1
So in original. Probably should be “premises”.
Prior Provisions
A prior section 2[47] of [Pub. L. 85–536] was renumbered section 2[49] and is set out as a note under section 631 of this title.
Amendments
2018—Subsec. (d). [Pub. L. 115–189, § 3(b)], amended subsec. (d) generally. Prior to amendment, text read as follows: “With respect to 7(a) lenders, an employee of the Office shall—
“(1) be present for and supervise any such review that is conducted by a contractor of the Office on the premise of the 7(a) lender; and
“(2) supervise any such review that is not conducted on the premise of the 7(a) lender.”
Statutory Notes and Related Subsidiaries
Change of Name
[Pub. L. 115–189, § 3(d)(1)], June 21, 2018, [132 Stat. 1496], provided that: “Any reference in a law, regulation, guidance, document, paper, or other record of the United States to the Office of Credit Risk Management of the Small Business Administration shall be deemed a reference to the Office of Credit Risk Management, established under section 47 of the Small Business Act [15 U.S.C. 657t], as added by subsection (a).”
Effective Date of 2018 Amendment
[Pub. L. 115–189, § 3(b)], June 21, 2018, [132 Stat. 1495], provided that the amendment made by section 3(b) is effective Jan. 1, 2019.
Transfer of Functions
[Pub. L. 115–189, § 3(c)(1)], June 21, 2018, [132 Stat. 1496], provided that: “All functions of the Office of Credit Risk Management of the Small Business Administration, including the personnel, assets, and obligation of the Office of Credit Risk Management, as in existence on the day before the date of the enactment of this Act [June 21, 2018], shall be transferred to the Office of Credit Risk Management established under section 47 of the Small Business Act [15 U.S.C. 657t], as added by subsection (a).”
Establishing a Process for Waivers
[Pub. L. 115–189, § 6], June 21, 2018, [132 Stat. 1498], provided that:“(a)
In General.—
If the Administrator [of the Small Business Administration] exercises statutory or regulatory authority to waive a regulation or a requirement in the Standard Operating Procedures Manual or Policy Notice related to a program or function of the Office of Capital Access of the [Small Business] Administration, the waiver shall be in writing and be maintained in an indexed form.
“(b)
No New Waiver Authority.—
Nothing in subsection (a) shall be construed as creating new authority for the Administrator to waive regulations of the Administration.”
Definitions of Terms Used in [Pub. L. 115–189]
[Pub. L. 115–189, § 2], June 21, 2018, [132 Stat. 1492], provided that: “In this Act [see Short Title of 2018 Amendment note set out under section 631 of this title], the terms ‘Administration’ and ‘Administrator’ mean the Small Business Administration and the Administrator thereof, respectively.”