[USC02] 12 USC 5708: Implementation and administration
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TEXT OF PART V OF SUBTITLE A (3001 ET SEQ.), EFFECTIVE JANUARY 1, 2022, CURRENTLY SET OUT AS A PREVIEW

12 USC 5708: Implementation and administration Text contains those laws in effect on March 10, 2021 Pending Updates: Pub L. 117-2 (3/11/2021), Pub L. 117-2 (3/11/2021) [View Details]
From Title 12-BANKS AND BANKINGCHAPTER 54-STATE SMALL BUSINESS CREDIT INITIATIVE
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§5708. Implementation and administration

(a) General authorities and duties

The Secretary shall-

(1) consult with the Administrator of the Small Business Administration and the appropriate Federal banking agencies on the administration of the Program;

(2) establish minimum national standards for approved State programs;

(3) provide technical assistance to States for starting State programs and generally disseminate best practices;

(4) manage, administer, and perform necessary program integrity functions for the Program; and

(5) ensure adequate oversight of the approved State programs, including oversight of the cash flows, performance, and compliance of each approved State program.

(b) Appropriations

There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $1,500,000,000 to carry out the Program, including to pay reasonable costs of administering the Program.

(c) Termination of Secretary's Program administration functions

The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period beginning on September 27, 2010.

(d) Expedited contracting

During the 1-year period beginning on September 27, 2010, the Secretary may enter into contracts without regard to any other provision of law regarding public contracts, for purposes of carrying out this chapter.

( Pub. L. 111–240, title III, §3009, Sept. 27, 2010, 124 Stat. 2580 .)