118 STAT. 3443 PUBLIC LAW 108–447—DEC. 8, 2004 Administration determines that the express lender has vio lated the law or regulations promulgated by the Adminis tration or modifies the requirements to be an express lender and the lender no longer satisfies those requirements. ‘‘(D) MAXIMUM LOAN AMOUNT.—The maximum loan amount under the Express Loan Program is $350,000. ‘‘(E) OPTION TO PARTICIPATE.—Except as otherwise pro vided in this paragraph, the Administration shall take no regulatory, policy, or administrative action, without regard to whether such action requires notification pursu ant to paragraph (24), that has the effect of requiring a lender to make an express loan pursuant to subparagraph (D).’’. (b) EFFECTIVE DATE.—The amendment made by subsection (a) shall take effect on the date of enactment of this Act. SEC. 102. LOAN GUARANTEE FEES. (a) ADDITIONAL GUARANTEE FEE LEVEL.—Section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)) is amended to read as follows: ‘‘(A) IN GENERAL.—With respect to each loan guaran teed under this subsection (other than a loan that is repay able in 1 year or less), the Administration shall collect a guarantee fee, which shall be payable by the participating lender, and may be charged to the borrower, as follows: ‘‘(i) A guarantee fee not to exceed 2 percent of the deferred participation share of a total loan amount that is not more than $150,000. ‘‘(ii) A guarantee fee not to exceed 3 percent of the deferred participation share of a total loan amount that is more than $150,000, but not more than $700,000. ‘‘(iii) A guarantee fee not to exceed 3.5 percent of the deferred participation share of a total loan amount that is more than $700,000. ‘‘(iv) In addition to the fee under clause (iii), a guarantee fee equal to 0.25 percent of any portion of the deferred participation share that is more than $1,000,000.’’. (b) CLERICAL AMENDMENT.—Section 7(a)(18) of the Small Busi ness Act (15 U.S.C. 636(a)(18)) is amended by striking subparagraph (C). (c) YEARLY FEE.—Section 7(a)(23) of the Small Business Act (15 U.S.C. 636(a)(23)) is amended— (1) in the heading, by striking ‘‘ANNUAL’’ and inserting ‘‘YEARLY’’; (2) by striking subparagraph (A) and inserting the fol lowing: ‘‘(A) IN GENERAL.—With respect to each loan approved under this subsection, the Administration shall assess, col lect, and retain a fee, not to exceed 0.55 percent per year of the outstanding balance of the deferred participation share of the loan, in an amount established once annually by the Administration in the Administration’s annual budget request to Congress, as necessary to reduce to zero the cost to the Administration of making guarantees under this subsection. As used in this paragraph, the term ‘cost’ 15 USC 636 note.
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