[Federal Register Volume 62, Number 91 (Monday, May 12, 1997)] [Proposed Rules] [Page 25874] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 97-12408] ======================================================================== Proposed Rules Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. ======================================================================== Federal Register / Vol. 62, No. 91 / Monday, May 12, 1997 / Proposed Rules [[Page 25874]] ----------------------------------------------------------------------- SMALL BUSINESS ADMINISTRATION 13 CFR Part 120 Public Meeting AGENCY: Small Business Administration. ACTION: Public meeting on financing and securitizing the unguaranteed portion of SBA loans made under Section 7(a) of the Small Business Act. ----------------------------------------------------------------------- SUMMARY: On February 26, 1997, SBA published in the Federal Register a notice of proposed rulemaking to modify its rules regarding financing and securitizing the unguaranteed portions of its loans made under Section 7(a) of the Small Business Act. On April 2, 1997, SBA published in the Federal Register an interim final rule on this matter and extended the time for public comments on the proposed regulation. Because of the unusually great interest shown, SBA will hold a public hearing on the proposed rulemaking. DATES: May 28, 1997, 2 p.m. to 5 p.m. ADDRESSES: Eisenhower Conference Room, U.S. Small Business Administration, 409 3rd Street, SW., Washington, DC 20416. FOR FURTHER INFORMATION CONTACT: James Hammersley, Acting Deputy Associate Administrator for Financial Assistance, (202) 205-7505. SUPPLEMENTARY INFORMATION: The issues for the hearing are contained in the Supplementary Information published in the Federal Register on February 26, 1997 (62 FR 8640) and April 2, 1997 (62 FR 15601). Previously, SBA regulations provided non-depository lenders the opportunity to finance and securitize the unguaranteed portion of SBA Section 7(a) guaranteed loans. The proposed rule, published on February 26, 1997, would permit both depository and non-depository lenders to pledge or securitize the unguaranteed portions of SBA guaranteed loans. The proposed rule also describes certain retainage requirements to protect the safety and soundness of the program. The interim final rule, published on April 2, 1997, permits both depository and non- depository lenders to pledge or sell the unguaranteed portions of SBA guaranteed loans. SBA noted in the interim final rule that it expects to give favorable review to any transaction which complies with the retainage requirements in the proposed rule. To assure the widest possible public participation, SBA will hold a public hearing on this proposal in Washington, DC at the Small Business Administration Office at 409 3rd Street, SW., Washington, DC 20416. The meeting will be held on May 28, 1997, from 2 p.m. to 5 p.m. Interested parties will be given a reasonable time for an oral presentation and may submit written statements of their oral presentation in advance. If you wish to make a presentation, please contact Betty Smith at (202) 205-6490 at least 5 days before the hearing. If a large number of participants desire to make statements, a time limitation on each presentation will be imposed. Members of the hearing panel may ask questions of the speaker, but speakers will not be allowed to question each other. Please submit questions in writing in advance, if possible, to the Chair. If the Chair determines them to be relevant, the Chair will direct them to the appropriate panel member. Dated: May 7, 1997. Jeanne Sclater, Acting Associate Deputy Administrator for Economic Development. [FR Doc. 97-12408 Filed 5-9-97; 8:45 am] BILLING CODE 8025-01-P