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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
      Capital Markets and Government Sponsored Enterprises
    IntroducedApril 26th, 2013

Bill Details

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Title

Small Business Credit Availability Act

Official Title

To amend the Investment Company Act of 1940 to allow business development companies to purchase, otherwise acquire, or hold certain securities, to change the asset coverage ratio and treatment of preferred stock for business development companies, and to direct the Securities and Exchange Commission to revise certain rules relating to business development companies.

Summary

Small Business Credit Availability Act - Amends the Investment Company Act of 1940 to allow a business development company (BDC) to own or acquire securities or other interests in the business of a registered investment adviser or adviser to an investment company. Reduces from 200% to 150% the asset coverage requirements applicable to BDCs. Allows a BDC to issue stock. Directs the Securities and Exchange Commission (SEC) to revise various rules under the Securities Act of 1933 and to revise forms as necessary to allow a BDC to use security offering rules available to other issuers that are required to file security issuance reports under the Securities Exchange Act of 1934.

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