REPORT ON INCREASED LENDER APPROVAL, SERVICING, FORECLOSURE, LIQUIDATION, AND LITIGATION OF SECTION 7(a) LOANS.

SEC. 232. REPORT ON INCREASED LENDER APPROVAL, SERVICING, FORECLOSURE, LIQUIDATION, AND LITIGATION OF SECTION 7(a) LOANS. (a) In General.— 111 STAT. 2607 (1) Submission.— Not later than 6 months after the date Reports of enactment of this Act, the Administrator shall submit to the Committees a report on action taken and planned for future reliance on private sector lender resources to originate, approve, close, service, liquidate, foreclose, and litigate loans made under section 7(a) of the Small Business Act. (2) Contents.— The report under this subsection shall address administrative and other steps necessary to achieve the results described in paragraph (1), including— (A) streamlining the process for approving lenders and standardizing requirements; (B) establishing uniform reporting requirements using on-line automated capabilities to the maximum extent feasible; (C) reducing paperwork through automation, simplified forms, or incorporation of lender’s forms; (D) providing uniform standards for approval, closing, servicing, foreclosure, and liquidation; (E) promulgating new regulations or amending existing ones; (F) establishing a timetable for implementing the plan for reliance on private sector lenders; (G) implementing organizational changes at SBA; and (H) estimating the annual savings that would occur as a result of implementation. (b) Consultation.— In preparing the report under subsection (a), the Administrator shall consult with, among others— (1) borrowers and lenders under section 7(a) of the Small Business Act; (2) small businesses that are potential program participants under section 7(a) of the Small Business Act; (3) financial institutions that are potential program lenders under section 7(a) of the Small Business Act; and (4) representative industry associations.