95-6977. Loans to State and Local Development Companies; Computer Generated Facsimiles of SBA Forms  

  • [Federal Register Volume 60, Number 57 (Friday, March 24, 1995)]
    [Proposed Rules]
    [Page 15525]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 95-6977]
    
    
    
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    SMALL BUSINESS ADMINISTRATION
    
    13 CFR Part 108
    
    
    Loans to State and Local Development Companies; Computer 
    Generated Facsimiles of SBA Forms
    
    AGENCY: Small Business Administration (SBA).
    
    ACTION: Proposed rule.
    
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    SUMMARY: This proposed rule would authorize qualified development 
    companies to use computer generated facsimile exact copies of SBA 
    application and closing forms in submitting loan applications and 
    closing documents. This rule is being proposed in order to ease 
    administration of the development company program.
    
    DATES: Comments must be submitted on or before April 24, 1995.
    
    ADDRESSES: Comments should be sent to LeAnn Oliver, Acting Director, 
    Office of Rural Affairs & Economic Development, Small Business 
    Administration, 409 3rd Street S.W., Suite 8300, Washington, D.C., 
    20416.
    
    FOR FURTHER INFORMATION CONTACT:
    LeAnn Oliver, (202) 205-6485.
    
    SUPPLEMENTARY INFORMATION: For many years, SBA has required Certified 
    Development Companies to use forms provided by SBA in the development 
    company loan program. With advances in technology, forms may be 
    reproduced as mirror image facsimiles by computers. Such reproductions 
    may be in the best interests of the development company loan program.
        Under this proposed rule, Certified Development Companies would be 
    authorized to use SBA application and closing forms which have been 
    computer generated by the certified development companies, attorneys 
    retained by such companies, or by third parties with whom they have 
    contracted. Because SBA in the past has withheld permission to 
    computerize certain identified SBA forms, the proposed new section 
    108.504-1 would specifically include the following forms in the general 
    authority to utilize computer generated facsimile copies: SBA Forms 
    1248 (Authorization and Debenture Guaranty), 1505 (Note), 1504 
    (Debenture), 1506 (Servicing Agent Agreement), 1429 (Use of Proceeds), 
    148 (Guaranty), 928 (Mortgage), 930 (Deed of Trust), 1059 (Security 
    Agreement), 1243 (CDC Certificate) and 1528 (CDC Board Resolution).
    
    Compliance With Executive Orders 12612, 12778, and 12866, the 
    Regulatory Flexibility Act and the Paperwork Reduction Act
    
        For purposes of the Regulatory Flexibility Act, 5 U.S.C. 601 et 
    seq., SBA certifies that this rule will not have a significant economic 
    impact on a substantial number of small entities.
        SBA certifies that this rule will not constitute a significant 
    regulatory action for purposes of Executive Order 12866, since the 
    change is not likely to result in an annual effect on the economy of 
    $100 million or more.
        SBA certifies that this rule will not impose additional reporting 
    or recordkeeping requirements which would be subject to the Paperwork 
    Reduction Act, 44 U.S.C. Ch. 35.
        SBA certifies that this rule will not have Federalism implications 
    warranting the preparation of a Federalism Assessment in accordance 
    with Executive Order 12612.
        SBA certifies that this rule is drafted, to the extent practicable, 
    in accordance with the standards set forth in Section 2 of Executive 
    Order 12778.
    
    List of Subjects in 13 CFR Part 108
    
        Loan programs/business, Small businesses.
        For the reasons set forth above, SBA proposes to amend part 108 of 
    title 13 of the Code of Federal Regulations as follows:
    
    PART 108--[AMENDED]
    
        1. The authority citation for Part 108 continues to read as 
    follows:
    
        Authority: 15 U.S.C. 687(c), 695, 696, 697a, 697b, 697c.
    
        2. Section 108.504-1 would be added to read as follows:
    
    
    Sec. 108.504-1  Computer Generated Facsimile Copies of SBA Forms
    
        For 504 Program loans, a 503 Company may use computer generated SBA 
    application and closing forms which are exact facsimile reproductions 
    of SBA forms generated by the 503 Company, attorneys retained by the 
    503 Company or by third parties with which the 503 Company has 
    contracted; provided that a 503 Company which utilizes such computer 
    generated forms shall be responsible to SBA for a substantial loss 
    resulting from inexact reproduction of any such form and provided 
    further that SBA reserves the right not to guarantee a debenture 
    because an inexact computer form has been submitted to SBA in support 
    of a request for such guarantee. All SBA loan forms, including, but not 
    limited to the following, may be computer generated: SBA Forms 1248 
    (Authorization and Debenture Guaranty), 1505 (Note), 1504 (Debenture), 
    1506 (Servicing Agent Agreement), 1429 (Use of Proceeds), 148 
    (Guaranty), 928 (Mortgage), 930 (Deed of Trust), 1059 (Security 
    Agreement), 1243 (CDC Certificate) and 1528 (CDC Board Resolution).
    
    *    *    *    *    *
        Catalog of Federal Domestic Assistance 59.036 Certified 
    Development Company Loans (503 Loans); 59.041 Certified Development 
    Company Loans (504 Loans).
        Dated: February 10, 1995.
    Philip Lader,
    Administrator.
    [FR Doc. 95-6977 Filed 3-23-95; 8:45 am]
    BILLING CODE 8025-01-M
    
    

Document Information

Published:
03/24/1995
Department:
Small Business Administration
Entry Type:
Proposed Rule
Action:
Proposed rule.
Document Number:
95-6977
Dates:
Comments must be submitted on or before April 24, 1995.
Pages:
15525-15525 (1 pages)
PDF File:
95-6977.pdf
CFR: (1)
13 CFR 108.504-1