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46 U.S.C. § 53713 — Administrative fees

Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53713 — Administrative fees

**(a) In General.—** The Secretary or Administrator shall charge and collect from the obligor fees the Secretary or Administrator considers reasonable for processing the application and monitoring the loan guarantee, including for— (1) investigating an application for a guarantee; (2) appraising property offered as security for a guarantee; (3) issuing a commitment; (4) providing services related to an escrow fund under [section 53715 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53715&num=0&edition=prelim) or a deposit fund under [section 53716 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53716&num=0&edition=prelim); (5) inspecting property during construction, reconstruction, or reconditioning; and (6) monitoring and providing services related to the obligor’s compliance with any terms related to the obligations, the guarantee, or maintenance of the Secretary or Administrator’s security interests under this chapter. **(b) Total Fee Limitation.—** The total fees under subsection (a) may not exceed 0.5 percent of the original principal amount of the obligations to be guaranteed. **(c) Fees for Independent Analysis.—** (1) **In general.—** — The Secretary or Administrator may charge and collect fees to cover the costs of independent analysis under [section 53703(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53703/c&num=0&edition=prelim). Notwithstanding [section 3302 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section3302&num=0&edition=prelim), any fee collected under this subsection shall— (A) be credited as an offsetting collection to the account that finances the administration of t

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Source location: Title 46, Chapter 537, § 53713; chapter-537-loans-and-guarantees.md

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 3302 — Custodians of money

**(a)** Except as provided by another law, an official or agent of the United States Government having custody or possession of public money shall keep the money safe without— (1) lending the money; (2) using the money; (3) depositing the money in a bank; and (4) exchanging the money for other amounts. **(b)** Except as provided in section 3718(b) 11 See References in Text note below. of this title, an official or agent of the Government receiving money for the Government from any source shall deposit the money in the Treasury as soon as practicable without deduction for any charge or claim. **(c)** (1) A person having custody or possession of public money, including a disbursing official having public money not for current expenditure, shall deposit the money without delay in the Treasury or with a depositary designated by the Secretary of the Treasury under law. Except as provided in paragraph (2), money required to be deposited pursuant to this subsection shall be deposited not later than the third day after the custodian receives the money. The Secretary or a depositary receiving a deposit shall issue duplicate receipts for the money deposited. The original receipt is for the Secretary and the duplicate is for the custodian. (2) The Secretary of the Treasury may by regulation prescribe that a person having custody or possession of money required by this subsection to be deposited shall deposit such money during a period of time that is greater or lesser than the period of time specified by the second sentence of paragraph (1). **(d)** An official or agent not complying with subsection (b) of this section may be removed from office. The official or agent may be required to forfeit to the Government any part of the money held by the official or agent and to w

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 101 — Agency

In this title, the term “agency” means a department, agency, or instrumentality of the United States Government.

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53716 — Deposit fund

**(a) In General.—** There is a deposit fund in the Treasury for purposes of this section. The Secretary or Administrator, in accordance with an agreement under subsection (b), may deposit into and hold in the fund cash belonging to an obligor to serve as collateral for a guarantee made under this chapter with respect to the obligor. **(b) Agreement.—** The Secretary or Administrator and an obligor shall make a reserve fund or other collateral account agreement to govern the deposit, withdrawal, retention, use, and reinvestment of cash of the obligor held in the fund. The agreement shall contain— (1) terms and conditions required by this section; (2) terms that grant to the United States Government a security interest in all amounts deposited into the fund; and (3) any additional terms considered by the Secretary or Administrator to be necessary to protect fully the interests of the Government. **(c) Investment.—** The Secretary or Administrator may invest and reinvest any part of the amounts in the fund in obligations of the Government with maturities such that amounts in the fund will be available as required for purposes of the agreement under subsection (b). Cash balances in the fund in excess of current requirements shall be maintained in a form of uninvested funds, and the Secretary of the Treasury shall pay interest on these funds. **(d) Withdrawals.—** (1) **In general.—** — Cash deposited into the fund may not be withdrawn without the consent of the Secretary or Administrator. (2) **Use of income.—** — Subject to paragraph (3), the Secretary or Administrator may pay any income earned on cash of an obligor deposited into the fund in accordance with the agreement with the obligor under subsection (b). (3) **Retention against default.—** — The Secretary o

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53715 — Escrow fund

**(a) In General.—** If the proceeds of an obligation guaranteed under this chapter are to be used to finance the construction, reconstruction, or reconditioning of a vessel that will serve as security for a guarantee under this chapter, the Secretary or Administrator may accept and hold in escrow, under an escrow agreement with the obligor, a portion of the proceeds of all obligations guaranteed under this chapter whose proceeds are to be so used which is equal to— (1) the excess of— (A) the principal amount of all obligations whose proceeds are to be so used; over (B) 75 percent or 87.5 percent, whichever is applicable under [section 53709(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title46-section53709/b&num=0&edition=prelim), of the amount paid by or for the account of the obligor for the construction, reconstruction, or reconditioning of the vessel; plus (2) any interest the Secretary or Administrator may require on the amount described in paragraph (1). **(b) Security Involving Both Uncompleted and Delivered Vessels.—** If the security for the guarantee of an obligation relates both to a vessel to be constructed, reconstructed, or reconditioned and to a delivered vessel, the principal amount of the obligation shall be prorated for purposes of subsection (a) under regulations prescribed by the Secretary or Administrator. **(c) Disbursement Before Termination of Agreement.—** (1) **Purposes.—** — The Secretary or Administrator shall disburse amounts in the escrow fund, as specified in the escrow agreement, to— (A) pay amounts the obligor is obligated to pay for— (i) the construction, reconstruction, or reconditioning of a vessel used as security for the guarantee; and (ii) interest on the obligations; (B)

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Federal law — U.S. Code and appendices · legal_authorities

46 U.S.C. § 53713 — Administrative fees

Page 449 TITLE 46—SHIPPING § 53713 § 53712. Monitoring financial condition and oper- ations of obligor (a) IN GENERAL.—The Secretary or Adminis- trator shall monitor the financial condition and operations of the obligor on a regular basis dur- ing the term of the guarantee. The Secretary or Administrator shall document the results of the monitoring on an annual or quarterly basis de- pending on the condition of the obligor. If the Secretary or Administrator determines that the financial condition of the obligor warrants addi- tional protections to the Secretary or Adminis- trator, the Secretary or Administrator shall take appropriate action under subsection (b). If the Secretary or Administrator determines that the financial condition of the obligor jeopardizes its continued ability to perform its responsibil- ities in connection with the guarantee of an ob- ligation by the Secretary or Administrator, the Secretary or Administrator shall make an im- mediate determination whether default should take place and whether further measures de- scribed in subsection (b) should be taken to pro- tect the interests of the Secretary or Adminis- trator while ensuring that program objectives are met. (b) CONTRACT PROVISIONS TO PROTECT SEC- RETARY OR ADMINISTRATOR.—The Secretary or Administrator shall include provisions in a loan agreement with an obligor that provides addi- tional authority to the Secretary or Adminis- trator to take action to limit potential losses in connection with a defaulted loan or a loan that is in jeopardy due to the deteriorating financial condition of the obligor. If the Secretary or Ad- ministrator has waived a requirement under sec- tion 53707(d) of this title, the loan agreement shall include requirements for additional pay- ments, co

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