1. Short title This Act may be cited as the 504 Credit Risk Management Improvement Act of 2023 . 2. Enhancements to the Office of Credit Risk Management Title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq. ) is amended by adding at the end the following: 511. Office of Credit Risk Management oversight (a) Definitions In this section— (1) the term Director means the Director of the Office; and (2) the term Office means the Office of Credit Risk Management established under section 47 of the Small Business Act ( 15 U.S.C. 657t ). (b) Duties relating to 504 program The Office— (1) shall be responsible for— (A) supervising any certified development company, as provided in subsection (d); and (B) conducting file reviews with respect to loan closings under the program established under this title, as provided in subsection (c); and (2) may— (A) take formal and informal enforcement actions against a certified development company, as provided in subsection (e); and (B) charge a certified development company a fee, as provided in subsection (f). (c) Loan closing file reviews With respect to a loan closing under the program established under this title, the Office shall be responsible for the following: (1) Conducting a complete file review of a random selection of all loan closings, the number, frequency, and conduct of which shall be at the discretion of the Office, to ensure program integrity, including a review of the items listed on the Checklist for Complete File Review contained in the appropriate form of the Administration. (2) Not later than 60 days after the date on which each complete file review conducted under paragraph (1) is completed, preparing a written report documenting the results of that review, which the Office shall send to— (A) the applicable certified development company; (B) the designated attorney that closed the loan for the certified development company