Energy Loan Program Improvement Act of 2015

Bill: 114-s-1223
Sponsor: full_name: Sen. Murkowski, Lisa [R-AK]
Introduced: 2015-05-06
Policy area: Energy
Subjects: Advanced technology and technological innovations

Alternative and renewable resources

Appropriations

Department of Energy

Electric power generation and transmission

Executive agency funding and structure

Government lending and loan guarantees
Latest action: action_date: 2015-06-09
text: Committee on Energy and Natural Resources. Hearings held.

Summaries:
action_date: 2015-05-06
action_desc: Introduced in Senate
text: <p><b>Energy Loan Program Improvement Act of 2015</b></p> <p>This bill amends the Energy Policy Act of 2005 to repeal the condition of a full appropriation under which the Department of Energy (DOE) may make loan guarantees intended to serve as incentives for innovative technologies, but retains as the sole condition for the making of a guarantee that DOE has received from the borrower payment in full for the cost of the guarantee, and has deposited such payment into the Treasury.</p> <p>Any reorganization, restructuring, or termination of a debt obligation, as well as the debt obligation itself (as under current law), may not be subordinate to other financing.</p> <p>If DOE has not made a final decision 270 days after receipt of the loan application, the applicant may submit a loan status request, and may repeat such request every 90 days thereafter until the final decision is made. DOE must respond to such a request within 10 days after receiving it, summarizing any delaying factors and estimating the date the application review will be completed.</p> <p>The temporary program for rapid deployment of renewable energy and electric power transmission projects is repealed, and the unobligated balance of amounts available to implement it are rescinded.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1223 IN THE SENATE OF THE UNITED STATES May 6, 2015 Ms. Murkowski introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To amend the Energy Policy Act of 2005 to improve the loan guarantee program for innovative technologies, and for other purposes.

1. Short title This Act may be cited as the Energy Loan Program Improvement Act of 2015 . 2. Borrower payment of subsidy cost Section 1702 of the Energy Policy Act of 2005 ( 42 U.S.C. 16512 ) is amended by striking subsection (b) and inserting the following: (b) Borrower payment of subsidy cost No guarantee shall be made under subsection (a) unless the Secretary has received from the borrower a payment in full for the cost of the guarantee and deposited the payment into the Treasury. . 3. Prohibition on subordination of debt Section 1702(d)(3) of the Energy Policy Act of 2005 ( 42 U.S.C. 16512(d)(3) ) is amended by striking is not subordinate and inserting (including any reorganization, restructuring, or termination of the obligation) shall not at any time be subordinate . 4. Loan program transparency Section 1703 of the Energy Policy Act of 2005 ( 42 U.S.C. 16513 ) is amended by adding at the end the following: (f) Loan status (1) Request If the Secretary does not make a final decision on an application for a loan guarantee under this section by the date that is 270 days after receipt of the application by the Secretary, on that date and every 90 days thereafter until the final decision is made, the applicant may request that the Secretary provide to the applicant a description of the status of the application. (2) Response Not later than 10 days after receiving a request from an applicant under paragraph (1), the Secretary shall provide to the applicant a response that includes— (A) a summary of any factors that are delaying a final decision on the application; and (B) an estimate of when review of the application will be completed. . 5. Temporary program for rapid deployment of renewable energy and electric power transmission projects (a) Repeal Section 1705 of the Energy Policy Act of 2005 ( 42 U.S.C. 16516 ) is repealed. (b) Rescission There is rescinded the unobligated balance of amounts made available to carry out the loan guarantee program established under section 1705 of the Energy Policy Act of 2005 ( 42 U.S.C. 16516 ) (before the amendment made by subsection (a)). (c) Management The Secretary of Energy shall ensure rigorous continued management and oversight of all outstanding loans guaranteed under the program described in subsection (b) until those loans have been repaid in full.