15 U.S.C. § 688 — Repealed. Pub. L. 87–341, § 11(e), Oct. 3,

Page 1114 TITLE 15—COMMERCE AND TRADE § 687m 1 So in original. Probably should be ‘‘it’’. 1 So in original. Probably should be capitalized. substituting provisions relating to small business in- vestment company for provisions relating to develop- ment company and requiring prioritized payment rate to be included in central registration requirements, and in par. (2) inserting provisions relating to participating securities, contracts to carry out pooling, and mainte- nance of commercial bank accounts. 1989—Subsec. (a). Pub. L. 101–162 inserted ‘‘, including companies operating under the authority of section 681(d) of this title,’’ after ‘‘investment companies’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Amendment by section 205 of Pub. L. 104–208 effective Oct. 1, 1996, see section 3 of Pub. L. 104–208, set out as a note under section 633 of this title. Amendment by section 208 of Pub. L. 104–208 effective Sept. 30, 1996, see section 208(j) of Pub. L. 104–208, set out as a note under section 634 of this title. REGULATIONS Pub. L. 99–272, title XVIII, § 18005(b), Apr. 7, 1986, 100 Stat. 365, provided that: ‘‘(1) Notwithstanding any law, rule, or regulation, within 60 days after the date of the enactment of this Act [Apr. 7, 1986], the Small Business Administration shall develop and promulgate final rules and regula- tions to implement the central registration provisions provided for in section 321(f)(1) of the Small Business Investment Act [15 U.S.C. 687l(f)(1)], and shall contract with an agent for an initial period of not to exceed two years to carry out the functions provided for in sec- tions 321(f)(2) and 321(f)(3) of such Act. ‘‘(2) Notwithstanding any law, rule, or regulation, within 60 days after the date of the enactment of this Act [Apr. 7, 1986], the Small Business Administration also shall consult with representatives of appropriate Federal and State agencies and officials, the securities industry, financial institutions and lenders, and small business persons, and shall develop and promulgate final rules and regulations to implement sections 504 and 505 [section 321; 15 U.S.C. 687l] of the Small Busi- ness Investment Act.’’ EFFECT OF SMALL BUSINESS EQUITY ENHANCEMENT ACT OF 1992 ON SECURITIES LAWS Nothing in amendment by Pub. L. 102–366 to be con- strued to affect applicability of securities laws or to otherwise supersede or limit jurisdiction of Securities and Exchange Commission, see section 418 of Pub. L. 102–366, set out as a note under section 661 of this title. § 687m. Periodic issuance of guarantees and trust certificates The Administration shall issue guarantees under section 683 of this title and trust certifi- cates under section 687l of this title at periodic intervals of not less than every 12 months and shall do so at such shorter intervals as its 1 deems appropriate, taking into consideration the amount and number of such guarantees or trust certificates. (Pub. L. 85–699, title III, § 320, formerly § 322, as added Pub. L. 100–590, title I, § 106(a), Nov. 3, 1988, 102 Stat. 2993; renumbered § 320 and amend- ed Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), (G), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 105–135, title II, § 215(e), Dec. 2, 1997, 111 Stat. 2603; Pub. L. 106–9, § 2(d)(2), Apr. 5, 1999, 113 Stat. 18.) Editorial Notes PRIOR PROVISIONS A prior section 320 of Pub. L. 85–699 was renumbered section 318 and is classified to section 687k of this title. AMENDMENTS 1999—Pub. L. 106–9 substituted ‘‘12 months’’ for ‘‘6 months’’. 1997—Pub. L. 105–135 substituted ‘‘6 months’’ for ‘‘three months’’. 1996—Pub. L. 104–208 made technical amendment to reference in original act which appears in text as ref- erence to section 687l of this title. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title. § 688. Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756 Section, Pub. L. 85–699, title III, § 309, Aug. 21, 1958, 72 Stat. 696, related to approval of State chartered invest- ment companies. See subsec. (a) of section 681 of this title. PART B—NEW MARKETS VENTURE CAPITAL PROGRAM § 689. Definitions In this part, the following definitions apply: (1) Developmental venture capital The term ‘‘developmental venture capital’’ means capital in the form of equity capital in- vestments in businesses made with a primary objective of fostering economic development in low-income geographic areas. For the pur- poses of this paragraph, the term ‘‘equity cap- ital’’ has the same meaning given such term in section 683(g)(4) of this title. (2) Low-income individual The term ‘‘low-income individual’’ means an individual whose income (adjusted for family size) does not exceed— (A) for metropolitan areas, 80 percent of the area median income; and (B) for nonmetropolitan areas, the greater of— (i) 80 percent of the area median income; or (ii) 80 percent of the statewide non- metropolitan area median income. (3) Low-income geographic area the 1 term ‘‘low-income geographic area’’ means— (A) any population census tract (or in the case of an area that is not tracted for popu- lation census tracts, the equivalent county division, as defined by the Bureau of the Census of the Department of Commerce for purposes of defining poverty areas), if— (i) the poverty rate for that census tract is not less than 20 percent; (ii) in the case of a tract— (I) that is located within a metropoli- tan area, 50 percent or more of the