§605. Program administration

(a) Requirement.-The Secretary shall establish a uniform system to service the Federal credit instruments made available under this chapter.

(b) Fees.-

(1) In general.-The Secretary may collect and spend fees, contingent upon authority being provided in appropriations Acts, at a level that is sufficient to cover-

(A) the costs of services of expert firms retained pursuant to subsection (d); and

(B) all or a portion of the costs to the Federal Government of servicing the Federal credit instruments.

(c) Servicer.-

(1) In general.-The Secretary may appoint a financial entity to assist the Secretary in servicing the Federal credit instruments.

(2) Duties.-The servicer shall act as the agent for the Secretary.

(3) Fee.-The servicer shall receive a servicing fee, subject to approval by the Secretary.

(d) Assistance From Expert Firms.-The Secretary may retain the services of expert firms, including counsel, in the field of municipal and project finance to assist in the underwriting and servicing of Federal credit instruments.

(Added Pub. L. 105–178, title I, §1503(a), June 9, 1998, 112 Stat. 249 , §185; renumbered §605 and amended Pub. L. 109–59, title I, §§1601(f), 1602(b)(5), (d), Aug. 10, 2005, 119 Stat. 1241 , 1247.)

Amendments

2005-Pub. L. 109–59, §1602(d), renumbered section 185 of this title as this section.

Pub. L. 109–59, §1601(f), amended section catchline and text generally, substituting provisions relating to establishment by the Secretary of a uniform system to service the Federal credit instruments made available under this subchapter for provisions authorizing a State to identify a local servicer to assist the Secretary in servicing the Federal credit instrument made available under this subchapter.

Subsec. (a). Pub. L. 109–59, §1602(b)(5), substituted "this chapter" for "this subchapter".