§ 4747. — Reimbursement by Fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4747]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER II--SMALL BUSINESS CAPITAL ENHANCEMENT
Sec. 4747. Reimbursement by Fund
(a) Reimbursements
Not later than 30 calendar days after receiving a report filed in
compliance with section 4746 of this title, the Fund shall reimburse the
participating State in an amount equal to 50 percent of the amount of
contributions by the participating State to the reserve funds that are
subject to reimbursement by the Fund pursuant to section 4746 of this
title and this section. The Fund shall reimburse participating States,
as it receives reports pursuant to section 4746(a) of this title, until
available funds are expended.
(b) Size of assisted borrower
The Fund shall not provide any reimbursement to a participating
State with respect to an enrolled loan made to a borrower that has 500
or more employees at the time that the loan is enrolled in the Program.
(c) Three-year maximum
The amount of reimbursement to be provided by the Fund to a
participating State over any 3-year period in connection with loans made
to any single borrower or any group of borrowers among which a common
enterprise exists shall not exceed $75,000. For purposes of this
subsection, ``common enterprise'' shall have the same meaning as in part
32 of title 12 of the Code of Federal Regulations, or any successor to
that part.
(d) Loans totaling less than $2,000,000
In connection with a loan in which the covered amount of the loan
plus the covered amount of all previous loans enrolled by a
participating financial institution does not exceed $2,000,000, the
amount of reimbursement by the Fund to the participating State shall not
exceed the lesser of--
(1) 75 percent of the sum of the premium charges paid to the
reserve fund by the borrower and the participating financial
institution; or
(2) 5.25 percent of the covered amount of the loan.
(e) Loans totaling more than $2,000,000
In connection with a loan in which the sum of the covered amounts of
all previous loans enrolled by the participating financial institution
in the Program equals or exceeds $2,000,000, the amount of reimbursement
to be provided by the Fund to the participating State shall not exceed
the lesser of--
(1) 50 percent of the sum of the premium charges paid by the
borrower and the participating financial institution; or
(2) 3.5 percent of the covered amount of the loan.
(f) Other amounts
In connection with the enrollment of a loan that will cause the
aggregate covered amount of all enrolled loans to exceed $2,000,000, the
amount of reimbursement by the Fund to the participating State shall be
determined--
(1) by applying subsection (d) of this section to the portion of
the loan, which when added to the aggregate covered amount of all
previously enrolled loans equals $2,000,000; and
(2) by applying subsection (e) of this section to the balance of
the loan.
(Pub. L. 103-325, title II, Sec. 257, Sept. 23, 1994, 108 Stat. 2212.)
Section Referred to in Other Sections
This section is referred to in sections 4743, 4745, 4746, 4748 of
this title.
