19 U.S.C. § 2347 — Administration of financial assistance

Page 634 TITLE 19—CUSTOMS DUTIES § 2347 TERMINATION OF ASSISTANCE For termination of assistance under this part after June 30, 2022, see Termination Date note below. Editorial Notes REFERENCES IN TEXT The Small Business Act, referred to in subsec. (a), is Pub. L. 85–536, § 2 (1 et seq.), July 18, 1958, 72 Stat. 384, which is classified generally to chapter 14A (§ 631 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 631 of Title 15 and Tables. Section 2342(d) of this title, referred to in subsec. (a), was redesignated section 2342(c) of this title by Pub. L. 99–272, title XIII, § 13006(a)(2), Apr. 7, 1986, 100 Stat. 304. Section 1912 of this title, referred to in subsec. (c), was repealed by Pub. L. 93–618, title VI, § 602(e), Jan. 3, 1975, 88 Stat. 2072. Section 1912(d) of this title author- ized appropriations to the Secretary of Commerce to carry out functions under part II of subchapter III of chapter 7 of this title in connection with furnishing ad- justment assistance to firms. See section 2341 et seq. of this title for successor provisions. CODIFICATION Section reflects the July 1, 2021, reversion to provi- sions in effect on Jan. 1, 2014. See Effective and Termi- nation Dates note below. AMENDMENTS 2007—Subsec. (b). Pub. L. 110–89 inserted ‘‘and $4,000,000 for the 3-month period beginning on October 1, 2007,’’ after ‘‘2007,’’. 2004—Subsec. (b). Pub. L. 108–429 deemed amendment by Pub. L. 107–210, §111(b), never to have been enacted. See 2002 Amendment note below. 2002—Subsec. (b). Pub. L. 107–210, §131, amended sub- sec. (b) generally. Prior to amendment, subsec. (b) read as follows: ‘‘There are hereby authorized to be appro- priated to the Secretary for the period beginning Octo- ber 1, 1998, and ending September 30, 2001, such sums as may be necessary to carry out his functions under this part in connection with furnishing adjustment assist- ance to firms (including, but not limited to, the pay- ment of principal, interest, and reasonable costs inci- dent to default on loans guaranteed by the Secretary under the authority of this part), which sums are au- thorized to be appropriated to remain available until expended.’’ Pub. L. 107–210, §111(b), substituted ‘‘October 1, 2001, and ending September 30, 2007,’’ for ‘‘October 1, 1998, and ending September 30, 2001’’. Pub. L. 108–429, title II, §2004(a)(3), provided that the amendment by Pub. L. 107–210, §111(b), shall be deemed never to have been en- acted. 1999—Subsec. (b). Pub. L. 106–113 substituted ‘‘Sep- tember 30, 2001’’ for ‘‘June 30, 1999’’. 1998—Subsec. (b). Pub. L. 105–277 substituted ‘‘for the period beginning October 1, 1998, and ending June 30, 1999’’ for ‘‘for fiscal years 1993, 1994, 1995, 1996, 1997, and 1998’’. 1993—Subsec. (b). Pub. L. 103–66 substituted ‘‘1993, 1994, 1995, 1996, 1997, and 1998’’ for ‘‘1988, 1989, 1990, 1991, 1992, and 1993’’. 1988—Subsec. (b). Pub. L. 100–418 substituted ‘‘1988, 1989, 1990, 1991, 1992, and 1993’’ for ‘‘1986, 1987, 1988, 1989, 1990, and 1991’’. 1986—Subsec. (b). Pub. L. 99–272 inserted ‘‘for fiscal years 1986, 1987, 1988, 1989, 1990, and 1991’’ after ‘‘Sec- retary’’, struck out ‘‘from time to time’’ after ‘‘as may be necessary’’, and struck out ‘‘Direct loans and com- mitments to guarantee loans may be made under this part during any fiscal year only to such extent and in such amounts as are provided in advance in appropria- tions Acts.’’ after ‘‘available until expended.’’ 1981—Subsec. (b). Pub. L. 97–35 inserted provisions re- lating to payment of principal, interest, and reasonable costs, incident to defaults on guaranteed loans and pro- visions relating to direct loans and commitments to guarantee loans. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2007 AMENDMENT Amendment by Pub. L. 110–89 effective Oct. 1, 2007, see section 1(e) of Pub. L. 110–89, set out as a note under section 2317 of this title. EFFECTIVE DATE OF 2002 AMENDMENT Amendment by Pub. L. 107–210 applicable to petitions for certification filed under this part or part 2 of this subchapter on or after the date that is 90 days after Aug. 6, 2002, except as otherwise provided, see section 151 of Pub. L. 107–210, set out as a note preceding sec- tion 2271 of this title. EFFECTIVE DATE OF 1999 AMENDMENT Amendment by Pub. L. 106–113 effective as of July 1, 1999, see section 1000(a)(5) [title VII, §702(e)] of Pub. L. 106–113, set out as a note under section 2317 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Parts 2 and 3 of this subchapter applicable as if the amendment of this section by Pub. L. 99–272 had taken effect Dec. 18, 1985, see section 13009(c) of Pub. L. 99–272, set out as a note under section 2291 of this title. EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Aug. 13, 1981, except as otherwise provided with respect to applica- tions for adjustment assistance, see section 2529 of Pub. L. 97–35, set out as a note under section 2343 of this title. TERMINATION DATE Except as otherwise provided, technical assistance and grants may not be provided under this part after June 30, 2022, see section 285 of Pub. L. 93–618, as modi- fied by section 406(a)(7) of Pub. L. 114–27, set out as notes preceding section 2271 of this title. APPLICATION OF SUBSECTION (b) Subsection (b) of this section to be applied and ad- ministered by substituting ‘‘the 1-year period begin- ning on July 1, 2021’’ for ‘‘each of fiscal years 2003 through 2007, and $4,000,000 for the 3-month period be- ginning on October 1, 2007’’, see section 406(a)(5) of Pub. L. 114–27, set out in an Effective and Termination Dates of 2015 Revival note preceding section 2271 of this title. § 2347. Administration of financial assistance (a) Powers of Secretary In making and administering guarantees and loans under section 2344 of this title, the Sec- retary may— (1) require security for any such guarantee or loan, and enforce, waive, or subordinate such security; (2) assign or sell at public or private sale, or otherwise dispose of, upon such terms and con- ditions and for such consideration as he shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or se- curity assigned to or held by him in connec- tion with such guarantees or loans, and col- lect, compromise, and obtain deficiency judg- ments with respect to all obligations assigned to or held by him in connection with such guarantees or loans until such time as such obligations may be referred to the Attorney General for suit or collection; Page 635 TITLE 19—CUSTOMS DUTIES § 2348 (3) renovate, improve, modernize, complete, insure, rent, sell, or otherwise deal with, upon such terms and conditions and for such consid- eration as he shall determine to be reasonable, any real or personal property conveyed to or otherwise acquired by him in connection with such guarantees or loans; (4) acquire, hold, transfer, release, or convey any real or personal property or any interest therein whenever deemed necessary or appro- priate, and execute all legal documents for such purposes; and (5) exercise all such other powers and take all such other acts as may be necessary or in- cidental to the carrying out of functions pur- suant to section 2344 of this title. (b) Recordation of mortgages Any mortgage acquired as security under sub- section (a) shall be recorded under applicable State law. (c) Availability of receipts for financing func- tions All repayments of loans, payments of interest, and other receipts arising out of transactions entered into by the Secretary pursuant to this part, shall be available for financing functions performed under this part, including administra- tive expenses in connection with such functions. (d) Privileged or confidential information To the extent the Secretary deems it appro- priate, and consistent with the provisions of sec- tion 552(b)(4) and section 552b(c)(4) of title 5, that portion of any record, material or data re- ceived by the Secretary in connection with any application for financial assistance under this part which contains trade secrets or commercial or financial information regarding the operation or competitive position of any business shall be deemed to be privileged or confidential within the meaning of those provisions. (e) Capital assets secured by first lien; excep- tions Direct loans made, or loans guaranteed, under this part for the acquisition or development of real property or other capital assets shall ordi- narily be secured by a first lien on the assets to be financed and shall be fully amortized. To the extent that the Secretary finds that exceptions to these standards are necessary to achieve the objectives of this part, he shall develop appro- priate criteria for the protection of the interests of the United States. (Pub. L. 93–618, title II, § 257, Jan. 3, 1975, 88 Stat. 2033; Pub. L. 97–35, title XXV, § 2525, Aug. 13, 1981, 95 Stat. 892.) TERMINATION OF ASSISTANCE For termination of assistance under this part after June 30, 2022, see Termination Date note below. Editorial Notes CODIFICATION Section reflects the July 1, 2021, reversion to provi- sions in effect on Jan. 1, 2014. See Effective and Termi- nation Dates note below. AMENDMENTS 1981—Subsecs. (d), (e). Pub. L. 97–35 added subsecs. (d) and (e). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97–35 effective Aug. 13, 1981, except as otherwise provided with respect to applica- tions for adjustment assistance, see section 2529 of Pub. L. 97–35, set out as a note under section 2343 of this title. TERMINATION DATE Except as otherwise provided, technical assistance and grants may not be provided under this part after June 30, 2022, see section 285 of Pub. L. 93–618, as modi- fied by section 406(a)(7) of Pub. L. 114–27, set out as notes preceding section 2271 of this title. DEPOSIT OF RECEIPTS FROM TRANSACTIONS UNDER THIS PART INTO ECONOMIC DEVELOPMENT REVOLVING FUND Pub. L. 100–202, § 101(a) [title I, § 106], Dec. 22, 1987, 101 Stat. 1329, 1329–7, provided that: ‘‘Notwithstanding any other provision of law, including section 257(c) of the Trade Act of 1974, as amended [19 U.S.C. 2347(c)], and section 203 of the Public Works and Economic Develop- ment Act of 1965, as amended [42 U.S.C. 3143], principal and interest repayments from loans, proceeds from the sale of loan assets or collateral, and other receipts aris- ing out of transactions entered into pursuant to title II, chapter 3 of the Trade Act of 1974 [19 U.S.C. 2341 et seq.] shall be deposited into the economic development revolving fund established under section 203 of the Pub- lic Works and Economic Development Act of 1965 begin- ning October 1, 1987: Provided, That payments of obliga- tions in connection with loans guaranteed under the authority of the Trade Act of 1974 [19 U.S.C. 2101 et seq.] or the Public Works and Economic Development Act of 1965 [42 U.S.C. 3121 et seq.], and any related ex- penses, shall be made from funds available in the eco- nomic development revolving fund: Provided further, That deposits to the economic development revolving fund of amounts appropriated for, or received in con- nection with, activities authorized under the Trade Act of 1974, made prior to October 1, 1987, shall be deemed valid deposits.’’ § 2348. Protective provisions (a) Recordkeeping Each recipient of adjustment assistance under this part shall keep records which fully disclose the amount and disposition by such recipient of the proceeds, if any, of such adjustment assist- ance, and which will facilitate an effective audit. The recipient shall also keep such other records as the Secretary may prescribe. (b) Audit and examination The Secretary and the Comptroller General of the United States shall have access for the pur- pose of audit and examination to any books, documents, papers, and records of the recipient pertaining to adjustment assistance under this part. (c) Certifications No adjustment assistance under this part shall be extended to any firm unless the owners, part- ners, or officers certify to the Secretary— (1) the names of any attorneys, agents, and other persons engaged by or on behalf of the firm for the purpose of expediting applications for such adjustment assistance; and (2) the fees paid or to be paid to any such person. (d) Conflicts of interest No financial assistance shall be provided to any firm under this part unless the owners, part-