaining the best available collateral for a disaster loan of not more than $200,000 relating to damage to or destruction of property or economic injury to a small business, from requiring the small business owner to use his or her primary residence as collateral if the Administrator determines that the owner has other assets with a value equal to or greater than the loan amount that could be used as collateral.

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