12 U.S.C. § 5707 — Remedies for State program termination

Page 2021 TITLE 12—BANKS AND BANKING § 5708 Editorial Notes AMENDMENTS 2021—Subsec. (b)(4). Pub. L. 117–2 substituted ‘‘March 11, 2021’’ for ‘‘September 27, 2010’’. 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. § 5706. Reports (a) Quarterly use-of-funds report (1) In general Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the Secretary approves a State for par- ticipation, the participating State shall sub- mit to the Secretary a report on the use of Federal funding by the participating State during the previous calendar quarter. (2) Report contents Each report under this subsection shall— (A) indicate the total amount of Federal funding used by the participating State; and (B) include a certification by the partici- pating State that— (i) the information provided in accord- ance with subparagraph (A) is accurate; (ii) funds continue to be available and le- gally committed to contributions by the State to, or for the account of, approved State programs, less any amount that has been contributed by the State to, or for the account of, approved State programs subsequent to the State being approved for participation in the Program; and (iii) the participating State is imple- menting its approved State program or programs in accordance with this chapter and regulations issued under section 5709 of this title. (b) Annual report Not later than March 31 of each year, begin- ning March 31, 2022, each participating State shall submit to the Secretary an annual report that shall include the following information: (1) The number of borrowers that received new loans originated under the approved State program or programs after the State program was approved as eligible for Federal contribu- tions. (2) The total amount of such new loans. (3) Breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers that received such new loans. (4) The zip code of each borrower that re- ceived such a new loan. (5) Such other data as the Secretary, in the Secretary’s sole discretion, may require to carry out the purposes of the Program. (c) Form The reports and data filed under subsections (a) and (b) shall be in such form as the Sec- retary, in the Secretary’s sole discretion, may require. (d) Termination of reporting requirements The requirement to submit reports under sub- sections (a) and (b) shall terminate for a partici- pating State with the submission of the com- pleted reports due on the first March 31 to occur after 5 complete 12-month periods after the State is approved by the Secretary to be a par- ticipating State. (Pub. L. 111–240, title III, § 3007, Sept. 27, 2010, 124 Stat. 2579; Pub. L. 117–2, title III, § 3301(a)(1)(E), Mar. 11, 2021, 135 Stat. 69.) Editorial Notes AMENDMENTS 2021—Subsec. (b). Pub. L. 117–2 substituted ‘‘March 31, 2022’’ for ‘‘March 31, 2011’’ in introductory provisions. 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. § 5707. Remedies for State program termination or failures (a) Remedies (1) In general If any of the events listed in paragraph (2) occur, the Secretary, in the Secretary’s discre- tion, may— (A) reduce the amount of Federal funds al- located to the State under the Program; or (B) terminate any further transfers of allo- cated amounts that have not yet been trans- ferred to the State. (2) Causal events The events referred to in paragraph (1) are— (A) termination by a participating State of its participation in the Program; (B) failure on the part of a participating State to submit complete reports under sec- tion 5706 of this title on a timely basis; or (C) noncompliance by the State with the terms of the allocation agreement between the Secretary and the State. (b) Deallocated amounts to be reallocated If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the partici- pating States, excluding the State whose allo- cated funds were deemed to be no longer allo- cated, as provided in section 5702(b) of this title. (Pub. L. 111–240, title III, § 3008, Sept. 27, 2010, 124 Stat. 2580.) § 5708. Implementation and administration (a) General authorities and duties The Secretary shall—