DATE: December 14, 2001
SUBJECT: Small Business Administration; Business Loans and Development Company Loans
SOURCE: Federal Register, December 14, 2001, Vol. 66, No. 241, page 64739
AGENCIES: Small Business Administration (SBA)
ACTION: Withdrawal of Direct Final Rule
SYNOPSIS: SBA is withdrawing the direct final rule it published on November 14, 2001, which would have revised SBA's business loan regulations to implement various provisions of the Small Business Reauthorization Act of 2000 (Public Law 106-554). Pending further evaluation, SBA will publish a new rule.
EDITOR'S NOTE: For more on the direct final rule being withdrawn, see the November 14, 2001, EDERAL CONTRACTS DISPATCH "Small Business Administration; Business Loans and Development Company Loans."
DATES: The direct final rule is withdrawn effective December 14, 2001.
FOR FURTHER INFORMATION CONTACT: James W. Hammersley, Director, Office of Loan Programs, Office of Financial Assistance, 202-205-6490.
SUPPLEMENTAL INFORMATION: On November 14, 2001, SBA published a direct final rule to amend its regulations concerning loan guaranty and loan amounts, minimum guaranteed dollar amount of 7(a) loans, percentages of financing which can be guaranteed by SBA, guarantee fees paid by lenders, real estate occupancy rules, and borrower prepayment penalties. The proposed changes were published as a "direct final rule" that would go into effect on December 31, 2001, without further notice unless adverse comments were received. SBA reserves direct final rules for changes it believes are noncontroversial, and SBA believed these changes were noncontroversial because they merely implemented provisions of Public Law 106-554. However, SBA stated in the direct final rule that if it received any adverse comments, it would withdraw the rule, consider the comments, then possibly publish a proposed rule in a future edition of the Federal Register.
SBA has decided to withdraw the direct final rule and reconsider portions of it. After such reconsideration, SBA will publish a new rule. SBA did not give a reason for withdrawing the direct final rule or explain which portions it is reconsidering.
FOR FURTHER INFORMATION CONTACT: Panoptic Enterprises at 703-451-5953 or by e-mail to Panoptic@FedGovContracts.com.
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