118 STAT. 652 PUBLIC LAW 108–232—MAY 28, 2004 ‘‘(i) the period which begins on January 1 and ends on March 31 of each year; ‘‘(ii) the period which begins on April 1 and ends on June 30 of each year; ‘‘(iii) the period which begins on July 1 and ends on September 30 of each year; and ‘‘(iv) the period which begins on October 1 and ends on December 31 of each year. ‘‘(L) REGULATIONS.—Not later than 45 days after the date of the enactment of this paragraph, the Administrator shall publish in the Federal Register and transmit to the Congress regulations to carry out this paragraph. Such regulations shall include provisions relating to— ‘‘(i) the approval of auditors under subparagraph (H); and ‘‘(ii) the designation of qualified high loss reserve PCLs under subparagraph (F), including the deter mination of whether a process for analyzing risk of loss is appropriate and effective for purposes of subparagraph (F)(ii). ‘‘(8) BUREAU OF PCLP OVERSIGHT.— ‘‘(A) ESTABLISHMENT.—There is hereby established in the Small Business Administration a bureau to be known as the Bureau of PCLP Oversight. ‘‘(B) PURPOSE.—The Bureau of PCLP Oversight shall carry out such functions of the Administration under this subsection as the Administrator may designate. ‘‘(C) DEADLINE.—Not later than 90 days after the date of the enactment of this Act— ‘‘(i) the Administrator shall ensure that the Bureau of PCLP Oversight is prepared to carry out any func tions designated under subparagraph (B), and ‘‘(ii) the Office of the Inspector General of the Administration shall report to the Congress on the preparedness of the Bureau of PCLP Oversight to carry out such functions.’’. (b) INCREASED REIMBURSEMENT FOR LOSSES RELATED TO DEBENTURES ISSUED DURING ELECTION PERIOD.—Subparagraph (C) of section 508(b)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 697e(b)(2)) is amended by inserting ‘‘(15 percent in the case of any such loss attributable to a debenture issued by the company during any period for which an election is in effect under subsection (c)(7) for such company)’’ before ‘‘; and’’. (c) CONFORMING AMENDMENTS.— (1) Subparagraph (D) of section 508(b)(2) of the Small Busi ness Investment Act of 1958 (15 U.S.C. 697e(b)(2)) is amended by striking ‘‘subsection (c)(2)’’ and inserting ‘‘subsection (c)’’. (2) Paragraph (5) of section 508(c) of the Small Business Investment Act of 1958 (15 U.S.C. 697e(c)) is amended by striking ‘‘10 percent’’. (d) STUDY AND REPORT.— (1) IN GENERAL.—The Administrator shall enter into a con tract with a Federal agency experienced in community develop ment lending and financial regulation or with a member of the Federal Financial Institutions Examinations Council to study and prepare a report regarding— Contracts. Reports. Deadline. Federal Register, publication.
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