118 STAT. 3465 PUBLIC LAW 108–447—DEC. 8, 2004 SEC. 162. DEFINITIONS RELATING TO SMALL BUSINESS LENDING COMPANIES. Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following new subsection: ‘‘(r) DEFINITIONS RELATING TO SMALL BUSINESS LENDING COMPANIES.—As used in section 23 of this Act: ‘‘(1) SMALL BUSINESS LENDING COMPANY.—The term ‘small business lending company’ means a business concern that is authorized by the Administrator to make loans pursuant to section 7(a) and whose lending activities are not subject to regulation by any Federal or State regulatory agency. ‘‘(2) NON FEDERALLY REGULATED SBA LENDER.—The term ‘non Federally regulated SBA lender’ means a business concern if— ‘‘(A) such concern is authorized by the Administrator to make loans under section 7; ‘‘(B) such concern is subject to regulation by a State; and ‘‘(C) the lending activities of such concern are not regu lated by any Federal banking authority.’’. TITLE II—MISCELLANEOUS AMENDMENTS SEC. 201. AMENDMENT TO DEFINITION OF EQUITY CAPITAL WITH RESPECT TO ISSUERS OF PARTICIPATING SECURITIES. Section 303(g)(4) of the Small Business Investment Act of 1958 (15 U.S.C. 683 (g)(4)) is amended— (1) in the first sentence, by striking ‘‘subsection’’ and inserting ‘‘Act’’; and (2) in the second sentence, by striking ‘‘contingent upon and limited to the extent of earnings’’ and inserting ‘‘from appropriate sources, as determined by the Administration’’. SEC. 202. INVESTMENT OF EXCESS FUNDS. Section 308(b) of the Small Business Investment Act (15 U.S.C. 687(b)) is amended by striking the last sentence and inserting the following: ‘‘Any such company that is licensed before October 1, 2004 and has outstanding financings is authorized to invest funds not needed for its operations— ‘‘(1) in direct obligations of, or obligations guaranteed as to principal and interest by, the United States; ‘‘(2) in certificates of deposit or other accounts of federally insured banks or other federally insured depository institutions, if the certificates or other accounts mature or are otherwise fully available not more than 1 year after the date of the investment; or ‘‘(3) in mutual funds, securities, or other instruments that consist of, or represent pooled assets of, investments described in paragraphs (1) or (2).’’. SEC. 203. SURETY BOND AMENDMENTS. (a) CLARIFICATION OF MAXIMUM SURETY BOND GUARANTEE.— Section 411(a)(1) of the Small Business Investment Act of 1958 (15 U.S.C. 694b(a)(1)) is amended by striking ‘‘contract up to’’ and
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