EXPRESS LOANS.

SEC. 101. EXPRESS LOANS.(a) In General.—Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following:“(31) Express loans.—“(A) Definitions.—As used in this paragraph:“(i) The term ‘express lender’ means any lender authorized by the Administration to participate in the Express Loan Program.“(ii) The term ‘express loan’ means any loan made pursuant to this paragraph in which a lender utilizes to the maximum extent practicable its own loan analyses, procedures, and documentation.“(iii) The term ‘Express Loan Program’ means the program for express loans established by the Administration under paragraph (25)(B), as in existence on April 5, 2004, with a guaranty rate of not more than 50 percent.“(B) Restriction to express lender.—The authority to make an express loan shall be limited to those lenders deemed qualified to make such loans by the Administration. Designation as an express lender for purposes of making an express loan shall not prohibit such lender from taking any other action authorized by the Administration for that lender pursuant to this subsection.“(C) Grandfathering of existing lenders.—Any express lender shall retain such designation unless the 118 STAT. 3443 Administration determines that the express lender has violated the law or regulations promulgated by the Administration 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 provided in this paragraph, the Administration shall take no regulatory, policy, or administrative action, without regard to whether such action requires notification pursuant 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.