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12 U.S.C. § 4748 — Reimbursement to Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If a participating State withdraws funds from a reserve fund pursuant to terms of the participation agreement permitted by subsection (d) or (r) of [section 4745 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4745&num=0&edition=prelim), such participating State shall, not later than 15 calendar days after such withdrawal, submit to the Fund an amount computed by multiplying the amount withdrawn by the appropriate factor, as determined under subsection (b).
**(b) Factor** The appropriate factor shall be obtained by dividing the total amount of contributions that have been made by the participating State to all reserve funds which were subject to reimbursement—
(1) by 2; and
(2) by the total amount of contributions made by the participating State to all reserve funds, including if applicable, contributions that have been made by the State prior to becoming a participating State if the State continued its own capital access program in accordance with [section 4743(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4743/b&num=0&edition=prelim).
**(c) Use of reimbursements** The Fund may use funds reimbursed pursuant to this section to make reimbursements under [section 4747 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4747&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-12/section-4748-reimbursement-to-fund--b8adaa909a.md
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Source location: Title 12, Chapter 47, § 4748; chapter-047-community-development-banking.md
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**(a) In general** If a participating State withdraws funds from a reserve fund pursuant to terms of the participation agreement permitted by subsection (d) or (r) of [section 4745 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4745&num=0&edition=prelim), such participating State shall, not later than 15 calendar days after such withdrawal, submit to the Fund an amount computed by multiplying the amount withdrawn by the appropriate factor, as determined under subsection (b).
**(b) Factor** The appropriate factor shall be obtained by dividing the total amount of contributions that have been made by the participating State to all reserve funds which were subject to reimbursement—
(1) by 2; and
(2) by the total amount of contributions made by the participating State to all reserve funds, including if applicable, contributions that have been made by the State prior to becoming a participating State if the State continued its own capital access program in accordance with [section 4743(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4743/b&num=0&edition=prelim).
**(c) Use of reimbursements** The Fund may use funds reimbursed pursuant to this section to make reimbursements under [section 4747 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4747&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The participation agreement to be entered into by a participating State and a participating financial institution shall include all provisions required by this section, and shall not include any provisions inconsistent with the provisions of this section.
**(b) Establishment of separate reserve funds** A separate reserve fund shall be established by the participating State for each participating financial institution. All funds credited to a reserve fund shall be the exclusive property of the participating State. Each reserve fund shall be an administrative account for the purposes of—
(1) receiving all required premium charges to be paid by the borrower and participating financial institution and contributions by the participating State; and
(2) disbursing funds, either to cover losses sustained by the participating financial institution in connection with loans made under the Program, or as contemplated by subsections (d) and (r).
**(c) Investment authority** Subject to applicable State law, the participating State may invest, or cause to be invested, funds held in a reserve fund by establishing a deposit account at the participating financial institution in the name of the participating State. In the event that funds in the reserve fund are not deposited in such an account, such funds shall be invested in a form that the participating State determines is safe and liquid.
**(d) Earned income and interest** Interest or income earned on the funds credited to a reserve fund shall be deemed to be part of the reserve fund, except that a participating State may, as further specified in the participation agreement, provide authority for the participating State to withdraw some or all of such interest or income earned.
**(e) Loan terms and conditions*
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4745
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reimbursements** Not later than 30 calendar days after receiving a report filed in compliance with [section 4746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4746&num=0&edition=prelim), the Fund shall reimburse the participating State in an amount equal to 50 percent of the amount of contributions by the participating State to the reserve funds that are subject to reimbursement by the Fund pursuant to [section 4746 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4746&num=0&edition=prelim) and this section. The Fund shall reimburse participating States, as it receives reports pursuant to [section 4746(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4746/a&num=0&edition=prelim), until available funds are expended.
**(b) Size of assisted borrower** The Fund shall not provide any reimbursement to a participating State with respect to an enrolled loan made to a borrower that has 500 or more employees at the time that the loan is enrolled in the Program.
**(c) Three-year maximum** The amount of reimbursement to be provided by the Fund to a participating State over any 3-year period in connection with loans made to any single borrower or any group of borrowers among which a common enterprise exists shall not exceed $75,000. For purposes of this subsection, “common enterprise” shall have the same meaning as in part 32 of title 12 of the Code of Federal Regulations, or any successor to that part.
**(d) Loans totaling less than $2,000,000** In connection with a loan in which the covered amount of the loan plus the covered amount of all previous loans enrolled by a participating financial institution does not exceed $2,000,000, the amount
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4747
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Federal law — U.S. Code and appendices · legal_authorities
Page 1760
TITLE 12—BANKS AND BANKING
§ 4748
1 See References in Text note below.
(2) by applying subsection (e) to the balance
of the loan.
(Pub. L. 103–325, title II, § 257, Sept. 23, 1994, 108
Stat. 2212.)
§ 4748. Reimbursement to Fund
(a) In general
If a participating State withdraws funds from
a reserve fund pursuant to terms of the partici-
pation agreement permitted by subsection (d) or
(r) of section 4745 of this title, such partici-
pating State shall, not later than 15 calendar
days after such withdrawal, submit to the Fund
an
amount
computed
by
multiplying
the
amount withdrawn by the appropriate factor, as
determined under subsection (b).
(b) Factor
The appropriate factor shall be obtained by di-
viding the total amount of contributions that
have been made by the participating State to all
reserve funds which were subject to reimburse-
ment—
(1) by 2; and
(2) by the total amount of contributions
made by the participating State to all reserve
funds, including if applicable, contributions
that have been made by the State prior to be-
coming a participating State if the State con-
tinued its own capital access program in ac-
cordance with section 4743(b) of this title.
(c) Use of reimbursements
The Fund may use funds reimbursed pursuant
to this section to make reimbursements under
section 4747 of this title.
(Pub. L. 103–325, title II, § 258, Sept. 23, 1994, 108
Stat. 2213.)
§ 4749. Regulations
The Fund shall promulgate appropriate regu-
lations to implement this subchapter.
(Pub. L. 103–325, title II, § 259, Sept. 23, 1994, 108
Stat. 2214.)
§ 4750. Authorization of appropriations
(a) Amount
There are authorized to be appropriated to the
Fund $50,000,000 to carry out this subchapter.
(b) Budgetary treatment
The amount aut
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4748
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