Browse Arkansas Code titles and sections
12 U.S.C. § 4744 — Participation agreements
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A participating State may enter into a participation agreement with any financial institution determined by the participating State, after consultation with the appropriate Federal banking agency, to have sufficient commercial lending experience and financial and managerial capacity to participate in the Program. The determination by the State shall not be reviewable by the Fund.
**(b) Participating financial institutions** Upon entering into the participation agreement with the participating State, the financial institution shall become a participating financial institution eligible to enroll loans under the Program.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4744
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: 874265c30989107bd288643ba41055fa167976651c10ae07149684a0980d5c43. 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_e8f85f44608b99a25600d23d
Source file: Laws/federal/codes/united-states-code/title-12/section-4744-participation-agreements--76e1477779.md
Pages: Not recorded – Not recorded
Passage SHA-256: b9b484d3fe9e965c422c73495964f2a05a58f777feb2fdbf1b0f0f281a79a0f9
Source location: Title 12, Chapter 47, § 4744; chapter-047-community-development-banking.md
Stored source content
**(a) In general** A participating State may enter into a participation agreement with any financial institution determined by the participating State, after consultation with the appropriate Federal banking agency, to have sufficient commercial lending experience and financial and managerial capacity to participate in the Program. The determination by the State shall not be reviewable by the Fund.
**(b) Participating financial institutions** Upon entering into the participation agreement with the participating State, the financial institution shall become a participating financial institution eligible to enroll loans under the Program.
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
For purposes of this subchapter—
(1) the term “Fund” means the Community Development Financial Institutions Fund established under [section 4703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4703&num=0&edition=prelim);
(2) the term “appropriate Federal banking agency”—
(A) has the same meaning as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&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) the term “early loan” means a loan enrolled at a time when the aggregate covered amount of loans previously enrolled under the Program by a particular participating financial institution is less than $5,000,000;
(4) the term “enrolled loan” means a loan made by a participating financial institution that is enrolled by a participating State in accordance with this subchapter;
(5) the term “financial institution” means any federally chartered or State-chartered commercial bank, savings association, savings bank, or credit union;
(6) the term “participating financial institution” means any financial institution that has entered into a participation agreement with a participating State in accordance with [section 4744 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4744&num=0&edition=prelim);
(7) the term “participating State” means any State that has been approved for participation in the Program in accordance with [section 4743 of this titl
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4742
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Incoming connection: Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1756
TITLE 12—BANKS AND BANKING
§ 4744
(e) Amendments to agreements
If a State that has been approved to be a par-
ticipating State wishes to amend its form of
participation agreement and continue to be a
participating State, such State shall submit
such amendment for review by the Fund in ac-
cordance with subsection (b)(4). Any such
amendment shall become effective only after it
has been approved by the Fund.
(Pub. L. 103–325, title II, § 253, Sept. 23, 1994, 108
Stat. 2205.)
Editorial Notes
REFERENCES IN TEXT
Section 4747 of this title, referred to in subsec.
(c)(2)(A), was in the original ‘‘section 237’’ and was
translated as reading ‘‘section 257’’ meaning section 257
of Pub. L. 103–325, to reflect the probable intent of Con-
gress. Pub. L. 103–325 does not contain a section 237.
§ 4744. Participation agreements
(a) In general
A participating State may enter into a par-
ticipation agreement with any financial institu-
tion determined by the participating State,
after consultation with the appropriate Federal
banking agency, to have sufficient commercial
lending experience and financial and managerial
capacity to participate in the Program. The de-
termination by the State shall not be reviewable
by the Fund.
(b) Participating financial institutions
Upon entering into the participation agree-
ment with the participating State, the financial
institution shall become a participating finan-
cial institution eligible to enroll loans under the
Program.
(Pub. L. 103–325, title II, § 254, Sept. 23, 1994, 108
Stat. 2207.)
§ 4745. Terms of participation agreements
(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 s
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 4744
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.