§ 4742. — Definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4742]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER II--SMALL BUSINESS CAPITAL ENHANCEMENT
Sec. 4742. Definitions
For purposes of this subchapter--
(1) the term ``Fund'' means the Community Development Financial
Institutions Fund established under section 4703 of this title;
(2) the term ``appropriate Federal banking agency''--
(A) has the same meaning as in section 1813 of this title;
and
(B) includes the National Credit Union Administration Board
in the case of any credit union the deposits of which are
insured in accordance with the Federal Credit Union Act [12
U.S.C. 1751 et seq.];
(3) the term ``early loan'' means a loan enrolled at a time when
the aggregate covered amount of loans previously enrolled under the
Program by a particular participating financial institution is less
than $5,000,000;
(4) the term ``enrolled loan'' means a loan made by a
participating financial institution that is enrolled by a
participating State in accordance with this subchapter;
(5) the term ``financial institution'' means any federally
chartered or State-chartered commercial bank, savings association,
savings bank, or credit union;
(6) the term ``participating financial institution'' means any
financial institution that has entered into a participation
agreement with a participating State in accordance with section 4744
of this title;
(7) the term ``participating State'' means any State that has
been approved for participation in the Program in accordance with
section 4743 of this title;
(8) the term ``passive real estate ownership'' means ownership
of real estate for the purpose of deriving income from speculation,
trade, or rental, except that such term shall not include--
(A) the ownership of that portion of real estate being used
or intended to be used for the operation of the business of the
owner of the real estate (other than the business of passive
ownership of real estate); or
(B) the ownership of real estate for the purpose of
construction or renovation, until the completion of the
construction or renovation phase;
(9) the term ``Program'' means the Small Business Capital
Enhancement Program established under this subchapter;
(10) the term ``reserve fund'' means a fund, established by a
participating State, earmarked for a particular participating
financial institution, for the purposes of--
(A) depositing all required premium charges paid by the
participating financial institution and by each borrower
receiving a loan under the Program from a participating
financial institution;
(B) depositing contributions made by the participating
State; and
(C) covering losses on enrolled loans by disbursing
accumulated funds; and
(11) the term ``State'' means--
(A) a State of the United States;
(B) the District of Columbia;
(C) any political subdivision of a State of the United
States, which subdivision has a population in excess of the
population of the least populated State of the United States;
and
(D) any other political subdivision of a State of the United
States that the Fund determines has the capacity to participate
in the program.\1\
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\1\ So in original. Probably should be capitalized.
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(Pub. L. 103-325, title II, Sec. 252, Sept. 23, 1994, 108 Stat. 2204.)
References in Text
The Federal Credit Union Act, referred to in par. (2)(B), is act
June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is classified
generally to chapter 14 (Sec. 1751 et seq.) of this title. For complete
classification of this Act to the Code, see section 1751 of this title
and Tables.
