# Streamlining and Modernizing Certified Development Company Program (504 Loan Program) Corporate Governance Requirements
> **US Small Business Administration** · Final rule. · Published 2019-12-04 · Effective 2020-01-03 · 84 FR 66287
## Document
- **Document number:** 2019-26042
- **Category:** final-rule
- **Agency:** US Small Business Administration
- **Federal Register citation:** 84 FR 66287
- **CFR reference:** 13 CFR 120
- **Publication date:** 2019-12-04
- **Effective date:** 2020-01-03
## Abstract

This final rule streamlines and updates the operational and organizational requirements for Certified Development Companies (CDCs) in order to improve efficiencies and reduce costs without unduly increasing risk in the 504 Loan Program. The changes include streamlining the requirements that apply to the corporate governance of CDCs, and updating the requirements that apply to professional services contracts entered into by CDCs, the requirements related to the audit and review of a CDC's financial statements, and the requirements related to the balance that a Premier Certified Lender Program (PCLP) CDC must maintain in its Loan Loss Reserve Fund.

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2019/12/04/2019-26042/streamlining-and-modernizing-certified-development-company-program-504-loan-program-corporate)
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