text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Small Business Asset Investment and 
  Modernization (AIM) Act of 2010''.
  
  SEC. 2. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.
  
      Section 502(2)(A) of the Small Business Investment Act of 1958 (15 
  U.S.C. 696(2)(A)) is amended--
              (1) in clause (i), by striking ``$1,500,000'' and inserting 
          ``$5,000,000'';
              (2) in clause (ii), by striking ``$2,000,000'' and 
          inserting ``$5,000,000'';
              (3) in clause (iii), by striking ``$4,000,000'' and 
          inserting ``$5,500,000'';
              (4) in clause (iv), by striking ``$4,000,000'' and 
          inserting ``$5,500,000''; and
              (5) in clause (v), by striking ``$4,000,000'' and inserting 
          ``$5,500,000''.
  
  SEC. 3. LOW-INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS 
                LOAN PROGRAM.
  
      Section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 
  696) is amended by adding at the end the following:
              ``(8) Temporary authority for debt refinancing of 
          commercial real estate.--
                      ``(A) In general.--During the period beginning on 
                  the date of enactment of this paragraph and ending on 
                  September 30, 2012, notwithstanding paragraph (7), the 
                  Administrator may approve, for financing under this 
                  title, the refinancing of indebtedness that is secured 
                  by a lien on commercial real estate or equipment of a 
                  small business concern under such terms and conditions 
                  as the Administrator determines appropriate, except at 
                  a minimum such terms and conditions shall include the 
                  following:
                              ``(i) The existing indebtedness is maturing 
                          not more than one year after the loan approval 
                          date.
                              ``(ii) The proceeds of the existing 
                          indebtedness were used to acquire land, 
                          including a building situated thereon, to 
                          construct a building thereon, or to purchase 
                          equipment.
                              ``(iii) The small business concern has been 
                          current on all payments due on the existing 
                          indebtedness for a period beginning on a date 
                          that is not less than 1 year before the date of 
                          refinancing and ending on the date of 
                          refinancing.
                              ``(iv) At the time of refinancing, the lien 
                          shall be assigned or released in a manner that 
                          ensures that the financing under this title is 
                          in the same lien position as the existing 
                          indebtedness.
                              ``(v) The existing indebtedness was 
                          incurred for the benefit of the small business 
                          concern.
                              ``(vi) The financing under this title will 
                          be used only for refinancing existing 
                          indebtedness or costs relating to such 
                          refinancing.
                              ``(vii) The amount being refinanced may not 
                          exceed 90 percent of the appraised value of the 
                          commercial real estate or equipment on the date 
                          of refinancing or 100 percent of the 
                          outstanding principal amount of the existing 
                          indebtedness, whichever is less, plus allowable 
                          closing costs as determined by the 
                          Administrator.
                              ``(viii) Notwithstanding any other 
                          provision of this title, for a refinancing 
                          under this paragraph--
                                      ``(I) not less than 50 percent of 
                                  the appraised value of the commercial 
                                  real estate or equipment on the date of 
                                  refinancing shall come from the 
                                  institutions described in subclauses 
                                  (I), (II) or (III) of paragraph 
                                  (3)(B)(i): Provided, That if the 
                                  indebtedness being refinanced pursuant 
                                  to this paragraph is held by such an 
                                  institution, or an affiliate thereof, 
                                  that is providing funds for the 
                                  refinancing, the institution shall 
                                  contribute not less than 70 percent of 
                                  such appraised value of the commercial 
                                  real estate or equipment; and
                                      ``(II) the remaining funds needed 
                                  for the refinancing (including closing 
                                  costs) shall come from the development 
                                  company.
                              ``(ix) In addition to the other fees 
                          imposed under this title, the Administrator 
                          shall assess, collect, and retain such annual 
                          fees in amounts necessary to reduce to zero the 
                          cost (as that term is defined in section 502 of 
                          the Federal Credit Reform Act of 1990) to the 
                          Administrator of making guarantees under the 
                          authority of section 503(a) with respect to 
                          refinancings under this paragraph.
                              ``(x) The temporary fee elimination 
                          authorized under section 501(b) of the American 
                          Recovery and Reinvestment Act of 2009, Public 
                          Law 111-5, shall not apply to any refinancing 
                          made under this paragraph.
                              ``(xi) No fee reduction or elimination 
                          applicable to loans under this title shall 
                          apply to loans under this paragraph.
                              ``(xii) No portion of the indebtedness may 
                          be subject to a guarantee by a Federal agency.
                              ``(xiii) The development company may charge 
                          the small business concern a processing fee of 
                          up to 50 basis points more than the amount that 
                          the Administrator authorizes under section 
                          120.971(a)(1) of title 13, Code of Federal 
                          Regulations, as in effect on January 1, 2010.
                      ``(B) Total amount of loans.--The Administrator may 
                  provide not more than a total of $7,500,000,000 of 
                  financing under this paragraph for each fiscal year.
                      ``(C) Nondelegation.--Notwithstanding section 
                  508(e) of this title, the Administrator may not permit 
                  a premier certified lender to approve or disapprove an 
                  application for assistance under this paragraph.
                      ``(D) Term appointments.--
                              ``(i) To carry out the authority under this 
                          paragraph, the Administrator may authorize term 
                          appointments within the Administration under 
                          subchapter I of chapter 33 of title 5, United 
                          States Code, for a period of not less than 1 
                          year and not more than 6 years.
                              ``(ii) Notwithstanding chapter 33 of title 
                          5, United States Code, or any other provision 
                          of law relating to the examination, 
                          certification, and appointment of individuals 
                          in the competitive service, the Administrator 
                          may convert an employee serving under a term 
                          appointment to a permanent appointment in the 
                          competitive service within the Administration 
                          without further competition if--
                                      ``(I) such individual was appointed 
                                  under open, competitive examination 
                                  under subchapter I of chapter 33 of 
                                  title 5, United States Code, to the 
                                  term position;
                                      ``(II) the announcement for the 
                                  term appointment from which the 
                                  conversion is made stated that there 
                                  was potential for subsequent conversion 
                                  to a career-conditional or career 
                                  appointment;
                                      ``(III) the employee has completed 
                                  at least 2 years of current continuous 
                                  service under a term appointment in the 
                                  competitive service;
                                      ``(IV) the employee's performance 
                                  under such term appointment was at 
                                  least fully successful or equivalent; 
                                  and
                                      ``(V) the position to which such 
                                  employee is being converted under this 
                                  section is in the same occupational 
                                  series, is in the same geographic 
                                  location, and provides no greater 
                                  promotion potential than the term 
                                  position for which the competitive 
                                  examination was conducted.
                              ``(iii) Notwithstanding chapter 33 of title 
                          5, United States Code, or any other provision 
                          of law relating to the examination, 
                          certification, and appointment of individuals 
                          in the competitive service, the Administrator 
                          may convert an employee serving under a term 
                          appointment to a permanent appointment in the 
                          competitive service within the Administration 
                          through internal competitive promotion 
                          procedures if the conditions under subclauses 
                          (I) through (IV) of subparagraph (D)(ii) are 
                          met.
                              ``(iv) An employee converted under this 
                          subparagraph becomes a career-conditional 
                          employee, unless the employee has otherwise 
                          completed the service requirements for career 
                          tenure.
                              ``(v) An employee converted to career or 
                          career-conditional employment under this 
                          subparagraph acquires competitive status upon 
                          conversion.
                      ``(E) Elimination of pension offset for certain 
                  rehired federal retirees.--
                              ``(i) In general.--To carry out the 
                          authority under this paragraph, the 
                          Administrator may waive the application of 
                          section 8344 or 8468 of title 5, United States 
                          Code, on a case-by-case basis for employment of 
                          an annuitant.
                              ``(ii) Procedures.--The Administrator shall 
                          prescribe procedures for the exercise of 
                          authority under this subparagraph, including--
                                      ``(I) criteria for any exercise of 
                                  authority; and
                                      ``(II) procedures for a delegation 
                                  of authority.
                              ``(iii) Effect of waiver.--An employee as 
                          to whom a waiver under this subparagraph is in 
                          effect shall not be considered an employee for 
                          purposes of subchapter III of chapter 83, or 
                          chapter 84, of title 5, United States Code.
                      ``(F) Emergency rulemaking authority.--
                              ``(i) The Administrator shall--
                                      ``(I) not later than 90 days after 
                                  the date of enactment of the Small 
                                  Business Asset Investment and 
                                  Modernization (AIM) Act of 2010, 
                                  without providing notice or opportunity 
                                  for comment, issue interim regulations 
                                  implementing this paragraph; and
                                      ``(II) not later than 180 days 
                                  after the date of enactment of the 
                                  Small Business Asset Investment and 
                                  Modernization (AIM) Act of 2010, after 
                                  providing notice and opportunity for 
                                  comment, issue final regulations 
                                  implementing this paragraph.
                              ``(ii) The interim regulations issued under 
                          clause (i)(I) shall cease to be effective on 
                          the date that the Administrator issues final 
                          regulations under clause (i)(II).''.
target: Small Business Asset Investment and Modernization (AIM) Act of 2010 - Amends the Small Business Investment Act of 1958 concerning the 504 program (Small Business Administration [SBA] financings to small businesses through certified development companies) to increase maximum program loan amounts.
  
  Authorizes the Administrator of the SBA, from the date of enactment of this Act through FY2012, to approve under such program the refinancing of indebtedness that is secured by a lien on commercial real estate or equipment of a small business, under specified terms and conditions. Limits to $7.5 billion the total amount of such financing in a fiscal year. Authorizes the Administrator, in order to carry out such program, to make personnel appointments of at least one year and not more than six years. Allows the Administrator to eliminate the pension offset for the reemployment of retired federal employees for such purposes.
feat_title: To amend the Small Business Investment Act of 1958 to increase maximum loan amounts under the program in title V of that Act, to provide temporary authority for debt refinancing of commercial real estate, and for other purposes.