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Small Business Secondary Market Improvements Act of 1984

Public Law 98-352 · S. 2375 · 98th Congress · began in the Senate

Signed by Ronald Reagan (R) on Jul 10, 1984 · Commerce

Sponsor: Sen. Lowell Weicker (R-CT)

Cosponsors (13): Sen. Dale Bumpers,

Passage votes

  • HouseVoice vote
  • SenateVoice vote
Data notes

The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.

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Summary

The Congressional Research Service’s plain-language summary of what the law does.

Small Business Secondary Market Improvements Act of 1984 - Amends the Small Business Act to require the Small Business Administration (SBA) to develop procedures for the promotion of a secondary market for the portions of loans guaranteed by the SBA. Authorizes the SBA to: (1) issue trust certificates (based on and backed by a trust or pool) representing ownership of all or a fractional part of the guaranteed portion of loans guaranteed by the SBA (except loans to State and local development companies); and (2) guarantee the payment on such certificates. Pledges the full faith and credit of the United States to guarantee such trust certificates. Prohibits the SBA from collecting any fee for such guarantees.

Prohibits any State, local, or Federal law from precluding or limiting the SBA from exercising its ownership rights in the portions of loans constituting the trust or pool against which such certificates are issued.

Requires the SBA to provide for a central registration of all loans and trust certificates sold pursuant to this Act. Authorizes the SBA to regulate brokers and dealers of such guaranteed loans and trust certificates.

Requires the SBA, within nine months after the enactment of this Act, to consult with Federal and State agencies and officials, securities industry, financial institutions, and small businesses to develop regulations to implement this Act. Requires the SBA, not later than March 31 of each year, to transmit to the Committees on Small Business of both Houses of Congress a report on the secondary market operations during the preceding year.

Committees

The committees the bill was sent to, and what each did with it.

Data notes

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Timeline

From introduction to signing, newest first: the committees, the floor and the president. 10 actions.

  1. Jul 10, 1984Became lawBecame law · Became Public Law No: 98-352.
  2. Became lawBecame law · Signed by President.
  3. Jun 28, 1984PresidentPresident · Presented to President.
  4. Jun 25, 1984FloorFloor · Passed House by Voice Vote.
  5. Jun 21, 1984FloorFloor · Passed Senate with an amendment by Voice Vote.
  6. Jun 20, 1984CommitteeCommittee · Reported by Senate Small Business and Entrepreneurship Committee
  7. CommitteeCommittee · Markup by Senate Small Business and Entrepreneurship Committee
  8. Mar 6, 1984CommitteeCommittee · Hearings by Senate Small Business and Entrepreneurship Committee
  9. Feb 29, 1984CommitteeCommittee · Referred to Senate Small Business and Entrepreneurship Committee
  10. IntroducedIntroduced · Introduced in the Senate
Data notes

Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.

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Official record

The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.