12 U.S.C. § 5709 — Regulations

Page 2022 TITLE 12—BANKS AND BANKING § 5709 (1) consult with the Administrator of the Small Business Administration and the appro- priate Federal banking agencies on the admin- istration of the Program; (2) establish minimum national standards for approved State programs; (3) provide technical assistance to States for starting State programs and generally dis- seminate best practices; (4) manage, administer, and perform nec- essary program integrity functions for the Program; and (5) ensure adequate oversight of the ap- proved State programs, including oversight of the cash flows, performance, and compliance of each approved State program. (b) Appropriations There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise ap- propriated, $1,500,000,000 to carry out the Pro- gram, including to pay reasonable costs of ad- ministering the Program. (c) Termination of Secretary’s Program adminis- tration functions The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period begin- ning on March 11, 2021. (d) Expedited contracting During the 1-year period beginning on March 11, 2021, the Secretary may enter into contracts without regard to any other provision of law re- garding public contracts, for purposes of car- rying out this chapter. (e) Technical assistance Of the amounts appropriated for fiscal year 2021 to carry out the Program, $500,000,000 may be used by the Secretary to— (1) provide funds to States to carry out a technical assistance plan under which a State will provide legal, accounting, and financial advisory services, either directly or con- tracted with legal, accounting, and financial advisory firms, with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals, to very small businesses and business enter- prises owned and controlled by socially and economically disadvantaged individuals apply- ing for— (A) State programs under the Program; and (B) other State or Federal programs that support small businesses; (2) transfer amounts to the Minority Busi- ness Development Agency, so that the Agency may use such amounts in a manner the Agen- cy determines appropriate, including through contracting with third parties, to provide technical assistance to business enterprises owned and controlled by socially and economi- cally disadvantaged individuals applying to— (A) State programs under the Program; and (B) other State or Federal programs that support small businesses; and (3) contract with legal, accounting, and fi- nancial advisory firms (with priority given to business enterprises owned and controlled by socially and economically disadvantaged indi- viduals), to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged indi- viduals applying to— (A) State programs under the Program; and (B) other State or Federal programs that support small businesses. (Pub. L. 111–240, title III, § 3009, Sept. 27, 2010, 124 Stat. 2580; Pub. L. 117–2, title III, § 3301(a)(1)(F), (d), Mar. 11, 2021, 135 Stat. 69, 70.) AMENDMENTS 2021—Subsecs. (c), (d). Pub. L. 117–2, § 3301(a)(1)(F), substituted ‘‘March 11, 2021’’ for ‘‘September 27, 2010’’. Subsec. (e). Pub. L. 117–2, § 3301(d), added subsec. (e). 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. § 5709. Regulations The Secretary, in consultation with the Ad- ministrator of the Small Business Administra- tion, shall issue such regulations and other guid- ance as the Secretary determines necessary or appropriate to implement this chapter including to define terms, to establish compliance and re- porting requirements, and such other terms and conditions necessary to carry out the purposes of this chapter. (Pub. L. 111–240, title III, § 3010, Sept. 27, 2010, 124 Stat. 2581.) § 5710. Oversight and audits (a) Inspector General oversight The Inspector General of the Department of the Treasury shall conduct, supervise, and co- ordinate audits and investigations of the use of funds made available under the Program. (b) Required certification (1) Financial institutions certification With respect to funds received by a partici- pating State under the Program, any financial institution that receives a loan, a loan guar- antee, or other financial assistance using such funds after March 11, 2021, shall certify that such institution is in compliance with the re- quirements of section 103.121 of title 31, Code of Federal Regulations, a regulation that, at a minimum, requires financial institutions, as that term is defined in section 5312(a)(2) and (c)(1)(A) of title 31, to implement reasonable procedures to verify the identity of any person seeking to open an account, to the extent rea- sonable and practicable, maintain records of the information used to verify the person’s identity, and determine whether the person appears on any lists of known or suspected ter- rorists or terrorist organizations provided to the financial institution by any government agency.