123STA T . 1 58PUBLIC LA W 111 – 5 —FE B.1 7, 2 0 0 9(k)EMERG E NCYRUL EM AKI NG A U THO RITY .—The A dmin i stra t o r o f the S ma l l Bu siness Administration shall issue re g ulations under this se c tion w ithin 15 da y s after the date of enactment of this section. The notice re q uirements of section 55 3 ( b )oftitle5 ,U nited States C ode shall not a p ply to the promulgation of such regulations. SEC.507 . GAOR E P OR T . (a) RE P ORT.— N ot later than 60 days after the enactment of this Act, the Comptroller G eneral of the United States shall report to the Congress on the actions of the Administrator in implementing the authorities established in the administrati v e provisions of this title. (b) I NCLU D ED ITEM.—The report under this section shall include a summary of the activity of the Administrator under this title and an analysis of whether he is accomplishing the purpose of increasing liquidity in the secondary market for Small Business Administration loans. SEC. 50 8 .S U RET YB O ND S. (a) M A X IMUM BOND AMOUNT .— Section 4 11(a)(1) of the Small Business Investment Act of 1 9 5 8 (15 U.S.C. 694b(a)(1)) is amended— (1) by inserting ‘ ‘(A) ’ ’ after ‘‘(1)’’
( 2 ) by striking ‘‘ $ 2,000,000’’ and inserting ‘‘$5,000,000’’; and (3) by adding at the end the following
‘‘(B) The Administrator may guarantee a surety under s ubparagraph (A) for a total work order or contract amount that does not e x ceed $10,000,000, if a contracting officer of a F ederal agency certifies that such a guarantee is necessary.’’. (b) D ENIAL O FL IA B ILITY— Section 411 of the Small Business Investment Act of 1958 (15 U.S.C. 694b) is amended— (1) by striking subsection (e) and inserting the following: ‘‘(e) REIMBUR S EMENT OF SURETY; CONDITIONS.— P ursuant to any such guarantee or agreement, the Administration shall reimburse the surety , as provided in subsection (c) of this section, except that the Administration shall be relieved of liability (in whole or in part within the discretion of the Administration) if— (1) the surety obtained such guarantee or agreement, or applied for such reinbursement, by fraud or material misrepre - sentation, (2) the total contract amount at the time of execution of the bond or bonds exceeds $5,000,000, (3) the surety has breached a material term or condition of such guarantee agreement, or (4) the surety has substantially violated the regulations promulgated by the Administration pursuant to subsection (d).’’ (2) by adding at the end the following: ‘‘(k) For bonds made or executed with the prior approval of the Administration, the Administration shall not deny liability to a surety based upon material information that was provided as part of the guaranty application.’’. (c) SI Z E STANDARDS.—Section 410 of the Small Business Invest- ment Act of 1958 (15 U.S.C. 694a) is amended by adding at the end the following: ‘‘(9) Notwithstanding any other provision of law or any rule, regulation, or order of the Administration, for purposes Deadlin e .
