Small Business Loan Simplification Act of 2014

Small Business Loan Simplification Act of 2014 - Amends the Small Business Act to require the Administrator of the Small Business Administration (SBA) to: (1) amend regulations and Standard Operating Procedures (SOPs) to authorize the SBA and participants in specified lending programs to use electronic signatures and records for the programs, and (2) accept such electronic signatures and records associated with SBA management and closing processes.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5599 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5599

  To clarify that the use of electronic signatures and records in SBA 
           loan and related financing programs is permitted.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2014

 Mr. Graves of Missouri (for himself, Mr. Chabot, Mr. Schweikert, Mr. 
  Hanna, Mr. Huelskamp, Mr. Collins of New York, Mr. Luetkemeyer, Mr. 
 Tipton, Mr. King of Iowa, and Mr. Rice of South Carolina) introduced 
   the following bill; which was referred to the Committee on Small 
                                Business

_______________________________________________________________________

                                 A BILL


 
  To clarify that the use of electronic signatures and records in SBA 
           loan and related financing programs is permitted.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Loan Simplification 
Act of 2014''.

SEC. 2. ELECTRONIC SIGNATURES AND RECORDS.

    (a) In General.--Section 4 of the Small Business Act (15 U.S.C. 
633) is amended by the adding the following new subsection:
    ``(g) Electronic Signatures and Records.--In accordance with the 
Electronic Signatures in Global and National Commerce Act (15 U.S.C. 
7001 et seq.), the Administrator shall--
            ``(1) amend regulations and Standard Operating Procedures 
        to authorize the Administration and participants in lending 
        programs under subsections (a), (j), (l), and (m) of section 7 
        of the Small Business Act, and under title III, title IV, and 
        title V of the Small Business Investment Act of 1958, to use 
        electronic signatures and records, as defined by section 106 of 
        the Electronic Signatures in Global and National Commerce Act, 
        for such programs; and
            ``(2) accept electronic signatures and records, as defined 
        by section 106 of the Electronic Signatures in Global and 
        National Commerce Act, associated with the management and 
        closing processes under section 7 of the Small Business Act and 
        Small Business Administration Standard Operating Procedure 50 
        10, Standard Operating Procedure 50 57, Standard Operating 
        Procedure 50 50, and in Standard Operating Procedure 10 06 (as 
        in effect on the date of enactment of this paragraph and any 
        successor rule or successor Standard Operating Procedure).''.
    (b) Preservation of State Law.--Nothing in this Act may be 
construed to preempt applicable State law except as provided in the 
Electronic Signatures in Global and National Commerce Act (15 U.S.C. 
7001 et seq.) with respect to such State law.
    (c) Effective Date.--The amendments made in subsection (a) of this 
section shall take effect on the date that is 60 days after the date of 
enactment of this Act. To ensure timely implementation of the 
requirements of this section, any rules made during the 60-day period 
to carry out this section are not subject to the requirements under 
subsection (b) or (c) of section 553 of title 5, United States Code.
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