15 USC Ch. 14B: Front Matter
From Title 15-COMMERCE AND TRADECHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM
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CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM
SUBCHAPTER I-GENERAL PROVISIONS
Sec.
661.
Congressional declaration of policy.
662.
Definitions.
SUBCHAPTER II-SMALL BUSINESS INVESTMENT DIVISION OF SMALL BUSINESS ADMINISTRATION
671.
Establishment; Associate Administrator; appointment and compensation.
672.
Repealed.
SUBCHAPTER III-INVESTMENT DIVISION PROGRAMS
Part A-Small Business Investment Companies
681.
Organization.
(a)
Incorporation and charter under State law, period of succession; area of operations.
(b)
Articles of incorporation; approval.
(c)
Issuance of license.
(e)
Fees.
682.
Capital requirements.
(a)
Amount.
(b)
Financial institution investments.
(c)
Diversification of ownership.
683.
Borrowing operations.
(a)
Authority to issue obligations.
(b)
Debentures and participating securities.
(c)
Third party debt.
(d)
Required certifications.
(e)
Capital impairment.
(f)
Redemption or repurchase of preferred stock.
(g)
Guarantee of payment of and authority to purchase participating securities.
(h)
Computation of amounts due under participating securities.
(i)
Leverage fee.
(j)
Calculation of subsidy rate.
684.
Equity capital for small-business concerns.
(a)
Function of investment companies.
(b)
Conditions.
(c)
Repealed.
(d)
Direct or cooperative provision of capital.
685.
Long-term loans to small-business concerns.
(a)
Authorization.
(b)
Direct loans; loans on participation basis.
(c)
Maximum rate of interest.
(d)
Maturity.
(e)
Soundness of loan; security.
(f)
Extension or renewal.
686.
Aggregate limitations on amount of assistance to any single enterprise.
(a)
Percentage limitation of private capital.
(b)
Repealed.
(c)
Application of provisions to commitments incurred prior to effective date of section.
687.
Operation and regulation of companies.
(a)
Cooperation with banks and other financial institutions.
(b)
Use of advisory services; depository or fiscal agents; investment of funds.
(c)
Rules and regulations.
(d)
Forfeiture of rights, privileges, and franchises; jurisdiction.
(e)
Liability of United States.
(f)
Performance of functions, powers, and duties by Administration and Administrator.
(g)
Annual report on Small Business Investment activities.
(h)
Certifications of eligibility.
(i)
Interest rates.
687a.
Revocation and suspension of licenses; cease and desist orders.
(a)
Grounds for suspension or revocation.
(b)
Grounds for cease and desist order.
(c)
Order to show cause; contents; hearing; issuance and service.
(d)
Subpena of person, and books, papers and documents; fees and mileage; enforcement.
(e)
Petition to modify or set aside order; filing, time and place, Administration to submit record; action of court; review.
(f)
Enforcement of order.
687b.
Investigations and examinations; power to subpena and take oaths and affirmations; aid of courts; examiners; reports.
(a)
Investigation of violations.
(b)
Examinations and reports.
(c)
Examinations of small business investment companies.
(d)
Valuations.
687c.
Injunctions and other orders.
(a)
Grounds; jurisdiction of court.
(b)
Equity jurisdiction of licensee and assets thereof.
(c)
Trusteeship or receivership over licensee.
687d.
Conflicts of interest.
687e.
Removal and suspension of directors and officers of licensees.
(a)
Written notice of intention to remove; grounds.
(b)
Suspension pending completion of administrative proceedings.
(c)
Hearing; order of removal.
(d)
Stay by United States district court of suspension or prohibition.
(e)
Suspension of directors and officers charged with felonies involving dishonesty or breach of trust; notice; duration of suspension; removal.
(f)
Hearings; procedure; form and requisites of decision; review; stay of orders.
687f.
Unlawful acts and omissions by officers, directors, employees, or agents.
(a)
Violation by licensee deemed violation by persons participating.
(b)
Breach of fiduciary duty.
(c)
Disqualification of officers and employees for dishonesty, fraud, or breach of trust.
687g.
Penalties and forfeitures.
(a)
Report violations.
(b)
Exemption from reporting requirements.
687h.
Jurisdiction and service of process.
687i, 687j. Repealed.
687k.
Guaranteed obligations not eligible for purchase by Federal Financing Bank.
687l.
Issuance and guarantee of trust certificates.
(a)
Issuance; debentures or participating securities composing trust or pool.
(b)
Terms and conditions of guarantee; payment of principal and interest.
(c)
Full faith and credit of United States.
(d)
Collection of fees.
(e)
Subrogation rights; ownership rights in debentures or participating securities.
(f)
Central registration requirements; regulation of brokers and dealers.
687m.
Periodic issuance of guarantees and trust certificates.
688.
Repealed.
Part B-New Markets Venture Capital Program
689.
Definitions.
689a.
Purposes.
689b.
Establishment.
689c.
Selection of New Markets Venture Capital companies.
(a)
Eligibility.
(b)
Application.
(c)
Conditional approval.
(d)
Requirements to be met for final approval.
(e)
Final approval; designation.
689d.
Debentures.
(a)
In general.
(b)
Terms and conditions.
(c)
Full faith and credit of the United States.
(d)
Maximum guarantee.
689e.
Issuance and guarantee of trust certificates.
(a)
Issuance.
(b)
Guarantee.
(c)
Full faith and credit of the United States.
(d)
Fees.
(e)
Subrogation and ownership rights.
(f)
Management and administration.
689f.
Fees.
689g.
Operational assistance grants.
(a)
In general.
(b)
Supplemental grants.
(c)
Limitation.
689h.
Bank participation.
(a)
In general.
(b)
Limitation.
689i.
Federal Financing Bank.
689j.
Reporting requirement.
689k.
Examinations.
(a)
In general.
(b)
Assistance of private sector entities.
(c)
Costs.
(d)
Deposit of funds.
689l.
Injunctions and other orders.
(a)
In general.
(b)
Jurisdiction.
(c)
Administrator as trustee or receiver.
689m.
Additional penalties for noncompliance.
(a)
In general.
(b)
Adjudication of noncompliance.
689n.
Unlawful acts and omissions; breach of fiduciary duty.
(a)
Parties deemed to commit a violation.
(b)
Fiduciary duties.
(c)
Unlawful acts.
689o.
Removal or suspension of directors or officers.
689p.
Regulations.
689q.
Authorization of appropriations.
(a)
In general.
(b)
Funds collected for examinations.
SUBCHAPTER IV-STATE CHARTERED INVESTMENT COMPANIES AND STATE DEVELOPMENT COMPANIES
691.
Repealed.
SUBCHAPTER IV–A-GUARANTEES
Part A-Commercial or Industrial Lease and Qualified Contract Guarantees
692.
Authority of Administration to guarantee payment of rentals by small business concerns under leases of commercial and industrial property.
(a)
Nonavailability of guarantees from other sources; participation with qualified sureties.
(b)
Uniform annual fee; processing fees.
(c)
Escrow; default; additional discretionary provisions.
693.
Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases.
694.
Repealed.
694–1.
Planning design or installation of pollution control facilities.
(a)
Definitions.
(b)
Financing disadvantage; guarantee of payment by Administration; restrictions and limitations.
(c)
Uniform annual fees; processing fees; time and condition for payment; periodic review.
(d)
Requirements of Administration; escrow; default; discretionary provisions.
(e)
Assignment of guarantee.
(f)
Application of section 693 of this title.
694–2.
Revolving fund for qualified contract guarantees; investment of idle funds.
Part B-Surety Bond Guarantees
694a.
Definitions.
694b.
Surety bond guarantees.
(a)
Authority of Administration to guarantee surety against loss from principal's breach of bond.
(b)
Indemnification of surety against loss from avoiding breach.
(c)
Limitation of liability.
(d)
Regulations.
(e)
Reimbursement of surety; conditions.
(f)
Procedure for reimbursement.
(g)
Audit.
(h)
Administrative provisions.
(i)
Powers of Administration respecting loans.
694c.
Revolving fund for surety bond guarantees.
SUBCHAPTER V-LOANS TO STATE AND LOCAL DEVELOPMENT COMPANIES
695.
State development companies.
(a)
Congressional finding and declaration of purpose.
(b)
Loans; obligations of development companies.
(c)
Maximum loans to development companies.
(d)
Eligibility for assistance.
696.
Loans for plant acquisition, construction, conversion and expansion.
697.
Development company debentures.
(a)
Guarantees; Administration authority; regulatory terms and conditions; full faith and credit; subordination of debentures.
(b)
Statutory terms and conditions.
(c)
Commercial loan interest rate.
(d)
Charges for Administration expenses.
(e)
"Qualified State or local development company" defined; exception for rural company; authority.
(f)
Effective date.
(g)
Calculation of subsidy rate.
(h)
Required actions upon default.
697a.
Private debenture sales.
697b.
Pooling of debentures.
(a)
Issuance; debentures composing trust or pool.
(b)
Terms and conditions of guarantee; payment of principal and interest.
(c)
Full faith and credit of United States.
(d)
Collection of fees.
(e)
Subrogation rights; ownership rights in debentures.
(f)
Central registration requirements; regulation of brokers and dealers; electronic registration.
697c.
Restrictions on development company assistance.
697d.
Accredited Lenders Program.
(a)
Establishment.
(b)
Requirements.
(c)
Expedited processing of loan applications.
(d)
Suspension or revocation of designation.
(e)
"Qualified State or local development company" defined.
697e.
Premier Certified Lenders Program.
(a)
Establishment.
(b)
Requirements.
(c)
Loss reserve.
(d)
Sale of certain defaulted loans.
(e)
Loan approval authority.
(f)
Review.
(g)
Suspension or revocation.
(h)
Effect of suspension or revocation.
(i)
Program goals.
(j)
Report.
697f.
Prepayment of development company debentures.
(a)
In general.
(b)
Requirements.
(c)
No prepayment fees or penalties.
(d)
Refinancing limitations.
(e)
Definitions.
(f)
Regulations.
(g)
Authorization.
697g.
Foreclosure and liquidation of loans.
(a)
Delegation of authority.
(b)
Eligibility for delegation.
(c)
Scope of delegated authority.
(d)
Suspension or revocation of authority.
(e)
Report.
Chapter Referred to in Other Sections
This chapter is referred to in sections 77c, 77ddd, 80a–2, 80a–18, 80a–60, 634, 637, 645, 1691c of this title; title 12 section 4702; title 26 sections 243, 246A, 542, 586, 1242, 1243.