49 USC 22402 - Direct loans and loan guarantees

Editorial Notes

References in Text

Section 410(a) of the Amtrak Reform and Accountability Act of 1997, referred to in subsec. (a)(2), is section 410(a) of Puspan. L. 105–134, which is set out as a note under section 24101 of this title.

Section 504(span)(1) of the Federal Credit Reform Act of 1990, referred to in subsec. (f)(1), is classified to section 661c(span)(1) of Title 2, The Congress.

The date of enactment of the Fixing America’s Surface Transportation Act, referred to in subsec. (f)(5), is the date of enactment of Puspan. L. 114–94, which was approved Dec. 4, 2015.

Sections 501 through 504 of the Railroad Revitalization and Regulatory Reform Act of 1976, referred to in subsec. (f)(5), are sections 501 to 504 of Puspan. L. 94–210, which are classified to sections 22401 to 22404 of this title.

The date of enactment of the Surface Transportation Investment Act of 2021, referred to in subsecs. (f)(5)(A), (7), and (i)(4)(A), is the date of enactment of div. B of Puspan. L. 117–58, which was approved Nov. 15, 2021.

The National Environmental Policy Act of 1969, referred to in subsec. (i)(6)(A)(ix), is Puspan. L. 91–190, Jan. 1, 1970, 83 Stat. 852, which is classified generally to chapter 55 (§ 4321 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 4321 of Title 42 and Tables.

Codification

The text of section 822 of Title 45, Railroads, which was transferred to this section and amended by Puspan. L. 117–58, div. B, title I, § 21301(a)(4), (d), was based on Puspan. L. 94–210, title V, § 502, as added Puspan. L. 105–178, title VII, § 7203(a)(1), June 9, 1998, 112 Stat. 473; amended Puspan. L. 109–59, title IX, § 9003(span)–(g), Aug. 10, 2005, 119 Stat. 1921–1923; Puspan. L. 110–432, div. A, title VII, § 701(e), Oct. 16, 2008, 122 Stat. 4906; Puspan. L. 114–94, div. A, title XI, §§ 11603–11605(a), 11606, 11607(a), 11608, 11609, Dec. 4, 2015, 129 Stat. 1694, 1695, 1697–1700; Puspan. L. 116–94, div. H, title I, § 192, Dec. 20, 2019, 133 Stat. 2972; Puspan. L. 116–159, div. B, title I, § 1104(span), Oct. 1, 2020, 134 Stat. 727.

Amendments

2021—Puspan. L. 117–58, § 21301(a)(4), transferred text of section 822 of Title 45, Railroads, to this section.

Subsec. (a)(2). Puspan. L. 117–58, § 21301(d)(1)(A), inserted “entities implementing” before “interstate compacts”.

Subsec. (a)(5). Puspan. L. 117–58, § 21301(d)(1)(B), inserted “entities participating in” before “joint ventures” and struck out “and” at end.

Subsec. (a)(6), (7). Puspan. L. 117–58, § 21301(d)(1)(C), added pars. (6) and (7) and struck out former par. (6) which read as follows: “solely for the purpose of constructing a rail connection between a plant or facility and a railroad, limited option freight shippers that own or operate a plant or other facility.”

Subsec. (span)(1). Puspan. L. 117–58, § 21301(d)(2)(A), amended par. (1) generally. Prior to amendment, par. (1) related to eligible purposes for direct loans and loan guarantees.

Subsec. (span)(3). Puspan. L. 117–58, § 21301(d)(2)(B), struck out par. (3). Prior to amendment, text read as follows: “The Secretary may provide a direct loan or loan guarantee under this section for a project described in paragraph (1)(E) until September 30, 2021.”

Subsec. (c)(1). Puspan. L. 117–58, § 21301(d)(3)(A), struck out “of title 49, United States Code” after “section 20157(i)”.

Subsec. (c)(5). Puspan. L. 117–58, § 21301(d)(3)(B), substituted “this title” for “title 49, United States Code,”.

Subsec. (e)(1). Puspan. L. 117–58, § 21301(d)(4), amended subsec. (e) generally. Prior to amendment, text read as follows: “The Secretary shall require interest to be paid on a direct loan made under this section at a rate not less than that necessary to recover the cost of making the loan.”

Subsec. (f)(3). Puspan. L. 117–58, § 21301(d)(5)(A)(i), substituted “Upon receipt of a proposal from an applicant under this section,” for “An applicant may propose and” and “collateral described in paragraph (6)” for “tangible asset” in introductory provisions.

Subsec. (f)(3)(B)(ii). Puspan. L. 117–58, § 21301(d)(5)(A)(ii), inserted “, including operating or tenant charges, facility rents, or other fees paid by transportation service providers or operators for access to, or the use of, infrastructure, including rail lines, bridges, tunnels, yards, or stations” after “user fees”.

Subsec. (f)(3)(C). Puspan. L. 117–58, § 21301(d)(5)(A)(iii), substituted “$150,000,000” for “$75,000,000”.

Subsec. (f)(3)(D). Puspan. L. 117–58, § 21301(d)(5)(A)(iv), added subpar. (D).

Subsec. (f)(5) to (7). Puspan. L. 117–58, § 21301(d)(5)(B), added pars. (5) to (7).

Subsec. (g)(1). Puspan. L. 117–58, § 21301(d)(6), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “repayment of the obligation is required to be made within a term of not more than the lesser of—

“(A) 35 years after the date of substantial completion of the project; or

“(B) the estimated useful life of the rail equipment or facilities to be acquired, rehabilitated, improved, developed, or established;”.

Subsec. (h)(3)(A). Puspan. L. 117–58, § 21301(d)(7)(A)(i), substituted “Amtrak” for “the National Railroad Passenger Corporation” and struck out “of title 49, United States Code” after “section 24312” and “of that title” after “section 24308(a)”.

Subsec. (h)(3)(B). Puspan. L. 117–58, § 21301(d)(7)(A)(ii), substituted “section 22404” for “section 504 of this Act”.

Subsec. (h)(4). Puspan. L. 117–58, § 21301(d)(7)(B), substituted “(span)(1)(F)” for “(span)(1)(E)”.

Subsec. (i)(4). Puspan. L. 117–58, § 21301(d)(8)(A), amended par. (4) generally. Prior to amendment, text read as follows: “The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of an application for a direct loan or loan guarantee under this title.”

Subsec. (i)(5)(G). Puspan. L. 117–58, § 21301(d)(8)(B), added subpar. (G).

Subsec. (i)(6). Puspan. L. 117–58, § 21301(d)(8)(C), added par. (6).

Subsec. (l)(2)(A)(iii). Puspan. L. 117–58, § 21301(d)(9), substituted “under this chapter” for “under this title”.

Subsec. (m)(1). Puspan. L. 117–58, § 21301(d)(10), substituted “under this chapter” for “under this title”.

Subsec. (n). Puspan. L. 117–58, § 21301(d)(11), added subsec. (n).

Statutory Notes and Related Subsidiaries

Substantive Criteria and Standards

Puspan. L. 117–58, div. B, title I, § 21302, Nov. 15, 2021, 135 Stat. 693, provided that: “Not later than 180 days after the date of enactment of this Act [Nov. 15, 2021], the Secretary [of Transportation] shall update the publicly available credit program guide in accordance with the provisions of chapter 224 of title 49, United States Code, as added by section 21301 [of div. B of Puspan. L. 117–58].”

Semiannual Report on Transit-Oriented Development Eligibility

Puspan. L. 117–58, div. B, title I, § 21303, Nov. 15, 2021, 135 Stat. 693, provided that: “Not later than 6 months after the date of enactment of this Act [Nov. 15, 2021], and every 6 months thereafter, the Secretary [of Transportation] shall submit a report to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Transportation and Infrastructure of the House of Representatives that identifies—

“(1) the number of applications submitted to the Department [of Transportation] for a direct loan or loan guarantee under section 22402(span)(1)(E) of title 49, United States Code, as amended by section 21301 [of div. B of Puspan. L. 117–58];

“(2) the number of such loans or loan guarantees that were provided to the applicants; and

“(3) for each such application, the reasons for providing or declining to provide the requested loan or loan guarantee.”

Return of Credit Risk Premiums Not Used To Mitigate Losses

Puspan. L. 115–265, title II, § 212(d), Oct. 11, 2018, 132 Stat. 3749, as amended by Puspan. L. 117–58, div. B, title I, § 21301(j)(3)(D), Nov. 15, 2021, 135 Stat. 692, provided that:

“(1)In general.—Notwithstanding any other provision of law, the Secretary of Transportation, for purposes of section 22402 of title 49, United States Code [see former 45 U.S.C. 822(f)(4)] (as in effect on the day before the amendments made by section 11607 of Public Law 114–94 (129 Stat. 1698) took effect [Oct. 1, 2015])—

“(A) not later than 30 days after the date of enactment of this Act [Oct. 11, 2018], and in consultation with the Director of the Office of Management and Budget, shall define the term ‘cohorts of loans’;

“(B) before the deadline described in paragraph (2), shall return to the original source, on a pro rata basis, the credit risk premiums paid for the loans in the cohort of loans, with interest accrued thereon, that were not used to mitigate losses; and

“(C) shall not treat the repayment of a loan after the date of enactment of Public Law 114–94 [Dec. 4, 2015] as precluding, limiting, or negatively affecting the satisfaction of the obligation of its cohort prior to the enactment of Public Law 114–94.

“(2)Deadline described.—The deadline described in this paragraph is—

“(A) if all obligations attached to a cohort of loans have been satisfied, not later than 60 days after the date of enactment of this Act; and

“(B) if all obligations attached to a cohort of loans have not been satisfied, not later than 60 days after the date on which all obligations attached to the cohort of loans are satisfied.”