[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC697d]
TITLE 15--COMMERCE AND TRADE
CHAPTER 14B--SMALL BUSINESS INVESTMENT PROGRAM
SUBCHAPTER V--LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES
Sec. 697d. Accredited Lenders Program
(a) Establishment
The Administration is authorized to establish an Accredited Lenders
Program for qualified State and local development companies that meet
the requirements of subsection (b) of this section.
(b) Requirements
The Administration may designate a qualified State or local
development company as an accredited lender if such company--
(1) has been an active participant in the Development Company
Program authorized by sections 696, 697, and 697a of this title for
not less than the preceding 12 months;
(2) has well-trained, qualified personnel who are knowledgeable
in the Administration's lending policies and procedures for such
Development Company Program;
(3) has the ability to process, close, and service financing for
plant and equipment under such Development Company Program;
(4) has a loss rate on the company's debentures that is
reasonable and acceptable to the Administration;
(5) has a history of submitting to the Administration complete
and accurate debenture guaranty application packages; and
(6) has demonstrated the ability to serve small business credit
needs for financing plant and equipment through the Development
Company Program.
(c) Expedited processing of loan applications
The Administration shall develop an expedited procedure for
processing a loan application or servicing action submitted by a
qualified State or local development company that has been designated as
an accredited lender in accordance with subsection (b) of this section.
(d) Suspension or revocation of designation
(1) In general
The designation of a qualified State or local development
company as an accredited lender may be suspended or revoked if the
Administration determines that--
(A) the development company has not continued to meet the
criteria for eligibility under subsection (b) of this section;
or
(B) the development company has failed to adhere to the
Administration's rules and regulations or is violating any other
applicable provision of law.
(2) Effect
A suspension or revocation under paragraph (1) shall not affect
any outstanding debenture guarantee.
(e) ``Qualified State or local development company'' defined
For purposes of this section, the term ``qualified State or local
development company'' has the same meaning as in section 697(e) of this
title.
(Pub. L. 85-699, title V, Sec. 507, as added Pub. L. 103-403, title II,
Sec. 212(a), Oct. 22, 1994, 108 Stat. 4183.)
Regulations
Section 212(b) of Pub. L. 103-403 provided that: ``Not later than
120 days after the date of enactment of this Act [Oct. 22, 1994], the
Administration shall promulgate final regulations to carry out this
section [enacting this section and provisions set out below].''
Report on Implementation of Program
Section 212(c) of Pub. L. 103-403 provided that: ``Not later than 1
year after the effective date of regulations promulgated under
subsection (b) [set out above], and biennially thereafter, the
Administration shall report to the Committees on Small Business of the
Senate and the House of Representatives on the implementation of this
section [ena
