Browse Arkansas Code titles and sections
15 U.S.C. § 661 — Congressional declaration of policy
Federal law — U.S. Code and appendices · legal_authorities
It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 661
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 0563b9a2564ee303b3053ce6d2e5416d9d6eb6b945770bd7ca6eccbb60751398. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_a943f08df540d9238aa3cc1c
Source file: Laws/federal/codes/united-states-code/title-15/section-661-congressional-declaration-of-policy--aafa2b8f0f.md
Pages: Not recorded – Not recorded
Passage SHA-256: 9da10be819482e4c97fedc9309851b3e47e42e6755caf383ae80b5123d19f53e
Source location: Title 15, Chapter 14B, § 661; chapter-14b-small-business-investment-program.md
Stored source content
It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Dec. 23, 1913, ch. 6, § 13b, as added June 19, 1934, ch. 653, § 1, 48 Stat. 1105; amended Aug. 23, 1935, ch. 614, title III, § 323, 49 Stat. 714, authorized Federal Reserve Banks to make loans to industrial and commercial businesses and to discount or purchase industrial obligations from financial institutions, and created an industrial advisory committee.
#### Effective Date of Repeal
Pub. L. 85–699, title VI, § 601, Aug. 21, 1958, 72 Stat. 697, provided that the repeal of this section is effective one year after Aug. 21, 1958.
#### Savings Provision
Pub. L. 85–699, title VI, § 601, Aug. 21, 1958, 72 Stat. 697, provided that the repeal of this section shall not affect the power of any Federal Reserve bank to carry out, or protect its interest under, any agreement theretofore made or transaction entered into in carrying on operations under this section.
#### Fund for Management Counseling
Pub. L. 85–699, title VI, § 602(a), (b), Aug. 21, 1958, 72 Stat. 698, required Federal Reserve banks to repay to the United States certain amounts paid to them under [12 U.S.C. 352a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section352a&num=0&edition=prelim), such amounts to be covered into a special fund for grants under [section 636 of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636&num=0&edition=prelim), Commerce and Trade. See text of note set out under that section.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 352a
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority to issue obligations** Each small business investment company shall have authority to borrow money and to issue its securities, promissory notes, or other obligations under such general conditions and subject to such limitations and regulations as the Administration may prescribe.
**(b) Debentures and participating securities** To encourage the formation and growth of small business investment companies the Administration is authorized when authorized in appropriation Acts, to purchase, or to guarantee the timely payment of all principal and interest as scheduled on, debentures or participating securities issued by such companies. Such purchases or guarantees may be made by the Administration on such terms and conditions as it deems appropriate, pursuant to regulations issued by the Administration. The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guarantee under this subsection. Debentures purchased or guaranteed by the Administration under this subsection shall be subordinate to any other debenture bonds, promissory notes, or other debts and obligations of such companies, unless the Administration in its exercise of reasonable investment prudence and in considering the financial soundness of such company determines otherwise. Such debentures may be issued for a term of not to exceed fifteen years and shall bear interest at a rate not less than a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities on such debentures, adjusted to the nearest one-eighth of 1 percent, plus, for debentures obl
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 683
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In order to provide thrift institutions for the deposit of funds and for the extension of credit for homes and other goods and services, the Comptroller of the Currency is authorized, under such regulations as the Comptroller of the Currency may prescribe—
(1) to provide for the organization, incorporation, examination, operation, and regulation of associations to be known as Federal savings associations (including Federal savings banks), and
(2) to issue charters therefor,
giving primary consideration of the best practices of thrift institutions in the United States. The lending and investment powers conferred by this section are intended to encourage such institutions to provide credit for housing safely and soundly.
**(b) Deposits and related powers**
(1) **Deposit accounts**
(A) Subject to the terms of its charter and regulations of the Comptroller of the Currency, a Federal savings association may—
(i) raise funds through such deposit, share, or other accounts, including demand deposit accounts (hereafter in this section referred to as “accounts”); and
(ii) issue passbooks, certificates, or other evidence of accounts.
(B) A Federal savings association may not permit any overdraft (including an intraday overdraft) on behalf of an affiliate, or incur any such overdraft in such savings association’s account at a Federal reserve bank or Federal home loan bank on behalf of an affiliate.All savings accounts and demand accounts shall have the same priority upon liquidation. Holders of accounts and obligors of a Federal savings association shall, to such extent as may be provided by its charter or by regulations of the Comptroller of the Currency, be members of the savings association, and shall have such voting rights and such other
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1464
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The Administration may establish a Premier Certified Lenders Program for certified development companies that meet the requirements of subsection (b).
**(b) Requirements**
(1) **Application** — To be eligible to participate in the Premier Certified Lenders Program established under subsection (a), a certified development company shall prepare and submit to the Administration an application at such time, in such manner, and containing such information as the Administration may require.
(2) **Designation** — The Administration may designate a certified development company as a premier certified lender—
(A) if the company is an active certified development company in good standing and has been an active participant in the accredited lenders program during the entire 12-month period preceding the date on which the company submits an application under paragraph (1), except that the Administration may waive this requirement if the company is qualified to participate in the accredited lenders program;
(B) if the company has a history of—
(i) submitting to the Administration adequately analyzed debenture guarantee application packages; and
(ii) of properly closing section 504 [[15 U.S.C. 697a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697a&num=0&edition=prelim)] loans and servicing its loan portfolio;
(C) if the company agrees to assume and to reimburse the Administration for 10 percent of any loss sustained by the Administration as a result of default by the company in the payment of principal or interest on a debenture issued by such company and guaranteed by the Administration under this section (15 percent in the case of any such loss attributable to a debenture issued by the company during any pe
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 697e
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Prepayment authorized** — Subject to the requirements set forth in subsection (b), an issuer of a debenture purchased by the Federal Financing Bank and guaranteed by the Administration under this chapter may, at the election of the borrower (in the case of a loan under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim)) or the issuer (in the case of a small business investment company) and with the approval of the Administration, prepay such debenture in accordance with the provisions of this section.
(2) **Procedure**
(A) *In general* — In making a prepayment under paragraph (1)—
(i) the borrower (in the case of a loan under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim)) or the issuer (in the case of a small business investment company) shall pay to the Federal Financing Bank an amount that is equal to the sum of the unpaid principal balance due on the debenture as of the date of the prepayment (plus accrued interest at the coupon rate on the debenture) and the amount of the repurchase premium described in subparagraph (B); and
(ii) the Administration shall pay to the Federal Financing Bank the difference between the repurchase premium paid by the borrower under this subsection and the repurchase premium that the Federal Financing Bank would otherwise have received.
(B) *Repurchase premium*
(i) *In general* — For purposes of subparagraph (A)(i), the repurchase premium is the amount equal to the product of—
(I) the unpaid principal balance due on the debenture on the date of prepayment; and
(II) the applicable percentage rate, as determined in accor
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 697f
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Delegation of authority** In accordance with this section, the Administration shall delegate to any qualified State or local development company (as defined in [section 697(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697/e&num=0&edition=prelim)) that meets the eligibility requirements of subsection (b)(1) the authority to foreclose and liquidate, or to otherwise treat in accordance with this section, defaulted loans in its portfolio that are funded with the proceeds of debentures guaranteed by the Administration under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697&num=0&edition=prelim).
**(b) Eligibility for delegation**
(1) **Requirements** — A qualified State or local development company shall be eligible for a delegation of authority under subsection (a) if—
(A) the company—
(i) has participated in the loan liquidation pilot program established by the Small Business Programs Improvement Act of 1996 ([15 U.S.C. 695](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section695&num=0&edition=prelim) note), as in effect on the day before promulgation of final regulations by the Administration implementing this section;
(ii) is participating in the Premier Certified Lenders Program under [section 697e of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section697e&num=0&edition=prelim); or
(iii) during the 3 fiscal years immediately prior to seeking such a delegation, has made an average of not less than 10 loans per year that are funded with the proceeds of debentures guaranteed under [section 697 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-sectio
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 697g
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Whoever violates any provision of law to which this section is made applicable by subsection (c) shall be subject to a civil penalty in an amount assessed by the court in a civil action under this section.
**(b) Maximum amount of penalty**
(1) **Generally** — The amount of the civil penalty shall not exceed $1,000,000.
(2) **Special rule for continuing violations** — In the case of a continuing violation, the amount of the civil penalty may exceed the amount described in paragraph (1) but may not exceed the lesser of $1,000,000 per day or $5,000,000.
(3) **Special rule for violations creating gain or loss**
(A) If any person derives pecuniary gain from the violation, or if the violation results in pecuniary loss to a person other than the violator, the amount of the civil penalty may exceed the amounts described in paragraphs (1) and (2) but may not exceed the amount of such gain or loss.
(B) As used in this paragraph, the term “person” includes the Bank Insurance Fund, the Savings Association Insurance Fund, and after the merger of such funds, the Deposit Insurance Fund, and the National Credit Union Share Insurance Fund.
**(c) Violations to which penalty is applicable** This section applies to a violation of, or a conspiracy to violate—
(1) section 215, 656, 657, 1005, 1006, 1007, 1014, or 1344 of title 18;
(2) section 287, 1001, 1032,11 See 1990 Amendment note below. 1341 or 1343 of title 18 affecting a federally insured financial institution; or
(3) [section 645(a) of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section645/a&num=0&edition=prelim).
**(d) Effective date** This section shall apply to violations occurring on or after August 10, 1984.
**(e) Attorney General to bring action** A civil act
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1833a
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Aid, counsel, assistance, etc., to small business concerns** The essence of the American economic system of private enterprise is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The preservation and expansion of such competition is basic not only to the economic well-being but to the security of this Nation. Such security and well-being cannot be realized unless the actual and potential capacity of small business is encouraged and developed. It is the declared policy of the Congress that the Government should aid, counsel, assist, and protect, insofar as is possible, the interests of small-business concerns in order to preserve free competitive enterprise, to insure that a fair proportion of the total purchases and contracts or subcontracts for property and services for the Government (including but not limited to contracts or subcontracts for maintenance, repair, and construction) be placed with small-business enterprises, to insure that a fair proportion of the total sales of Government property be made to such enterprises, and to maintain and strengthen the overall economy of the Nation.
**(b) Assistance to compete in international markets**
(1) It is the declared policy of the Congress that the Federal Government, through the Administrator of the Small Business Administration, acting through the Associate Administrator for International Trade, and in cooperation with the Department of Commerce and other relevant State and Federal agencies, should aid and assist small businesses, as defined under this chapter, to increase their ability to compete in international markets by—
(A) enhancing their abil
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 631
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
The Administration may, in addition to its authority under [section 695 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section695&num=0&edition=prelim), make loans for plant acquisition, construction, conversion or expansion, including the acquisition of land, to State and local development companies, and such loans may be made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis: Provided, however, That the foregoing powers shall be subject to the following restrictions and limitations:
(1) **Use of proceeds.—** — The proceeds of any such loan shall be used solely by the borrower to assist 1 or more identifiable small business concerns and for a sound business purpose approved by the Administration.
(2) **Maximum amount.—**
(A) *In general.—* — Loans made by the Administration under this section shall be limited to—
(i) $5,000,000 for each small business concern if the loan proceeds will not be directed toward a goal or project described in clause (ii), (iii), (iv), or (v);
(ii) $5,000,000 for each small business concern if the loan proceeds will be directed toward 1 or more of the public policy goals described under [section 695(d)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section695/d/3&num=0&edition=prelim);
(iii) $5,500,000 for each project of a small manufacturer;
(iv) $5,500,000 for each project that reduces the borrower’s energy consumption by at least 10 percent; and
(v) $5,500,000 for each project that generates renewable energy or renewable fuels, such as biodiesel or ethanol production.
(B) *Definition.—* — As used in this paragraph, the term “s
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 696
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Administration to guarantee surety against loss from principal’s breach of bond**
(1)
(A) The Administration may, upon such terms and conditions as it may prescribe, guarantee and enter into commitments to guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $6,500,000, as adjusted for inflation in accordance with [section 1908 of title 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title41-section1908&num=0&edition=prelim).
(B) The Administrator may guarantee a surety under subparagraph (A) for a total work order or contract amount that does not exceed $10,000,000, if a contracting officer of a Federal agency certifies that such a guarantee is necessary.
(2) The terms and conditions of said guarantees and commitments may vary from surety to surety on the basis of the Administration’s experience with the particular surety.
(3) The Administration may authorize any surety, without further administration approval, to issue, monitor, and service such bonds subject to the Administration’s guarantee.
(4) No such guarantee may be issued, unless—
(A) the person who would be principal under the bond is a small business concern;
(B) the bond is required in order for such person to bid on a contract, or to serve as a prime contractor or subcontractor thereon;
(C) such person is not able to obtain such bond on reasonable terms and conditions without a guarantee under this section; and
(D) there is a reasonable expectation that such principal will perform the covenants and conditions of the contract with respect to which such
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 694b
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.