Page:United States Statutes at Large Volume 102 Part 3.djvu/1055

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-590—NOV. 3, 1988

102 STAT. 3007

therefor and affording the applicant an opportunity for a hearing, appeal or other administrative proceeding under the provisions of the Administrative Procedures Act.". SEC. 135. FUNDING EXTENSIONS.

The Small Business Act is amended as follows: (1) by striking from subsection (z) of section 20 "1988 and 1989, $3,500,000" and by inserting m lieu thereof "1988 through 1990, $3,500,000"; (2) by striking from subsection (z) "1988 and 1989, $5,000,000" and by inserting in lieu thereof "1988 through 1990, $5,000,000"; and (3) by inserting in section 21(c)(5) after "to such center" the following: "or the date the Administration notifies the grantee funded under subsection (a)(1) that funds are available for grant applications pursuant to subsection (a)(6), which ever date occurs last,". SEC. 136. PROMULGATION OF RULES.

Notwithstanding any law, rule or regulation, the Small Business Administration shall promulgate final regulations to be effective on publication to carry out the provisions of this title within six months after the date of enactment. SEC. 137. EFFECTIVE DATE.

15 USC 631 note.

15 USC 648.

Regulations. 15 USC 631 note.

15 USC 631 note.

This title shall be effective on the date of enactment, except that sections 118 through 122 shall be effective for all loan applications resulting from disaster declarations made on or after August 1, 1988, or from disaster declarations whose filing periods were open on October 1, 1988. Any new credit authority provided for in this Act is to be effective for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts.

TITLE II—PREFERRED SURETY BOND GUARANTEE PROGRAM SEC. 201. SHORT TITLE.

This title may be cited as the "Preferred Surety Bond Guarantee Program Act of 1988". SEC. 202. AUTHORITY OF THE ADMINISTRATION.

Section 411(a) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(a)) is amended to read as follows: "(a)(1) The Administration may, upon such terms and conditions as it may prescribe, guarantee and enter into commitments to guarantee any surety against loss resulting from a breach of the terms of a bid bond, pa3anent bond, performance bond, or bonds ancillary thereto, by a principal on any contract up to $1,250,000. "(2) The terms and conditions of said guarantees and commitments may vary from surety to surety on the basis of the Administration's experience with the particular surety. "(3) The Administration may authorize any surety, without further administration approval, to issue, monitor, and service such bonds subject to the Administration's guarantee. "(4) No such guarantee may be issued, unless—

Preferred Surety Bond Guarantee Program Act of 1988 15 USC 661 note.