Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1841&num=0&edition=prelim
Timestamp: 2020-01-29 19:50:53
Document Index: 21499599

Matched Legal Cases: ['§ 1841', '§2', '§1', '§734', '§336', '§211', '§8', '§205', '§105', '§108', '§105', '§336']

[USC02] 15 USC 1841: Emergency Loan Guarantee Board; establishment; membership; voting
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15 USC 1841: Emergency Loan Guarantee Board; establishment; membership; voting Text contains those laws in effect on January 28, 2020
From Title 15-COMMERCE AND TRADECHAPTER 45-EMERGENCY LOAN GUARANTEES TO BUSINESS ENTERPRISES
( Pub. L. 92–70, §2, Aug. 9, 1971, 85 Stat. 178 .)
Pub. L. 92–70, §1, Aug. 9, 1971, 85 Stat. 178 , provided that: "This Act [enacting this chapter] may be cited as the 'Emergency Loan Guarantee Act'."
Pub. L. 106–51, Aug. 17, 1999, 113 Stat. 252 , as amended by Pub. L. 106–102, title VII, §734, Nov. 12, 1999, 113 Stat. 1478 ; Pub. L. 107–63, title III, §336(a), Nov. 5, 2001, 115 Stat. 472 ; Pub. L. 108–199, div. B, title II, §211(a), Jan. 23, 2004, 118 Stat. 75 ; Pub. L. 108–271, §8(b), July 7, 2004, 118 Stat. 814 ; Pub. L. 109–108, title II, §205, Nov. 22, 2005, 119 Stat. 2315 ; Pub. L. 110–161, div. B, title I, §105, Dec. 26, 2007, 121 Stat. 1892 ; Pub. L. 111–117, div. B, title I, §108, Dec. 16, 2009, 123 Stat. 3122 , provided that:
"Sec. 101. Emergency Steel Loan Guarantee Program. (a) Short Title.-This chapter may be cited as the 'Emergency Steel Loan Guarantee Act of 1999'.
"(b) Congressional Findings.-Congress finds that-
"(3) the crisis also forced almost all United States steel companies into-
"(1) Board.-The term 'Board' means the Loan Guarantee Board established under subsection (e).
"(2) Program.-The term 'Program' means the Emergency Steel Guarantee Loan Program established under subsection (d).
"(3) Qualified steel company.-The term 'qualified steel company' means any company that-
"(d) Establishment of Emergency Steel Guarantee Loan Program.-There is established the Emergency Steel Guarantee Loan Program, to be administered by the Board, the purpose of which is to provide loan guarantees to qualified steel companies in accordance with this section.
"(e) Loan Guarantee Board Membership.-There is established a Loan Guarantee Board, which shall be composed of-
"(f) Loan Guarantee Program.-
"(1) Authority.-The Program may guarantee loans provided to qualified steel companies by private banking and investment institutions in accordance with the procedures, rules, and regulations established by the Board.
"(2) Total guarantee limit.-The aggregate amount of loans guaranteed and outstanding at any one time under this section may not exceed $1,000,000,000.
"(3) Individual guarantee limit.-The aggregate amount of loans guaranteed under this section with respect to a single qualified steel company may not exceed $250,000,000.
"(4) Timelines.-The Board shall approve or deny each application for a guarantee under this section as soon as possible after receipt of such application.
"(5) Additional costs.-For the additional cost of the loans guaranteed under this subsection, including the costs of modifying the loans as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a), there is appropriated $140,000,000 to remain available until expended.
"(g) Requirements for Loan Guarantees.-A loan guarantee may be issued under this section upon application to the Board by a qualified steel company pursuant to an agreement to provide a loan to that qualified steel company by a private bank or investment company, if the Board determines that-
"(h) Terms and Conditions of Loan Guarantees.-
"(1) Loan duration.-All loans guaranteed under this section shall be payable in full not later than December 31, 2015, and the terms and conditions of each such loan shall provide that the loan may not be amended, or any provision thereof waived, without the consent of the Board.
"(2) Loan security.-Any commitment to issue a loan guarantee under this section shall contain such affirmative and negative covenants and other protective provisions that the Board determines are appropriate. The Board shall require security for the loans to be guaranteed under this section at the time at which the commitment is made.
"(3) Fees.-A qualified steel company receiving a guarantee under this section shall pay a fee to the Department of the Treasury to cover costs of the program, but in no event shall such fee exceed an amount equal to 0.5 percent of the outstanding principal balance of the guaranteed loan.
"(4) Guarantee level.-
"(A) In general.-Except as provided in subparagraphs (B) and (C), any loan guarantee provided under this section shall not exceed 85 percent of the amount of principal of the loan.
"(B) Increased level one.-A loan guarantee may be provided under this section in excess of 85 percent, but not more than 90 percent, of the amount of principal of the loan, if-
"(C) Increased level two.-A loan guarantee may be provided under this section in excess of 85 percent, but not more than 95 percent, of the amount of principal of the loan, if-
"(i) Reports to Congress.-The Secretary of Commerce shall submit to Congress a full report of the activities of the Board under this section during each of fiscal years 1999 and 2000, and annually thereafter, during such period as any loan guaranteed under this section is outstanding.
"(j) Salaries and Administrative Expenses.-For necessary expenses to administer the Program, $5,000,000 is appropriated to the Department of Commerce, to remain available until expended, which may be transferred to the Office of the Assistant Secretary for Trade Development of the International Trade Administration.
"(k) Termination of Guarantee Authority.-The authority of the Board to make commitments to guarantee any loan under this section shall terminate on December 31, 2011.
"(l) Regulatory Action.-The Board shall issue such final procedures, rules, and regulations as may be necessary to carry out this section not later than 60 days after the date of the enactment of this Act [Aug. 17, 1999].
"(m) Iron Ore Companies.-
"(1) In general.-Subject to the requirements of this subsection, an iron ore company incorporated under the laws of any State shall be treated as a qualified steel company for purposes of the Program.
"(2) Total guarantee limit for iron ore company.-Of the aggregate amount of loans authorized to be guaranteed and outstanding at any one time under subsection (f)(2), an amount not to exceed $30,000,000 shall be loans with respect to iron ore companies.
"Sec. 201. Petroleum Development Management. (a) Short Title.-This chapter may be cited as the 'Emergency Oil and Gas Guaranteed Loan Program Act'.
"(1) Board.-The term 'Board' means the Loan Guarantee Board established by subsection (e).
"(2) Program.-The term 'Program' means the Emergency Oil and Gas Guaranteed Loan Program established by subsection (d).
"(3) Qualified oil and gas company.-The term 'qualified oil and gas company' means a company that-
"(d) Emergency Oil and Gas Guaranteed Loan Program.-
"(1) In general.-There is established the Emergency Oil and Gas Guaranteed Loan Program, the purpose of which shall be to provide loan guarantees to qualified oil and gas companies in accordance with this section.
"(2) Loan guarantee board.-There is established to administer the Program a Loan Guarantee Board, to be composed of-
"(e) Authority.-
"(1) In general.-The Program may guarantee loans provided to qualified oil and gas companies by private banking and investment institutions in accordance with procedures, rules, and regulations established by the Board.
"(2) Total guarantee limit.-The aggregate amount of loans guaranteed and outstanding at any one time under this section shall not exceed $500,000,000.
"(3) Individual guarantee limit.-The aggregate amount of loans guaranteed under this section with respect to a single qualified oil and gas company shall not exceed $10,000,000.
"(4) Expeditious action on applications.-The Board shall approve or deny an application for a guarantee under this section as soon as practicable after receipt of an application.
"(5) Additional costs.-For the additional cost of the loans guaranteed under this subsection, including the costs of modifying the loans as defined in section 502 of the Congressional Budget Act of 1974 (2 U.S.C. 661a), there is appropriated $122,500,000 to remain available until expended.
"(f) Requirements for Loan Guarantees.-The Board may issue a loan guarantee on application by a qualified oil and gas company under an agreement by a private bank or investment company to provide a loan to the qualified oil and gas company, if the Board determines that-
"(g) Terms and Conditions of Loan Guarantees.-
"(1) Loan duration.-All loans guaranteed under this section shall be repayable in full not later than December 31, 2010, and the terms and conditions of each such loan shall provide that the loan agreement may not be amended, or any provision of the loan agreement waived, without the consent of the Board.
"(2) Loan security.-A commitment to issue a loan guarantee under this section shall contain such affirmative and negative covenants and other protective provisions as the Board determines are appropriate. The Board shall require security for the loans to be guaranteed under this section at the time at which the commitment is made.
"(3) Fees.-A qualified oil and gas company receiving a loan guarantee under this section shall pay a fee to the Department of the Treasury to cover costs of the program, but in no event shall such fee exceed an amount equal to 0.5 percent of the outstanding principal balance of the guaranteed loan.
"(4) Guarantee level.-No loan guarantee may be provided under this section if the guarantee exceeds 85 percent of the amount of principal of the loan.
"(h) Reports.-During fiscal year 1999 and each fiscal year thereafter until each guaranteed loan has been repaid in full, the Secretary of Commerce shall submit to Congress a report on the activities of the Board.
"(i) Salaries and Administrative Expenses.-For necessary expenses to administer the Program, $2,500,000 is appropriated to the Department of Commerce, to remain available until expended, which may be transferred to the Office of the Assistant Secretary for Trade Development of the International Trade Administration.
"(j) Termination of Guarantee Authority.-The authority of the Board to make commitments to guarantee any loan under this section shall terminate on December 31, 2001.
"(k) Regulatory Action.-Not later than 60 days after the date of the enactment of this Act [Aug. 17, 1999], the Board shall issue such final procedures, rules, and regulations as are necessary to carry out this section.
[ Pub. L. 110–161, div. B, title I, §105(c), Dec. 26, 2007, 121 Stat. 1893 , which directed amendment of section 101(c)(3)(C) of Pub. L. 106–51, set out above, by substituting "in 1998, and thereafter," for ", in 1998", was executed by making the substitution for ", in January 1998" to reflect the probable intent of Congress.]
[ Pub. L. 107–63, title III, §336(b), Nov. 5, 2001, 115 Stat. 472 , provided that: "The amendments made by this section [amending section 101 of Pub. L. 106–51, set out above] shall apply only with respect to any guarantee issued on or after the date of the enactment of this Act [Nov. 5, 2001]."]