114 STAT. 2763A-690 PUBLIC LAW 106-554—APPENDIX I TITLE IV—CORRECTIONS TO THE SMALL BUSINESS INVESTMENT ACT OF 1958 SEC. 401. SHORT TITLE. This title may be cited as the "Small Business Investment Corrections Act of 2000". SEC. 402. DEFINITIONS. (a) SMALL BUSINESS CONCERN.—Section 103(5)(A)(i) of the Small Business Investment Act of 1958 (15 U.S.C. 662(5)(A)(i)) is amended by inserting before the semicolon at the end the following: "regardless of the allocation of control during the investment period under any investment agreement between the business concern and the entity making the investment". (b) LONG TERM. — Section 103 of the Small Business Investment Act of 1958 (15 U.S.C. 662) is amended— (1) in paragraph (15), by striking "and" at the end; (2) in paragraph (16), by striking the period at the end and inserting "; and"; and (3) by adding at the end the following: "(17) the term 'long term ', when used in connection with equity capital or loan funds invested in any small business concern or smaller enterprise, means any period of time not less than 1 year.". SEC. 403. INVESTMENT IN SMALL BUSINESS INVESTMENT COMPANIES. Section 302(b) of the Small Business Investment Act of 1958 (15 U.S.C. 682(b)) is amended— (1) by striking "(b) Notwithstanding" and inserting the following: " (b) FINANCIAL INSTITUTION INVESTMENTS.— "(1) CERTAIN BANKS.— Notwithstanding"; and (2) by adding at the end the following: "(2) CERTAIN SAVINGS ASSOCIATIONS. —Notwithstanding any other provision of law, any Federal savings association may invest in any one or more small business investment companies, or in any entity established to invest solely in small business investment companies, except that in no event may the total amount of such investments by any such Federal savings association exceed 5 percent of the capital and surplus of the Federal savings association.". SEC. 404. SUBSIDY FEES. (a) DEBENTURES.— Section 303(b) of the Small Business Investment Act of 1958 (15 U.S.C. 683(b)) is amended by striking "plus an additional charge of 1 percent per annum which shall be paid to and retained by the Administration" and inserting "plus, for debentures obligated after September 30, 2000, an additional charge, in an amount established annually by the Administration, of not more than 1 percent per year as necessary to reduce to zero the cost (as defined in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) to the Administration of purchasing and guaranteeing debentures under this Act, which shall be paid to and retained by the Administration".
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