Sec. 1133. FLOOR PLAN PILOT PROGRAM EXTENSION
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## SEC. 1133 FLOOR PLAN PILOT PROGRAM EXTENSION ###
(a)In General Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended— ####
(1)by redesignating paragraph (32), relating to increased veteran participation, as added by section 208 of the Military Reservist and Veteran Small Business Reauthorization and Opportunity Act of 2008 (Public Law 110-186; 122 Stat. 631), as paragraph (33); and ####
(2)by adding at the end the following: > > #### “(34) Floor plan financing program > > > ##### “(A) Definition > > In this paragraph, the term ‘eligible retail good’— > > > ###### “(i) > > means a good for which a title may be obtained under State law; and > > > ###### “(ii) > > includes an automobile, recreational vehicle, boat, and manufactured home. > > > ##### “(B) Program > > The Administrator may guarantee the timely payment of an open-end extension of credit to a small business concern, the proceeds of which may be used for the purchase of eligible retail goods for resale. > > > ##### “(C) Amount > > An open-end extension of credit guaranteed under this paragraph shall be in an amount not less than $500,000 and not more than $5,000,000. > > > ##### “(D) Term > > An open-end extension of credit guaranteed under this paragraph shall have a term of not more than 5 years. > > > ##### “(E) Guarantee percentage > > The Administrator may guarantee— > > > ###### “(i) > > not less than 60 percent of an open-end extension of credit under this paragraph; and > > > ###### “(ii) > > not more than 75 percent of an open-end extension of credit under this paragraph. > > > ##### “(F) Advance rate > > The lender for an open-end extension of credit guaranteed under this paragraph may allow the borrower to draw funds on the line of credit in an amount equal to not more than 100 percent of the value of the eligible retail goods to be purchased.” > . ###
(b)Sunset Effective September 30, 2013, section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended— ####
(1)by striking paragraph (34); and ####
(2)by redesignating paragraph (35), as added by section 1206 of this Act, as paragraph (34).
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U.S. Code
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- Pub. L. 110-186
- 122 Stat. 631
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