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12 U.S.C. § 5706 — Reports
Federal law — U.S. Code and appendices · legal_authorities
**(a) Quarterly use-of-funds report**
(1) **In general** — Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the Secretary approves a State for participation, the participating State shall submit to the Secretary a report on the use of Federal funding by the participating State during the previous calendar quarter.
(2) **Report contents** — Each report under this subsection shall—
(A) indicate the total amount of Federal funding used by the participating State; and
(B) include a certification by the participating State that—
(i) the information provided in accordance with subparagraph (A) is accurate;
(ii) funds continue to be available and legally committed to contributions by the State to, or for the account of, approved State programs, less any amount that has been contributed by the State to, or for the account of, approved State programs subsequent to the State being approved for participation in the Program; and
(iii) the participating State is implementing its approved State program or programs in accordance with this chapter and regulations issued under [section 5709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5709&num=0&edition=prelim).
**(b) Annual report** Not later than March 31 of each year, beginning March 31, 2022, each participating State shall submit to the Secretary an annual report that shall include the following information:
(1) The number of borrowers that received new loans originated under the approved State program or programs after the State program was approved as eligible for Federal contributions.
(2) The total amount of such new loans.
(3) Breakdowns by industry type, loan size,
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Source file: Laws/federal/codes/united-states-code/title-12/section-5706-reports--a2b4e4c003.md
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Source location: Title 12, Chapter 54, § 5706; chapter-054-state-small-business-credit-initiative.md
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**(a) Quarterly use-of-funds report**
(1) **In general** — Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the Secretary approves a State for participation, the participating State shall submit to the Secretary a report on the use of Federal funding by the participating State during the previous calendar quarter.
(2) **Report contents** — Each report under this subsection shall—
(A) indicate the total amount of Federal funding used by the participating State; and
(B) include a certification by the participating State that—
(i) the information provided in accordance with subparagraph (A) is accurate;
(ii) funds continue to be available and legally committed to contributions by the State to, or for the account of, approved State programs, less any amount that has been contributed by the State to, or for the account of, approved State programs subsequent to the State being approved for participation in the Program; and
(iii) the participating State is implementing its approved State program or programs in accordance with this chapter and regulations issued under [section 5709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5709&num=0&edition=prelim).
**(b) Annual report** Not later than March 31 of each year, beginning March 31, 2022, each participating State shall submit to the Secretary an annual report that shall include the following information:
(1) The number of borrowers that received new loans originated under the approved State program or programs after the State program was approved as eligible for Federal contributions.
(2) The total amount of such new loans.
(3) Breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers that received such new loans.
(4) The zip code of each borrower that received such a new loan.
(5) Such other data as the Secretary, in the Secretary’s sole discretion, may require to carry out the purposes of the Program.
**(c) Form** The reports and data filed under subsections (a) and (b) shall be in such form as the Secretary, in the Secretary’s sole discretion, may require.
**(d) Termination of reporting requirements** The requirement to submit reports under subsections (a) and (b) shall terminate for a participating State with the submission of the completed reports due on the first March 31 to occur after 5 complete 12-month periods after the State is approved by the Secretary to be a participating State.
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Federal law — U.S. Code and appendices · legal_authorities
In this chapter, the following definitions shall apply:
(1) **Appropriate committees of Congress** — The term “appropriate committees of Congress” means—
(A) the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and
(B) the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the same meaning as in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim); and
(B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [[12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.].
(3) **Enrolled loan** — The term “enrolled loan” means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter.
(4) **Federal contribution** — The term “Federal contribution” means the portion of the contribution made by a participating State to, or for the account of, an approved State program that is made with Federal funds allocated to the State by the Secretary under [section 5702 of this title](https://uscode.house.gov/view.xhtml?r
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary, in consultation with the Administrator of the Small Business Administration, shall issue such regulations and other guidance as the Secretary determines necessary or appropriate to implement this chapter including to define terms, to establish compliance and reporting requirements, and such other terms and conditions necessary to carry out the purposes of this chapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5709
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Remedies**
(1) **In general** — If any of the events listed in paragraph (2) occur, the Secretary, in the Secretary’s discretion, may—
(A) reduce the amount of Federal funds allocated to the State under the Program; or
(B) terminate any further transfers of allocated amounts that have not yet been transferred to the State.
(2) **Causal events** — The events referred to in paragraph (1) are—
(A) termination by a participating State of its participation in the Program;
(B) failure on the part of a participating State to submit complete reports under [section 5706 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5706&num=0&edition=prelim) on a timely basis; or
(C) noncompliance by the State with the terms of the allocation agreement between the Secretary and the State.
**(b) Deallocated amounts to be reallocated** If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the participating States, excluding the State whose allocated funds were deemed to be no longer allocated, as provided in [section 5702(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5702/b&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5707
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Federal law — U.S. Code and appendices · legal_authorities
Page 2021
TITLE 12—BANKS AND BANKING
§ 5708
Editorial Notes
AMENDMENTS
2021—Subsec. (b)(4). Pub. L. 117–2 substituted ‘‘March
11, 2021’’ for ‘‘September 27, 2010’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2021 AMENDMENT
Amendment by Pub. L. 117–2 applicable with respect
to funds appropriated under section 3301 of Pub. L. 117–2
and funds appropriated on and after Mar. 11, 2021, see
section 3301(g) of Pub. L. 117–2, set out as a note under
section 5701 of this title.
§ 5706. Reports
(a) Quarterly use-of-funds report
(1) In general
Not later than 30 days after the beginning of
each calendar quarter, beginning after the
first full calendar quarter to occur after the
date the Secretary approves a State for par-
ticipation, the participating State shall sub-
mit to the Secretary a report on the use of
Federal funding by the participating State
during the previous calendar quarter.
(2) Report contents
Each report under this subsection shall—
(A) indicate the total amount of Federal
funding used by the participating State; and
(B) include a certification by the partici-
pating State that—
(i) the information provided in accord-
ance with subparagraph (A) is accurate;
(ii) funds continue to be available and le-
gally committed to contributions by the
State to, or for the account of, approved
State programs, less any amount that has
been contributed by the State to, or for
the account of, approved State programs
subsequent to the State being approved for
participation in the Program; and
(iii) the participating State is imple-
menting its approved State program or
programs in accordance with this chapter
and regulations issued under section 5709
of this title.
(b) Annual report
Not later than March 31 of each year, begin-
ning
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