§53703. Application procedures

(a) Time for Decision.-

(1) In general.-The Secretary shall approve or deny an application for a loan guarantee under this chapter within 270 days after the date on which the signed application is received by the Secretary.

(2) Extension.-On request by an applicant, the Secretary may extend the 270-day period in paragraph (1) to a date not later than 2 years after the date on which the signed application was received by the Secretary.

(b) Certification of Review.-The Secretary may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary certifies that a full and fair consideration of all the regulatory requirements, including economic soundness and financial requirements applicable to the obligor and related parties, and a thorough assessment of the technical, economic, and financial aspects of the loan application, has been made.

( Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604 ; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), (2)(G), (b)(7), Jan. 6, 2006, 119 Stat. 3555 , 3556.)

Amendments Not Shown in Text

Subsec. (a) of this section was derived from section 1274(n) of the former Appendix to this title, which was amended by Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), (2)(G), (b)(7), Jan. 6, 2006, 119 Stat. 3555 , 3556. Section 1274(n) of the former Appendix to this title was amended by striking "Secretary" each place it appears (except in par. (1) the first place it appears) and inserting "Secretary or Administrator", by striking "Secretary" each place it appears (except the first) and inserting "Administrator", and by striking "The Secretary of Transportation" in par. (1) and inserting "The Administrator".

Subsec. (b) of this section was derived from section 1274(l) of the former Appendix to this title, which was amended by Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), Jan. 6, 2006, 119 Stat. 3555 . Section 1274(l) of the former Appendix to this title was amended by striking "Secretary" each place it appears and inserting "Secretary or Administrator".

For applicability of those amendments to this section, see section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title.