15 U.S.C. § 687k — Guaranteed obligations not eligible for

Page 1112 TITLE 15—COMMERCE AND TRADE § 687g (Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.) Editorial Notes REFERENCES IN TEXT For definition of ‘‘this chapter’’, referred to in sub- sec. (a), see References in Text note set out under sec- tion 661 of this title. § 687g. Penalties and forfeitures (a) Report violations Except as provided in subsection (b) of this section, a licensee which violates any regulation or written directive issued by the Adminis- trator, requiring the filing of any regular or spe- cial report pursuant to section 687b(b) of this title, shall forfeit and pay to the United States a civil penalty of not more than $100 for each and every day of the continuance of the licens- ee’s failure to file such report, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The civil penalties provided for in this section shall accrue to the United States and may be recovered in a civil action brought by the Administration. (b) Exemption from reporting requirements The Administration may by rules and regula- tions, or upon application of an interested party, at any time previous to such failure, by order, after notice and opportunity for hearing, exempt in whole or in part, any small business invest- ment company from the provisions of subsection (a) of this section, upon such terms and condi- tions and for such period of time as it deems necessary and appropriate, if the Administra- tion finds that such action is not inconsistent with the public interest or the protection of the Administration. The Administration may for the purposes of this section make any alter- native requirements appropriate to the situa- tion. (Pub. L. 85–699, title III, § 315, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.) § 687h. Jurisdiction and service of process Any suit or action brought under section 687, 687a, 687c, 687e, or 687g of this title by the Ad- ministration at law or in equity to enforce any liability or duty created by, or to enjoin any violation of, this chapter, or any rule, regula- tion, or order promulgated thereunder, shall be brought in the district wherein the licensee maintains its principal office, and process in such cases may be served in any district in which the defendant maintains its principal of- fice or transacts business, or wherever the de- fendant may be found. (Pub. L. 85–699, title III, § 316, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.) Editorial Notes REFERENCES IN TEXT For definition of ‘‘this chapter’’, referred to in text, see References in Text note set out under section 661 of this title. §§ 687i, 687j. Repealed. Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747 Section 687i, Pub. L. 85–699, title III, § 317, as added Pub. L. 92–595, § 2(g), Oct. 27, 1972, 86 Stat. 1316; amended Pub. L. 95–507, title I, § 103, Oct. 24, 1978, 92 Stat. 1758, established effective rate of interest of debentures pur- chased by Administration from small business invest- ment company under authority of section 683(c) of this title. Section 687j, Pub. L. 85–699, title III, § 318, as added Pub. L. 92–595, § 2(g), Oct. 27, 1972, 86 Stat. 1316, author- ized Administration to extend benefits of sections 683(c) and 687i of this title to any small business invest- ment company operating under authority of section 681(d) of this title, and which was owned, in whole or in part, by one or more small business investment compa- nies, in accordance with regulations promulgated by Administration. § 687k. Guaranteed obligations not eligible for purchase by Federal Financing Bank Nothing in any provision of law shall be con- strued to authorize the Federal Financing Bank to acquire after September 30, 1985— (1) any obligation the payment of principal or interest on which has at any time been guaranteed in whole or in part under this sub- chapter, (2) any obligation which is an interest in any obligation described in paragraph (1), or (3) any obligation which is secured by, or substantially all of the value of which is at- tributable to, any obligation described in paragraph (1) or (2). (Pub. L. 85–699, title III, § 318, formerly § 320, as added Pub. L. 99–272, title XVIII, § 18004(a), Apr. 7, 1986, 100 Stat. 364; renumbered § 318, Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747.) Editorial Notes PRIOR PROVISIONS A prior section 318 of Pub. L. 85–699 was classified to section 687j of this title, prior to repeal by Pub. L. 104–208. § 687l. Issuance and guarantee of trust certifi- cates (a) Issuance; debentures or participating securi- ties composing trust or pool The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of debentures issued by small business investment companies and guar- anteed by the Administration under this chap- ter, or participating securities which are issued by such companies and purchased and guaran- teed pursuant to section 683(g) of this title: Pro- vided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of guaran- teed debentures or guaranteed participating se- curities. (b) Terms and conditions of guarantee; payment of principal and interest The Administration is authorized, upon such terms and conditions as are deemed appropriate, to guarantee the timely payment of the prin-