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48 U.S.C. § 2121 — Effective date
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b), this chapter shall take effect on June 30, 2016.
**(b) Subchapter III and Subchapter VI**
(1) Subchapter III shall apply with respect to cases commenced under subchapter III on or after June 30, 2016.
(2) Subchapters III and VI shall apply with respect to debts, claims, and liens (as such terms are defined in [section 101 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section101&num=0&edition=prelim)) created before, on, or after such date.
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Source file: Laws/federal/codes/united-states-code/title-48/section-2121-effective-date--22c3917551.md
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Source location: Title 48, Chapter 20, § 2121; chapter-020-puerto-rico-oversight-management-and-economic-stability.md
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**(a) In general** Except as provided in subsection (b), this chapter shall take effect on June 30, 2016.
**(b) Subchapter III and Subchapter VI**
(1) Subchapter III shall apply with respect to cases commenced under subchapter III on or after June 30, 2016.
(2) Subchapters III and VI shall apply with respect to debts, claims, and liens (as such terms are defined in [section 101 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section101&num=0&edition=prelim)) created before, on, or after such date.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Exclusivity** Only the Oversight Board, after the issuance of a certificate pursuant to [section 2124(j) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2124/j&num=0&edition=prelim), may file a plan of adjustment of the debts of the debtor.
**(b) Deadline for filing plan** If the Oversight Board does not file a plan of adjustment with the petition, the Oversight Board shall file a plan of adjustment at the time set by the court.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2178
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 101
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Small business concerns**
(1) **In general** — For the purposes of this chapter, a small-business concern, including but not limited to enterprises that are engaged in the business of production of food and fiber, ranching and raising of livestock, aquaculture, and all other farming and agricultural related industries, shall be deemed to be one which is independently owned and operated and which is not dominant in its field of operation.
(2) **Establishment of size standards**
(A) *In general* — In addition to the criteria specified in paragraph (1) and subject to the requirements specified under subparagraph (C), the Administrator may specify detailed definitions or standards by which a business concern may be determined to be a small business concern for the purposes of this chapter or any other Act.
(B) *Additional criteria* — The standards described in paragraph (1) may utilize number of employees, dollar volume of business, net worth, net income, a combination thereof, or other appropriate factors.
(C) *Requirements* — Unless specifically authorized by statute, no Federal department (including the Administration when acting pursuant to subparagraph (A)) or agency may prescribe a size standard for categorizing a business concern as a small business concern, unless such proposed size standard—
(i) is proposed after an opportunity for public notice and comment;
(ii) provides for determining—
(I) the size of a manufacturing concern as measured by the manufacturing concern’s average employment based upon employment during each of the manufacturing concern’s pay periods for the preceding 24 months;
(II) the size of a business concern providing services on the basis of the annual average gross receipts of the business concern over
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 632
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Employees engaged in commerce; home workers in Puerto Rico and Virgin Islands; employees in American Samoa; seamen on American vessels; agricultural employees** Every employer shall pay to each of his employees who in any workweek is engaged in commerce or in the production of goods for commerce, or is employed in an enterprise engaged in commerce or in the production of goods for commerce, wages at the following rates:
(1) except as otherwise provided in this section, not less than—
(A) $5.85 an hour, beginning on the 60th day after May 25, 2007;
(B) $6.55 an hour, beginning 12 months after that 60th day; and
(C) $7.25 an hour, beginning 24 months after that 60th day;
(2) if such employee is a home worker in Puerto Rico or the Virgin Islands, not less than the minimum piece rate prescribed by regulation or order; or, if no such minimum piece rate is in effect, any piece rate adopted by such employer which shall yield, to the proportion or class of employees prescribed by regulation or order, not less than the applicable minimum hourly wage rate. Such minimum piece rates or employer piece rates shall be commensurate with, and shall be paid in lieu of, the minimum hourly wage rate applicable under the provisions of this section. The Administrator, or his authorized representative, shall have power to make such regulations or orders as are necessary or appropriate to carry out any of the provisions of this paragraph, including the power without limiting the generality of the foregoing, to define any operation or occupation which is performed by such home work employees in Puerto Rico or the Virgin Islands; to establish minimum piece rates for any operation or occupation so defined; to prescribe the method and procedure for ascertaining and promulgating mi
Source: Supplied U.S. Code snapshot — release unconfirmed · 29 U.S.C. § 206
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions:
(1) **In general.—**
(A) *Credit elsewhere.—*
(i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available.
(ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market.
(B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 636
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Administration program**
(1) **Authority** — The Administrator is authorized to establish a mentor-protege program for all small business concerns.
(2) **Model for program** — The mentor-protege program established under paragraph (1) shall be identical to the mentor-protege program of the Administration for small business concerns that participate in the program under [section 637(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section637/a&num=0&edition=prelim) (as in effect on January 2, 2013), except that the Administrator may modify the program to the extent necessary given the types of small business concerns included as proteges.
(3) **Puerto Rico businesses** — During the period beginning on August 13, 2018, and ending on the date on which the Oversight Board established under [section 2121 of title 48](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim) terminates, the Administrator shall identify potential incentives to a covered mentor that awards a subcontract to its covered protege, including—
(A) positive consideration in any past performance evaluation of the covered mentor; and
(B) the application of costs incurred for providing training to such covered protege to the subcontracting plan (as required under paragraph (4) or (5) of [section 637(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section637/d&num=0&edition=prelim)) of the covered mentor.
(4) **Covered territory businesses** — During the period beginning on January 1, 2021, and ending on the date that is 4 years after such date, the Administrator shall identify potential incentives to a covered territory mentor that awards a subcontract to its covered t
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 657r
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this subchapter:
(1) **Administrative Supervisor** — The term “Administrative Supervisor” means the Oversight Board established under [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim).
(2) **Authorized Territorial Instrumentality** — The term “Authorized Territorial Instrumentality” means a covered territorial instrumentality authorized in accordance with subsection (e).
(3) **Calculation Agent** — The term “Calculation Agent” means a calculation agent appointed in accordance with subsection (k).
(4) **Capital Appreciation Bond** — The term “Capital Appreciation Bond” means a Bond that does not pay interest on a current basis, but for which interest amounts are added to principal over time as specified in the relevant offering materials for such Bond, including that the accreted interest amount added to principal increases daily.
(5) **Convertible Capital Appreciation Bond** — The term “Convertible Capital Appreciation Bond” means a Bond that does not pay interest on a current basis, but for which interest amounts are added to principal over time as specified in the relevant offering materials and which converts to a current pay bond on a future date.
(6) **Information Agent** — The term “Information Agent” means an information agent appointed in accordance with subsection (l).
(7) **Insured Bond** — The term “Insured Bond” means a bond subject to a financial guarantee or similar insurance contract, policy or surety issued by a monoline insurer.
(8) **Issuer** — The term “Issuer” means, as applicable, the Territory Government Issuer or an Authorized Territorial Instrumentality that has issued or guaranteed at least one Bond that is Outstanding.
(9) **Modific
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2104
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Except as provided in subsection (b), if any provision of this chapter or the application thereof to any person or circumstance is held invalid, the remainder of this chapter, or the application of that provision to persons or circumstances other than those as to which it is held invalid, is not affected thereby, provided that subchapter III is not severable from subchapters I and II, and subchapters I and II are not severable from subchapter III.
**(b) Uniformity** If a court holds invalid any provision of this chapter or the application thereof on the ground that the provision fails to treat similarly situated territories uniformly, then the court shall, in granting a remedy, order that the provision of this chapter or the application thereof be extended to any other similarly situated territory, provided that the legislature of that territory adopts a resolution signed by the territory’s governor requesting the establishment and organization of a Financial Oversight and Management Board pursuant to [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2122
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter—
(1) **Agreed accounting standards** — The term “agreed accounting standards” means modified accrual accounting standards or, for any period during which the Oversight Board determines in its sole discretion that a territorial government is not reasonably capable of comprehensive reporting that complies with modified accrual accounting standards, such other accounting standards as proposed by the Oversight Board.
(2) **Bond** — The term “Bond” means a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness for borrowed money, including rights, entitlements, or obligations whether such rights, entitlements, or obligations arise from contract, statute, or any other source of law, in any case, related to such a bond, loan, letter of credit, other borrowing title, obligation of insurance, or other financial indebtedness in physical or dematerialized form of which the issuer, obligor, or guarantor is the territorial government.
(3) **Bond Claim** — The term “Bond Claim” means, as it relates to a Bond—
(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or
(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.
(4) **Budget** — The term “Budget” means the Territory Budget or an Instrumentality Budget, as applicable.
(5) **Puerto Rico** — The term “Puerto Rico” means the Commonwealth of Puerto Rico.
(6) **Compliant budget** — The term “compliant
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2124
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Federal law — U.S. Code and appendices · legal_authorities
An entity may be a debtor under this subchapter if—
(1) the entity is—
(A) a territory that has requested the establishment of an Oversight Board or has had an Oversight Board established for it by the United States Congress in accordance with [section 2121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2121&num=0&edition=prelim); or
(B) a covered territorial instrumentality of a territory described in paragraph (1)(A);
(2) the Oversight Board has issued a certification under [section 2146(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2146/b&num=0&edition=prelim) for such entity; and
(3) the entity desires to effect a plan to adjust its debts.
Source: Supplied U.S. Code snapshot — release unconfirmed · 48 U.S.C. § 2168
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