§ 681. Organization

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1958

   Pub. L. 85–699 title III § 301 · 72 Stat. 689

   Enacted · 15 U.S.C. § 681

   Pub. L. 85–699, title III, § 301, Aug. 21, 1958, 72 Stat. 691

   Source evidence

   Code source credit
   Pub. L. 85–699, title III, § 301, Aug. 21, 1958, 72 Stat. 691

   Enacted provision · exact public law section
   Sec. 301. organization of small business investment companies (a) Small business investment companies may be formed for the purpose of operating under this Act by any number of persons, not less than 10, who shall subscribe to the articles of incorporation of any such company: Provided, That no such company shall be chartered by the Administration under this section in any State unless the Administration determines that investment companies cannot be chartered under the laws of such State and operate in accordance with the purpose of this Act: Provided further, That no such company shall be chartered by the Administration under this section after June 30, 1961. (b) The articles of incorporation of any small business investment company shall specify in general terms the objects for which the company is formed, the name assumed by such company, the area or areas in which its operations are to be carried on, the place where its principal office is to be located, and the amount and classes of its shares of capital stock. Such articles may contain any other provisions not inconsistent with this Act that the company may see fit to adopt for the regulation of its business and the conduct of its affairs. Such articles and any amendments thereto adopted from time to time shall be subject to the approval of the Administration. (c) The articles of incorporation and amendments thereto shall be forwarded to the Administration for consideration and approval or disapproval. In determining whether to approve the establishment of such a company and its proposed articles of incorporation, the Administration shall give due regard, among other things, to the need for the financing of small-business concerns in the area in which the proposed company is to commence business, the general character of the proposed management of the company, the number of such companies previously organized in the United States, and the volume of their operations. After consideration of all relevant factors, the Administration may in its discretion approve the articles of incorporation and issue a permit to begin business. (d) Upon issuance of such permit, the company shall become and be a body corporate, and as such, and in the name designated in its articles shall have power— (1) to adopt and use a corporate seal; (2) to have succession for a period of thirty years, unless extended as provided in section 308 (f), or unless sooner dissolved by the act of the shareholders owning two-thirds of the stock or by an Act of Congress, or unless its franchise becomes forfeited by some violation of law or regulation issued hereunder; (3) to make contracts: (4) to sue and be sued, complain, and defend in any court of law or equity; (5) by its board of directors, to appoint such officers and employees as may be deemed proper, define their authority and duties, fix their compensation, require bonds of such of them as it deems advisable and fix the penalty thereof, dismiss such officers or employees, or any thereof, at pleasure, and appoint others to fill their places; (6) to adopt bylaws regulating the manner in which its stock shall be transferred, its officers and employees appointed, its property transferred, and the privileges granted to it by law exercised and enjoyed; (7) to establish branch offices or agencies subject to the approval of the Administration; (8) to acquire, hold, operate, and dispose of any property (real, personal, or mixed) whenever necessary or appropriate to the carrying out of its lawful functions; (9) to act as depository or fiscal agent of the United States when so designated by the Secretary of the Treasury; (10) to operate in such area or areas as may be specified in its articles of incorporation and approved by the Administration; and (11) to exercise the other powers set forth in this Act and such incidental powers as may reasonably be necessary to carry on the business for which the company is established. (e) The board of directors of each small business investment company shall consist of nine members who shall be elected annually by the holders of the shares of stock of the company.

2. 1960

   Small Business Investment Act Amendments of 1960

   Pub. L. 86–502 § 4 · 74 Stat. 196

   1. Repealed · 15 U.S.C. § 681(d)(9)(11)

      Pub. L. 86–502 repealed par. (9) which empowered companies to act as depositories or fiscal agents of the United States

   2. Redesignated · 15 U.S.C. § 681(d)(9)(11)

      Pub. L. 86–502 redesignated pars. (10) and (11) as (9) and (10), respectively

   Source evidence

   Code amendment note
   Subsec. (d)(9) to (11). Pub. L. 86–502 repealed par. (9) which empowered companies to act as depositories or fiscal agents of the United States, and redesignated pars. (10) and (11) as (9) and (10), respectively.

   Enacted provision · exact public law section
   Sec. 4. Subsection 301(d) of the Act is amended by deleting the paragraph thereof numbered (9); and by respectively redesignating the paragraphs thereof numbered (10) and (11) as (9) and (10).

3. 1961

   Small Business Investment Act Amendments of 1961

   Pub. L. 87–341 § 11(a) · 75 Stat. 752

   Changed · 15 U.S.C. § 681(a)

   Pub. L. 87–341, § 11(a), provided that small business investment companies shall be incorporated, organized and chartered under State law, with a minimum succession period of thirty years unless sooner dissolved by its activities and functions, its area of operation shall be subject to the Administration’s approval, and deleted provisions setting the minimum number of incorporators at 10, no company shall be chartered by the Administration unless it determined that none could be chartered under the laws of the State and operate in accordance with this chapter, and that no such company shall be chartered by the Administration under this section after June 30, 1961

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 87–341, § 11(a), provided that small business investment companies shall be incorporated, organized and chartered under State law, with a minimum succession period of thirty years unless sooner dissolved by its activities and functions, its area of operation shall be subject to the Administration’s approval, and deleted provisions setting the minimum number of incorporators at 10, no company shall be chartered by the Administration unless it determined that none could be chartered under the laws of the State and operate in accordance with this chapter, and that no such company shall be chartered by the Administration under this section after June 30, 1961.

   Enacted provision · exact public law section
   (a) Section 301(a) of the Small Business Investment Act 15 USC 681. of 1953 is amended to read as follows: “(a) A small business investment company shall be an incorporated body, organized and chartered under State law solely for the purpose of performing the functions and conducting the activities contemplated under this title, which has succession for a period of not less than thirty years unless sooner dissolved by its shareholders and possesses the powers reasonably necessary to perform such functions and conduct such activities. The area in which the company is to conduct its operations, and the establishment of branch offices or agencies (if authorized by the articles of incorporation), shall be subject to the approval of the Administration.”

4. 1961

   Small Business Investment Act Amendments of 1961

   Pub. L. 87–341 § 11(b)(1) · 75 Stat. 752

   Substituted · 15 U.S.C. § 681(c)

   Pub. L. 87–341, § 11(b)(1), (2), substituted “such a company’s articles of incorporation and permit it to operate under the provisions of this chapter” for “the establishment of such a company and its proposed articles of incorporation”, and provided that if the Administration approves the company to operate under the provisions of this chapter, it may issue the company a license for such operation

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 87–341, § 11(b)(1), (2), substituted “such a company’s articles of incorporation and permit it to operate under the provisions of this chapter” for “the establishment of such a company and its proposed articles of incorporation”, and provided that if the Administration approves the company to operate under the provisions of this chapter, it may issue the company a license for such operation.

   Enacted provision · exact public law section
   (1) The second sentence of section 301(c) of such Act is amended by striking out “In determining whether to approve the establishment of such a company and its proposed articles of incorporation” and inserting in lieu thereof “In determining whether to approve such a company’s articles of incorporation and permit it to operate under the provisions of this Act”.

5. 1961

   Small Business Investment Act Amendments of 1961

   Pub. L. 87–341 § 11(b)(3) · 75 Stat. 752

   Repealed · 15 U.S.C. § 681(d)

   Pub. L. 87–341, § 11(b)(3), repealed subsec. (d) which specified the general powers of a company formed under this section

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 87–341, § 11(b)(3), repealed subsec. (d) which specified the general powers of a company formed under this section.

   Enacted provision · exact public law section
   (3) Section 301 of such Act is further amended by striking out subsections (d) and (e).

6. 1961

   Small Business Investment Act Amendments of 1961

   Pub. L. 87–341 § 11(b)(3) · 75 Stat. 752

   Repealed · 15 U.S.C. § 681(e)

   Pub. L. 87–341, § 11(b)(3), repealed subsec. (e) which provided for a board of directors for a company formed under this section

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 87–341, § 11(b)(3), repealed subsec. (e) which provided for a board of directors for a company formed under this section.

   Enacted provision · exact public law section
   (3) Section 301 of such Act is further amended by striking out subsections (d) and (e).

7. 1967

   Pub. L. 90–104 title II § 202 · 81 Stat. 268

   Changed · 15 U.S.C. § 681(c)

   Pub. L. 90–104 provided for consideration of availability of financing, the geographic area, the business reputation, ownership factor, and probability of successful operations of company including adequate profitability and financial soundness and eliminated from consideration the number of such companies previously organized in the United States and the volume of their operations

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 90–104 provided for consideration of availability of financing, the geographic area, the business reputation, ownership factor, and probability of successful operations of company including adequate profitability and financial soundness and eliminated from consideration the number of such companies previously organized in the United States and the volume of their operations.

   Enacted provision · exact public law section
   Sec. 202. Section 301(c) of the Small Business Investment Act of 1958 is amended to read as follows: “(c) The articles of incorporation and amendments thereto shall be forwarded to the Administration for consideration and approval or disapproval. In determining whether to approve such a company’s articles of incorporation and permit it to operate under the provisions of this Act, the Administration shall give due regard, among other things, to the need and availability for the financing of small business concerns in the geographic area in which the proposed company is to commence business, the general business reputation and character of the proposed owners and management of the company, and the probability of successful operations of such company including adequate profitability and financial soundness. After consideration of all relevant factors, if it approves the company’s articles of incorporation, the Administration may in its discretion approve the company to operate under the provisions of this Act and issue the company a license for such operation.”.

8. 1972

   Small Business Investment Act Amendments of 1972

   Pub. L. 92–595 § 2(b) · 86 Stat. 1314

   Added · 15 U.S.C. § 681(d)

   Pub. L. 92–595 added subsec. (d)

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 92–595 added subsec. (d).

   Enacted provision · exact public law section
   (b) Section 301 is amended by adding the following new subsection: “(d) Notwithstanding any other provision of this Act, a small business investment company, the investment policy of which is that its investments will be made solely in small business concerns which will contribute to a well-balanced national economy by facilitating ownership in such concerns by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages may be organized and chartered under State business or non-profit corporation statutes, and may be licensed by the Administration to operate under the provisions of this Act.”

9. 1976

   Pub. L. 94–305 § 106(b) · 90 Stat. 663

   1. Inserted · 15 U.S.C. § 681(a)

      Pub. L. 94–305, § 106(b), inserted reference to limited partnership and reference to partners

   2. Struck · 15 U.S.C. § 681(a)

      Pub. L. 94–305, § 106(b), struck out “of incorporation” after “by the articles”

   3. Inserted · 15 U.S.C. § 681(a)

      Pub. L. 94–305, § 106(b), inserted “or otherwise existing” after “chartered”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 94–305, § 106(b), inserted reference to limited partnership and reference to partners, struck out “of incorporation” after “by the articles”, and inserted “or otherwise existing” after “chartered”.

   Enacted provision · exact public law section
   (b) Section 301(a) of such Act is amended— (1) by striking the comma and inserting “or a limited partnership” after “incorporated body”; (2) by inserting “or otherwise existing” after “chartered”; (3) by inserting “or partners” after “shareholders”; and (4) by striking the words “of incorporation”.

10. 1976

    Pub. L. 94–305 § 106(c) · 90 Stat. 663

    Struck · 15 U.S.C. § 681(b)

    Pub. L. 94–305, § 106(c), struck out “of incorporation” after “The articles”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 94–305, § 106(c), struck out “of incorporation” after “The articles”.

    Enacted provision · exact public law section
    (c) Section 301(b) of such Act is amended by striking the words “of incorporation”.

11. 1976

    Pub. L. 94–305 § 106(d) · 90 Stat. 663

    Struck · 15 U.S.C. § 681(c)

    Pub. L. 94–305, § 106(d), struck out “of incorporation” after “articles” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 94–305, § 106(d), struck out “of incorporation” after “articles” wherever appearing.

    Enacted provision · exact public law section
    (d) Section 301(c) of such Act is amended by striking the words “of incorporation” wherever they appear therein.

12. 1978

    Pub. L. 95–507 title I § 104 · 92 Stat. 1757

    Changed · 15 U.S.C. § 681(d)

    Pub. L. 95–507 authorized small business investment companies to form as limited partnerships

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 95–507 authorized small business investment companies to form as limited partnerships.

    Enacted provision · exact public law section
    Sec. 104. Section 301(d) of the Small Business Investment Act of 1958 is amended by inserting “or formed as a limited partnership,” immediately after “statutes,”.

13. 1988

    Small Business Administration Reauthorization and Amendment Act of 1988

    Pub. L. 100–590 title I § 105 · 102 Stat. 2989

    Substituted · 15 U.S.C. § 681(a)

    Pub. L. 100–590 substituted “, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years,” for “has succession for a period of not less than thirty years unless sooner dissolved by its shareholders or partners”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 100–590 substituted “, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years,” for “has succession for a period of not less than thirty years unless sooner dissolved by its shareholders or partners”.

    Enacted provision · exact public law section
    SEC 105. MINIMUM LIFE OF LIMITED PARTNERSHIP SMALL BUSINESS INVESTMENT COMPANIES. Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681) is amended by striking from subsection (a) “has succession for a period of not less than thirty years unless sooner dissolved by its shareholders or partners” and inserting in lieu thereof “, if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years,”.

14. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 208(b)(1) · 110 Stat. 3009

    Substituted · 15 U.S.C. § 681(a)

    Pub. L. 104–208, § 208(b)(1), substituted “body, a limited liability company, or” for “body or” in first sentence

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 104–208, § 208(b)(1), substituted “body, a limited liability company, or” for “body or” in first sentence.

    Enacted provision · exact public law section
    Sec. 208. None of the funds appropriated under this Act or 16 USC 1851 note. any other Act henceforth may be used to develop new fishery management plans, amendments, or regulations which create new individual fishing quota programs (whether such quotas are transferable or not) or to implement any such plans, amendments or regulations approved by a Regional Fishery Management Council or the Secretary after January 4, 1995, until offsetting fees to pay for the cost of administering such plans, amendments, or regulations are expressly authorized under the Magnuson Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.). This restriction shall also apply to any program relating to the Gulf of Mexico commercial red snapper fishery that authorizes the consolidation of licenses, permits or endorsements that result in different trip limits for vessels in the same class. This restriction shall not apply in any way to the North Pacific halibut and sablefish, South Atlantic wreckfish, or the Mid-Atlantic surfclam and ocean (including mahogany) quohog individual fishing quota programs. The term “individual fishing quota” does not include a community development quota.

15. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 208(b)(2) · 110 Stat. 3009

    1. Inserted · 15 U.S.C. § 681(c)

       Pub. L. 104–208, § 208(b)(2), inserted heading

    2. Amended · 15 U.S.C. § 681(c)

       Pub. L. 104–208, § 208(b)(2), amended text of subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The articles and amendments thereto shall be forwarded to the Administration for consideration and approval or disapproval. In determining whether to approve such a company’s articles and permit it to operate under the provisions of this chapter, the Administration shall give due regard, among other things, to the need and availability for the financing of small business concerns in the geographic area in which the proposed company is to commence business, the general business reputation and character of the proposed owners and management of the company, and the probability of successful operations of such company including adequate profitability and financial soundness. After consideration of all relevant factors, if it approves the company’s articles, the Administration may in its discretion approve the company to operate under the provisions of this chapter and issue the company a license for such operation.”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 104–208, § 208(b)(2), inserted heading and amended text of subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “The articles and amendments thereto shall be forwarded to the Administration for consideration and approval or disapproval. In determining whether to approve such a company’s articles and permit it to operate under the provisions of this chapter, the Administration shall give due regard, among other things, to the need and availability for the financing of small business concerns in the geographic area in which the proposed company is to commence business, the general business reputation and character of the proposed owners and management of the company, and the probability of successful operations of such company including adequate profitability and financial soundness. After consideration of all relevant factors, if it approves the company’s articles, the Administration may in its discretion approve the company to operate under the provisions of this chapter and issue the company a license for such operation.”

    Enacted provision · exact public law section
    Sec. 208. None of the funds appropriated under this Act or 16 USC 1851 note. any other Act henceforth may be used to develop new fishery management plans, amendments, or regulations which create new individual fishing quota programs (whether such quotas are transferable or not) or to implement any such plans, amendments or regulations approved by a Regional Fishery Management Council or the Secretary after January 4, 1995, until offsetting fees to pay for the cost of administering such plans, amendments, or regulations are expressly authorized under the Magnuson Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.). This restriction shall also apply to any program relating to the Gulf of Mexico commercial red snapper fishery that authorizes the consolidation of licenses, permits or endorsements that result in different trip limits for vessels in the same class. This restriction shall not apply in any way to the North Pacific halibut and sablefish, South Atlantic wreckfish, or the Mid-Atlantic surfclam and ocean (including mahogany) quohog individual fishing quota programs. The term “individual fishing quota” does not include a community development quota.

16. 1996

    Department of Commerce and Related Agencies Appropriations Act, 1997

    Pub. L. 104–208 § 208(b)(3)(A) · 110 Stat. 3009

    Struck · 15 U.S.C. § 681(d)

    Pub. L. 104–208, § 208(b)(3)(A), struck out subsec. (d) which read as follows: “Notwithstanding any other provision of this chapter, a small business investment company, the investment policy of which is that its investments will be made solely in small business concerns which will contribute to a well-balanced national economy by facilitating ownership in such concerns by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages may be organized and chartered under State business or nonprofit corporation statutes, or formed as a limited partnership, and may be licensed by the Administration to operate under the provisions of this chapter.”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 104–208, § 208(b)(3)(A), struck out subsec. (d) which read as follows: “Notwithstanding any other provision of this chapter, a small business investment company, the investment policy of which is that its investments will be made solely in small business concerns which will contribute to a well-balanced national economy by facilitating ownership in such concerns by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages may be organized and chartered under State business or nonprofit corporation statutes, or formed as a limited partnership, and may be licensed by the Administration to operate under the provisions of this chapter.”

    Enacted provision · exact public law section
    Sec. 208. None of the funds appropriated under this Act or 16 USC 1851 note. any other Act henceforth may be used to develop new fishery management plans, amendments, or regulations which create new individual fishing quota programs (whether such quotas are transferable or not) or to implement any such plans, amendments or regulations approved by a Regional Fishery Management Council or the Secretary after January 4, 1995, until offsetting fees to pay for the cost of administering such plans, amendments, or regulations are expressly authorized under the Magnuson Fishery Conservation and Management Act (16 U.S.C. 1801 et seq.). This restriction shall also apply to any program relating to the Gulf of Mexico commercial red snapper fishery that authorizes the consolidation of licenses, permits or endorsements that result in different trip limits for vessels in the same class. This restriction shall not apply in any way to the North Pacific halibut and sablefish, South Atlantic wreckfish, or the Mid-Atlantic surfclam and ocean (including mahogany) quohog individual fishing quota programs. The term “individual fishing quota” does not include a community development quota.

17. 1997

    Small Business Reauthorization Act of 1997

    Pub. L. 105–135 § 212 · 111 Stat. 2592

    Amended · 15 U.S.C. § 681(c)(4)(B)

    Pub. L. 105–135, § 212, amended heading and text of subpar. (B) generally. Prior to amendment, text read as follows: “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 682(a) of this title.”

    Source evidence

    Code amendment note
    Subsec. (c)(4)(B). Pub. L. 105–135, § 212, amended heading and text of subpar. (B) generally. Prior to amendment, text read as follows: “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 682(a) of this title.”

    Enacted provision · exact public law section
    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).”.

    Effective date note
    Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.

18. 1997

    Small Business Reauthorization Act of 1997

    Pub. L. 105–135 § 214 · 111 Stat. 2592

    Added · 15 U.S.C. § 681(e)

    Pub. L. 105–135, § 214, added subsec. (e)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 105–135, § 214, added subsec. (e).

    Enacted provision · exact public law section
    SEC. 214. FEES. Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681) is amended by adding at the end the following: “(e) Fees.— “(1) In general.— The Administration may prescribe fees to be paid by each applicant for a license to operate as a small business investment company under this Act. “(2) Use of amounts.— Fees collected under this subsection— “(A) shall be deposited in the account for salaries and expenses of the Administration; and “(B) are authorized to be appropriated solely to cover the costs of licensing examinations.”.

    Effective date note
    Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.

19. 2018

    Spurring Business in Communities Act of 2017

    Pub. L. 115–333 § 2(2)(A) · 132 Stat. 4488

    Added · 15 U.S.C. § 681(c)(3)(D)

    Pub. L. 115–333, § 2(2)(A), added subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (c)(3)(D). Pub. L. 115–333, § 2(2)(A), added subpar. (D).

    Enacted provision · exact public law section
    (A) in paragraph (3)— (i) in subparagraph (B)(iii), by striking “and” at the end; (ii) in subparagraph (C), by striking the period at the end and inserting “; and”; and (iii) by adding at the end the following: “(D) shall give first priority to an applicant that is located in an underlicensed State with below median financing, as determined by the Administrator.” ; and

20. 2018

    Spurring Business in Communities Act of 2017

    Pub. L. 115–333 § 2(2)(B)(ii) · 132 Stat. 4488

    1. Redesignated · 15 U.S.C. § 681(c)(4)(B)(i)

       Pub. L. 115–333, § 2(2)(B)(ii), (iii), redesignated cl. (ii) as (i)

    2. Amended · 15 U.S.C. § 681(c)(4)(B)(i)

       Pub. L. 115–333, § 2(2)(B)(ii), (iii), amended it generally. Prior to amendment, cl. read as follows: “is located in a State that is not served by a licensee; and”

    Source evidence

    Code amendment note
    Subsec. (c)(4)(B)(i). Pub. L. 115–333, § 2(2)(B)(ii), (iii), redesignated cl. (ii) as (i) and amended it generally. Prior to amendment, cl. read as follows: “is located in a State that is not served by a licensee; and”.

    Enacted provision · exact public law section
    (ii) by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and

21. 2018

    Spurring Business in Communities Act of 2017

    Pub. L. 115–333 § 2(2)(B)(i) · 132 Stat. 4488

    Struck · 15 U.S.C. § 681(c)(4)(B)(i)

    Pub. L. 115–333, § 2(2)(B)(i), struck out cl. (i) which read as follows: “files an application for a license not later than 180 days after December 2, 1997;”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 115–333, § 2(2)(B)(i), struck out cl. (i) which read as follows: “files an application for a license not later than 180 days after December 2, 1997;”.

    Enacted provision · exact public law section
    (i) by striking clause (i);

22. 2018

    Spurring Business in Communities Act of 2017

    Pub. L. 115–333 § 2(2)(B)(ii) · 132 Stat. 4488

    Redesignated · 15 U.S.C. § 681(c)(4)(B)(ii); 15 U.S.C. § 681(c)(4)(B)(iii)

    Pub. L. 115–333, § 2(2)(B)(ii), redesignated cls. (ii) and (iii) as (i) and (ii), respectively

    Source evidence

    Code amendment note
    Subsec. (c)(4)(B)(ii), (iii). Pub. L. 115–333, § 2(2)(B)(ii), redesignated cls. (ii) and (iii) as (i) and (ii), respectively.

    Enacted provision · exact public law section
    (ii) by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and

27 of 27 references resolved to an enrolled provision