dreamproit/uscode huggingface dataset:
15 U.S.C. § 689m (COMMERCE AND TRADE)
§ 689m. Additional penalties for noncompliance
(a) In general
With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—
(1) void the participation agreement between the Administrator and the company; and
(2) cause the company to forfeit all of the rights and privileges derived by the company from this chapter.
(b) Adjudication of noncompliance
(1) In general
Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a) of this section, a court of the United States of competent jurisdiction must find that the company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the company is located.
(2) Parties authorized to file causes of action
Each cause of action brought by the United States under this subsection shall be brought by the Administrator or by the Attorney General.
(Pub. L. 85–699, title III, § 364, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
heading: References in Text
text: For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
15 U.S.C. § 689n (COMMERCE AND TRADE)
§ 689n. Unlawful acts and omissions; breach of fiduciary duty
(a) Parties deemed to commit a violation
Whenever any New Markets Venture Capital company violates any provision of this chapter, of a regulation issued under this chapter, or of a participation agreement entered into under this chapter, by reason of its failure to comply with its terms or by reason of its engaging in any act or practice that constitutes or will constitute a violation thereof, such violation shall also be deemed to be a violation and an unlawful act committed by any person who, directly or indirectly, authorizes, orders, participates in, causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions that constitute or will constitute, in whole or in part, such violation.
(b) Fiduciary duties
It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a New Markets Venture Capital company to engage in any act or practice, or to omit any act or practice, in breach of the person’s fiduciary duty as such officer, director, employee, agent, or participant if, as a result thereof, the company suffers or is in imminent danger of suffering financial loss or other damage.
(c) Unlawful acts
Except with the written consent of the Administrator, it shall be unlawful—
(1) for any person to take office as an officer, director, or employee of any New Markets Venture Capital company, or to become an agent or participant in the conduct of the affairs or management of such a company, if the person—
(A) has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
(B) has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud, or breach of trust; and
(2) for any person 1 continue to serve in any of the capacities described in paragraph (1), if—
(A) the person is convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
(B) the person is found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
(Pub. L. 85–699, title III, § 365, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
heading: References in Text
text: For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
15 U.S.C. § 689o (COMMERCE AND TRADE)
§ 689o. Removal or suspension of directors or officers
Using the procedures for removing or suspending a director or an officer of a licensee set forth in section 687e of this title (to the extent such procedures are not inconsistent with the requirements of this part), the Administrator may remove or suspend any director or officer of any New Markets Venture Capital company.
(Pub. L. 85–699, title III, § 366, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)
15 U.S.C. § 689p (COMMERCE AND TRADE)
§ 689p. Regulations
The Administrator may issue such regulations as it deems necessary to carry out the provisions of this part in accordance with its purposes.
(Pub. L. 85–699, title III, § 367, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)
15 U.S.C. § 689q (COMMERCE AND TRADE)
§ 689q. Authorization of appropriations
(a) In general
There are authorized to be appropriated for fiscal years 2001 through 2006, to remain available until expended, the following sums:
(1) Such subsidy budget authority as may be necessary to guarantee $150,000,000 of debentures under this part.
(2) $30,000,000 to make grants under this part.
(b) Funds collected for examinations
Funds deposited under section 689k(c)(2) of this title are authorized to be appropriated only for the costs of examinations under section 689k of this title and for the costs of other oversight activities with respect to the program established under this part.
(Pub. L. 85–699, title III, § 368, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)
15 U.S.C. § 690 (COMMERCE AND TRADE)
§ 690. Definitions
In this part:
(1) Operational assistance
The term “operational assistance” means management, marketing, and other technical assistance that assists a small business concern with business development.
(2) Participation agreement
The term “participation agreement” means an agreement, between the Administrator and a company granted final approval under section 690c(e) of this title, that—
(A) details the operating plan and investment criteria of the company; and
(B) requires the company to make investments in smaller enterprises primarily engaged in researching, manufacturing, developing, producing, or bringing to market goods, products, or services that generate or support the production of renewable energy.
(3) Renewable energy
The term “renewable energy” means energy derived from resources that are regenerative or that cannot be depleted, including solar, wind, ethanol, and biodiesel fuels.
(4) Renewable Fuel Capital Investment company
The term “Renewable Fuel Capital Investment company” means a company—
(A) that—
(i) has been granted final approval by the Administrator under section 690c(e) of this title; and
(ii) has entered into a participation agreement with the Administrator; or
(B) that has received conditional approval under section 690c(c) of this title.
(5) State
The term “State” means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States.
(6) Venture capital
The term “venture capital” means capital in the form of equity capital investments, as that term is defined in section 683(g)(4) of this title.
(Pub. L. 85–699, title III, § 381, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1774.)
heading: Effective Date
text: Part effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as a note under section 1824 of Title 2, The Congress.
15 U.S.C. § 690a (COMMERCE AND TRADE)
§ 690a. Purposes
The purposes of the Renewable Fuel Capital Investment Program established under this part are—
(1) to promote the research, development, manufacture, production, and bringing to market of goods, products, or services that generate or support the production of renewable energy by encouraging venture capital investments in smaller enterprises primarily engaged 1 such activities; and
(2) to establish a venture capital program, with the mission of addressing the unmet equity investment needs of smaller enterprises engaged in researching, developing, manufacturing, producing, and bringing to market goods, products, or services that generate or support the production of renewable energy, to be administered by the Administrator—
(A) to enter into participation agreements with Renewable Fuel Capital Investment companies;
(B) to guarantee debentures of Renewable Fuel Capital Investment companies to enable each such company to make venture capital investments in smaller enterprises engaged in the research, development, manufacture, production, and bringing to market of goods, products, or services that generate or support the production of renewable energy; and
(C) to make grants to Renewable Fuel Investment Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies.
(Pub. L. 85–699, title III, § 382, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1775.)
15 U.S.C. § 690b (COMMERCE AND TRADE)
§ 690b. Establishment
The Administrator shall establish a Renewable Fuel Capital Investment Program, under which the Administrator may—
(1) enter into participation agreements for the purposes described in section 690a of this title; and
(2) guarantee the debentures issued by Renewable Fuel Capital Investment companies as provided in section 690d of this title.
(Pub. L. 85–699, title III, § 383, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1776.)
15 U.S.C. § 690d (COMMERCE AND TRADE)
§ 690d. Debentures
(a) In general
The Administrator may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any Renewable Fuel Capital Investment company.
(b) Terms and conditions
The Administrator may make guarantees under this section on such terms and conditions as it determines appropriate, except that—
(1) the term of any debenture guaranteed under this section shall not exceed 15 years; and
(2) a debenture guaranteed under this section—
(A) shall carry no front-end or annual fees;
(B) shall be issued at a discount;
(C) shall require no interest payments during the 5-year period beginning on the date the debenture is issued;
(D) shall be prepayable without penalty after the end of the 1-year period beginning on the date the debenture is issued; and
(E) shall require semiannual interest payments after the period described in subparagraph (C).
(c) Full faith and credit of the United States
The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee under this part.
(d) Maximum guarantee
(1) In general
Under this section, the Administrator may guarantee the debentures issued by a Renewable Fuel Capital Investment company only to the extent that the total face amount of outstanding guaranteed debentures of such company does not exceed 150 percent of the private capital of the company, as determined by the Administrator.
(2) Treatment of certain Federal funds
For the purposes of paragraph (1), private capital shall include capital that is considered to be Federal funds, if such capital is contributed by an investor other than a department or agency of the Federal Government.
(Pub. L. 85–699, title III, § 385, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1778.)
15 U.S.C. § 690f (COMMERCE AND TRADE)
§ 690f. Fees
(a) In general
Except as provided in section 690e(d) of this title, the Administrator may charge such fees as it determines appropriate with respect to any guarantee or grant issued under this part, in an amount established annually by the Administrator, as necessary to reduce to zero the cost (as defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this part, which amounts shall be paid to and retained by the Administration.
(b) Offset
The Administrator may, as provided by section 690g of this title, offset fees charged and collected under subsection (a).
(Pub. L. 85–699, title III, § 387, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1780.)
15 U.S.C. § 690g (COMMERCE AND TRADE)
§ 690g. Fee contribution
(a) In general
To the extent that amounts are made available to the Administrator for the purpose of fee contributions, the Administrator shall contribute to fees paid by the Renewable Fuel Capital Investment companies under section 690f of this title.
(b) Annual adjustment
Each fee contribution under subsection (a) shall be effective for 1 fiscal year and shall be adjusted as necessary for each fiscal year thereafter to ensure that amounts under subsection (a) are fully used. The fee contribution for a fiscal year shall be based on the outstanding commitments made and the guarantees and grants that the Administrator projects will be made during that fiscal year, given the program level authorized by law for that fiscal year and any other factors that the Administrator determines appropriate.
(Pub. L. 85–699, title III, § 388, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1780.)
15 U.S.C. § 690h (COMMERCE AND TRADE)
§ 690h. Operational assistance grants
(a) In general
(1) Authority
The Administrator may make grants to Renewable Fuel Capital Investment companies to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies or other entities.
(2) Terms
A grant under this subsection shall be made over a multiyear period not to exceed 10 years, under such other terms as the Administrator may require.
(3) Grant amount
The amount of a grant made under this subsection to a Renewable Fuel Capital Investment company shall be equal to the lesser of—
(A) 10 percent of the resources (in cash or in-kind) raised by the company under section 690c(d)(2) of this title; or
(B) $1,000,000.
(4) Pro rata reductions
If the amount made available to carry out this section is insufficient for the Administrator to provide grants in the amounts provided for in paragraph (3), the Administrator shall make pro rata reductions in the amounts otherwise payable to each company and entity under such paragraph.
(5) Grants to conditionally approved companies
(A) In general
Subject to subparagraphs (B) and (C), upon the request of a company conditionally approved under section 690c(c) of this title, the Administrator shall make a grant to the company under this subsection.
(B) Repayment by companies not approved
If a company receives a grant under this paragraph and does not enter into a participation agreement for final approval, the company shall, subject to controlling Federal law, repay the amount of the grant to the Administrator.
(C) Deduction of grant to approved company
If a company receives a grant under this paragraph and receives final approval under section 690c(e) of this title, the Administrator shall deduct the amount of the grant from the total grant amount the company receives for operational assistance.
(D) Amount of grant
No company may receive a grant of more than $100,000 under this paragraph.
(b) Supplemental grants
(1) In general
The Administrator may make supplemental grants to Renewable Fuel Capital Investment companies and to other entities, as authorized by this part, under such terms as the Administrator may require, to provide additional operational assistance to smaller enterprises financed, or expected to be financed, by the companies.
(2) Matching requirement
The Administrator may require, as a condition of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a 1 cash or in kind), other then 2 those provided by the Administrator, a matching contribution equal to the amount of the supplemental grant.
(c) Limitation
None of the assistance made available under this section may be used for any overhead or general and administrative expense of a Renewable Fuel Capital Investment company.
(Pub. L. 85–699, title III, § 389, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1781.)
15 U.S.C. § 690i (COMMERCE AND TRADE)
§ 690i. Bank participation
(a) In general
Except as provided in subsection (b), any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any Renewable Fuel Capital Investment company, or in any entity established to invest solely in Renewable Fuel Capital Investment companies.
(b) Limitation
No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.
(Pub. L. 85–699, title III, § 390, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)
15 U.S.C. § 690j (COMMERCE AND TRADE)
§ 690j. Federal Financing Bank
Notwithstanding section 687k of this title, the Federal Financing Bank may acquire a debenture issued by a Renewable Fuel Capital Investment company under this part.
(Pub. L. 85–699, title III, § 391, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)
15 U.S.C. § 690k (COMMERCE AND TRADE)
§ 690k. Reporting requirement
Each Renewable Fuel Capital Investment company that participates in the program established under this part shall provide to the Administrator such information as the Administrator may require, including—
(1) information related to the measurement criteria that the company proposed in its program application; and
(2) in each case in which the company makes, under this part, an investment in, or a loan or a grant to, a business that is not primarily engaged in the research, development, manufacture, or bringing to market or 1 renewable energy sources, a report on the nature, origin, and revenues of the business in which investments are made.
(Pub. L. 85–699, title III, § 392, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)
15 U.S.C. § 690l (COMMERCE AND TRADE)
§ 690l. Examinations
(a) In general
Each Renewable Fuel Capital Investment company that participates in the program established under this part shall be subject to examinations made at the direction of the Investment Division of the Administration in accordance with this section.
(b) Assistance of private sector entities
Examinations under this section may be conducted with the assistance of a private sector entity that has both the qualifications and the expertise necessary to conduct such examinations.
(c) Costs
(1) Assessment
(A) In general
The Administrator may assess the cost of examinations under this section, including compensation of the examiners, against the company examined.
(B) Payment
Any company against which the Administrator assesses costs under this paragraph shall pay such costs.
(2) Deposit of funds
Funds collected under this section shall be deposited in the account for salaries and expenses of the Administration.
(Pub. L. 85–699, title III, § 393, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)
15 U.S.C. § 690m (COMMERCE AND TRADE)
§ 690m. Miscellaneous
To the extent such procedures are not inconsistent with the requirements of this part, the Administrator may take such action as set forth in sections 687a, 687c, 687d, and 687f of this title and an officer, director, employee, agent, or other participant in the management or conduct of the affairs of a Renewable Fuel Capital Investment company shall be subject to the requirements of such sections.
(Pub. L. 85–699, title III, § 394, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)
15 U.S.C. § 690n (COMMERCE AND TRADE)
§ 690n. Removal or suspension of directors or officers
Using the procedures for removing or suspending a director or an officer of a licensee set forth in section 687e of this title (to the extent such procedures are not inconsistent with the requirements of this part), the Administrator may remove or suspend any director or officer of any Renewable Fuel Capital Investment company.
(Pub. L. 85–699, title III, § 395, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)
15 U.S.C. § 690o (COMMERCE AND TRADE)
§ 690o. Regulations
The Administrator may issue such regulations as the Administrator determines necessary to carry out the provisions of this part in accordance with its purposes.
(Pub. L. 85–699, title III, § 396, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)
15 U.S.C. § 690p (COMMERCE AND TRADE)
§ 690p. Authorizations of appropriations
(a) In general
Subject to the availability of appropriations, the Administrator is authorized to make $15,000,000 in operational assistance grants under section 690h of this title for each of fiscal years 2008 and 2009.
(b) Funds collected for examinations
Funds deposited under section 690l(c)(2) of this title are authorized to be appropriated only for the costs of examinations under section 690l of this title and for the costs of other oversight activities with respect to the program established under this part.
(Pub. L. 85–699, title III, § 397, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)
15 U.S.C. § 690q (COMMERCE AND TRADE)
§ 690q. Termination
The program under this part shall terminate at the end of the second full fiscal year after the date that the Administrator establishes the program under this part.
(Pub. L. 85–699, title III, § 398, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)
15 U.S.C. § 691 (COMMERCE AND TRADE)
§ 691. Repealed. Pub. L. 87–341, § 11(f), Oct. 3, 1961, 75 Stat. 756
text: Section, Pub. L. 85–699, title IV, § 401, Aug. 21, 1958, 72 Stat. 696, related to conversion of any investment company, or any State development company, into a small business investment company.
15 U.S.C. § 693 (COMMERCE AND TRADE)
§ 693. Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases
Without limiting the authority conferred upon the Administrator and the Administration by section 671 of this title, the Administrator and the Administration shall have, in the performance of and with respect to the functions, powers, and duties conferred by this part, all the authority and be subject to the same conditions prescribed in section 634(b) of this title with respect to loans, including the authority to execute subleases, assignments of lease and new leases with any person, firm, organization, or other entity, in order to aid in the liquidation of obligations of the Administration hereunder.
(Pub. L. 85–699, title IV, § 402, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 483; amended Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.)
heading: Amendments
text: 1970—Pub. L. 91–609 substituted “part” for “title”.