UNDERSERVED AREAS.

SEC. 212. UNDERSERVED AREAS. Section 301(c)(4)(B) of the Small Business Investment Act of 1958 (15 U.S.C. 681(c)(4)(B)) is amended to read as follows: “(B) Leverage.— An applicant licensed pursuant to the exception provided in this paragraph shall not be eligible to receive leverage as a licensee until the applicant satisfies the requirements of section 302(a), unless the applicant— “(i) files an application for a license not later than 180 days after the date of enactment of the Small Business Reauthorization Act of 1997; “(ii) is located in a State that is not served by a licensee; and “(iii) agrees to be limited to 1 tier of leverage available under section 302(b), until the applicant meets the requirements of section 302(a).”.