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12 U.S.C. § 4747 — Reimbursement by Fund
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
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Stable record: federal_law:legal_authorities:record_usc_bf8df7712a7e35b208f49bfd
Source file: Laws/federal/codes/united-states-code/title-12/section-4747-reimbursement-by-fund--dc901fb809.md
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Source location: Title 12, Chapter 47, § 4747; chapter-047-community-development-banking.md
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**(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 of reimbursement by the Fund to the participating State shall not exceed the lesser of—
(1) 75 percent of the sum of the premium charges paid to the reserve fund by the borrower and the participating financial institution; or
(2) 5.25 percent of the covered amount of the loan.
**(e) Loans totaling more than $2,000,000** In connection with a loan in which the sum of the covered amounts of all previous loans enrolled by the participating financial institution in the Program equals or exceeds $2,000,000, the amount of reimbursement to be provided by the Fund to the participating State shall not exceed the lesser of—
(1) 50 percent of the sum of the premium charges paid by the borrower and the participating financial institution; or
(2) 3.5 percent of the covered amount of the loan.
**(f) Other amounts** In connection with the enrollment of a loan that will cause the aggregate covered amount of all enrolled loans to exceed $2,000,000, the amount of reimbursement by the Fund to the participating State shall be determined—
(1) by applying subsection (d) to the portion of the loan, which when added to the aggregate covered amount of all previously enrolled loans equals $2,000,000; and
(2) by applying subsection (e) to the balance of the loan.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Reserve funds report** On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by the participating State during the previous calendar quarter. If the participating State has made contributions to one or more reserve funds during the previous quarter, the report shall—
(1) indicate the total amount of such contributions;
(2) indicate the amount of contributions which is subject to reimbursement, which shall be equal to the total amount of contributions, unless one of the limitations contained in [section 4747 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4747&num=0&edition=prelim) is applicable;
(3) if one of the limitations in [section 4747 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4747&num=0&edition=prelim) is applicable, provide documentation of the applicability of such limitation for each loan for which the limitation applies; and
(4) include a certification by the participating State that—
(A) the information provided in accordance with paragraphs (1), (2), and (3) is accurate;
(B) funds in an amount meeting the minimum requirements of [section 4743(b)(3) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4743/b/3&num=0&edition=prelim) continue to be available and legally committed to contributions by the State to reserve funds, less any amount that has been contributed by the State to reserve funds subsequent to the State being approved for participation in the Program;
(C) there has been no unapproved amendment to any participation agreement or the form of participation agreements; and
(D) the participating State is oth
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4746
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Application** Any State may apply to the Fund for approval to be a participating State under the Program and to be eligible for reimbursement by the Fund pursuant to [section 4747 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4747&num=0&edition=prelim).
**(b) Approval criteria** The Fund shall approve a State to be a participating State, if—
(1) a specific department or agency of the State has been designated to implement the Program;
(2) all legal actions necessary to enable such designated department or agency to implement the Program have been accomplished;
(3) funds in the amount of at least $1 for every 2 people residing in the State (as of the last decennial census for which data have been released) are available and have been legally committed to contributions by the State to reserve funds, with such funds being available without time limit and without requiring additional legal action, except that such requirements shall not be construed to limit the authority of the State to take action at a later time that results in the termination of its obligation to enroll loans and make contributions to reserve funds;
(4) the State has prescribed a form of participation agreement to be entered into between it and each participating financial institution that is consistent with the requirements and purposes of this subchapter; and
(5) the State and the Fund have executed a reimbursement agreement that conforms to the requirements of this subchapter.
**(c) Existing State programs**
(1) **In general** — A State that is not a participating State, but that has its own capital access program providing portfolio insurance for business loans (based on a separate loss reserve fund for each financial institution), may apply
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4743
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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) 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).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4748
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Federal law — U.S. Code and appendices · legal_authorities
Page 1759
TITLE 12—BANKS AND BANKING
§ 4747
authorized by this subsection is resulting in
the enrollment of loans under the Program
that are likely to have been made without as-
sistance provided under this subchapter, the
Fund may notify the participating State that
henceforth, the Fund will only make reim-
bursements to the State under section 4747 of
this title with respect to a loan if the partici-
pation agreement between the participating
State and each participating financial institu-
tion has been amended to conform with this
section, without exercise of the special au-
thority granted by this subsection.
(Pub. L. 103–325, title II, § 255, Sept. 23, 1994, 108
Stat. 2207.)
§ 4746. Reports
(a) Reserve funds report
On or before the last day of each calendar
quarter, a participating State shall submit to
the Fund a report of contributions to reserve
funds made by the participating State during
the previous calendar quarter. If the partici-
pating State has made contributions to one or
more reserve funds during the previous quarter,
the report shall—
(1) indicate the total amount of such con-
tributions;
(2) indicate the amount of contributions
which is subject to reimbursement, which
shall be equal to the total amount of contribu-
tions, unless one of the limitations contained
in section 4747 of this title is applicable;
(3) if one of the limitations in section 4747 of
this title is applicable, provide documentation
of the applicability of such limitation for each
loan for which the limitation applies; and
(4) include a certification by the partici-
pating State that—
(A) the information provided in accordance
with paragraphs (1), (2), and (3) is accurate;
(B) funds in an amount meeting the min-
imum requirements of section 4743(b)(3) of
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4747
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.