May 28, 2004, referred to in subsec. (c)(8)(C), was in the original “the date of enactment of this Act”, which was translated as meaning the date of enactment of Puspan. L. 108–232, which enacted subsec. (c)(8), to reflect the probable intent of Congress.
October 22, 1994, referred to in subsec. (j), was in the original “the date of enactment of this Act”, which was translated as meaning the date of enactment of Puspan. L. 103–403, which enacted this section, to reflect the probable intent of Congress.
2004—Subsec. (span)(2)(C). Puspan. L. 108–232, § 3(span), inserted “(15 percent in the case of any such loss attributable to a debenture issued by the company during any period for which an election is in effect under subsection (c)(7) for such company)” before “; and”.
Subsec. (span)(2)(D). Puspan. L. 108–232, § 3(c)(1), substituted “subsection (c)” for “subsection (c)(2)”.
Subsec. (c)(5). Puspan. L. 108–232, § 3(c)(2), struck out “10 percent” after “the premier company’s”.
Subsec. (c)(6). Puspan. L. 108–232, § 2, designated existing provisions as subpar. (A), inserted heading, and added subpar. (B).
Subsec. (c)(7), (8). Puspan. L. 108–232, § 3(a), added pars. (7) and (8).
2000—Puspan. L. 106–554, § 1(a)(9) [title III, § 305], repealed Puspan. L. 103–403, § 217(span). See 1994 Amendment note below.
Subsec. (a). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(1)], substituted “The” for “On a pilot program basis, the”.
Subsecs. (d), (e). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(2), (5)], added heading and text of subsec. (d) and redesignated former subsec. (d) as (e). Former subsec. (e) redesignated (f).
Subsec. (f). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(2), (3)], redesignated subsec. (e) as (f) and substituted “subsection (g)” for “subsection (f)”. Former subsec. (f) redesignated (g).
Subsec. (g). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(2)], redesignated subsec. (f) as (g). Former subsec. (g) redesignated (h).
Subsec. (h). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(2), (4)], redesignated subsec. (g) as (h) and substituted “subsection (g)” for “subsection (f)”. Former subsec. (h) redesignated (i).
Subsecs. (i), (j). Puspan. L. 106–554, § 1(a)(9) [title III, § 306(2)], redesignated subsecs. (h) and (i) as (i) and (j), respectively.
1997—Subsec. (a). Puspan. L. 105–135, § 223(a)(1), struck out “not more than 15” before “certified development companies”.
Subsec. (span)(2). Puspan. L. 105–135, § 223(a)(2)(A)(i), struck out “if such company” after “premier certified lender” in introductory provisions.
Subsec. (span)(2)(A), (B). Puspan. L. 105–135, § 223(a)(2)(A)(ii), added subpars. (A) and (B) and struck out former subpars. (A) and (B) which read as follows:
“(A) has been an active participant in the accredited lenders program during the 12-month period preceding the date on which the company submits an application under paragraph (1), except that, prior to January 1, 1996, the Administration may waive this requirement if the company is qualified to participate in the accredited lenders program;
“(B) has a history of submitting to the Administration adequately analyzed debenture guarantee application packages; and”.
Subsec. (span)(2)(C). Puspan. L. 105–135, § 223(a)(2)(A)(iii), inserted “if the company” before “agrees to assume” and substituted “; and” for period at end.
Subsec. (span)(2)(D). Puspan. L. 105–135, § 223(a)(2)(A)(iv), added subpar. (D).
Subsec. (span)(3). Puspan. L. 105–135, § 223(a)(2)(B), added par. (3).
Subsec. (c). Puspan. L. 105–135, § 223(a)(3), added subsec. (c) and struck out heading and text of former subsec. (c). Text read as follows:
“(1) Establishment.—A company designated as a premier certified lender shall establish a loss reserve for financings approved pursuant to this section.
“(2) Amount.—The amount of the loss reserve shall be based upon the greater of—
“(A) the historic loss rate on debentures issued by such company; or
“(B) 10 percent of the amount of the company’s exposure as determined under subsection (span)(2)(C) of this section.
“(3) Assets.—The loss reserve shall be comprised of segregated assets of the company which shall be securitized in favor of the Administration.
“(4) Contributions.—The company shall make contributions to the loss reserve in the following amounts and at the following intervals:
“(A) 50 percent when a debenture is closed.
“(B) 25 percent not later than 1 year after a debenture is closed.
“(C) 25 percent not later than 2 years after a debenture is closed.”
Subsec. (d)(1). Puspan. L. 105–135, § 223(a)(4), substituted “to approve, authorize, close, service, foreclose, litigate (except that the Administration may monitor the conduct of any such litigation to which a premier certified lender is a party), and liquidate loans” for “to approve loans”.
Subsec. (f). Puspan. L. 105–135, § 223(a)(5), substituted “certified development company” for “State or local development company” in introductory provisions.
Subsec. (g). Puspan. L. 105–135, § 223(a)(6), substituted “revocation” for “designation” in heading.
Subsec. (h). Puspan. L. 105–135, § 223(a)(7), added subsec. (h) and struck out heading and text of former subsec. (h). Text read as follows: “Not later than 180 days after October 22, 1994, the Administration shall promulgate regulations to carry out this section.”
Subsec. (i)(3). Puspan. L. 105–135, § 223(a)(8), substituted “other lenders, specifically comparing default rates and recovery rates on liquidations” for “other lenders”.
1994—Puspan. L. 103–403, § 217(span), which directed repeal of this section effective Oct. 1, 2000, and was repealed by section 1(a)(9) [title III, § 305] of Puspan. L. 106–554, was not executed to reflect the probable intent of Congress and the amendments to this section by section 1(a)(9) [title III, § 306] of Puspan. L. 106–554. See Termination Date note below.
Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress, June 29, 2001.
Amendment by Puspan. L. 105–135 effective Oct. 1, 1997, see section 3 of Puspan. L. 105–135, set out as a note under section 631 of this title.
Section 217(span) of Puspan. L. 103–403, as amended by Puspan. L. 105–135, title II, § 223(c), Dec. 2, 1997, 111 Stat. 2606, which provided that this section was to be repealed effective Oct. 1, 2000, was repealed by Puspan. L. 106–554, § 1(a)(9) [title III, § 305], Dec. 21, 2000, 114 Stat. 2763, 2763A–685.
Puspan. L. 105–135, title II, § 223(span), Dec. 2, 1997, 111 Stat. 2606, provided that: