Public Law 111–5 111th Congress An Act - Loan Programs Office

PUBLIC LAW 111–5—FEB. 17, 2009
123 STAT. 161
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(vi) The Administrator shall establish a process
to disburse and receive funds to and from borrowers
under this section.
(C) LIMITATIONS ON USE OF LOAN PROCEEDS BY SYSTEMICALLY
IMPORTANT SECONDARY MARKET BROKER-DEALERS.—The Administrator
shall ensure that borrowers under this section are using
funds provided under this section only for the purpose specified
in subparagraph (B)(ii)(I). If the Administrator finds that such
funds were used for any other purpose, the Administrator shall—
(i) require immediate repayment of outstanding loans;
(ii) prohibit the borrower, its affiliates, or any future corporate
manifestation of the borrower from using the Authority;
and
(iii) take any other actions the Administrator, in consultation
with the Attorney General of the United States,
deemsappropriate.
(d) REPORT TO CONGRESS.—The Administrator shall submit
a report to Congress not later than the third business day of
each month containing a statement of each of the following:
(1) The aggregate loan amounts extended during the preceding
month under this section.
(2) The aggregate loan amounts repaid under this section
during the proceeding month.
(3) The aggregate loan amount outstanding under this section.
(4) The aggregate value of assets held as collateral under
this section;
(5) The amount of any defaults or delinquencies on loans
made under this section.
(6) The identity of any borrower found by the Administrator
to misuse funds made available under this section.
(7) Any other information the Administrator deems necessary
to fully inform Congress of undue risk of financial loss
to the United States in connection with loans made under
this section.
(e) DURATION.—The authority of this section shall remain in
effect for a period of 2 years after the date of enactment of this
section.
(f) F EES.—The Administrator shall charge fees, up front,
annual, or both at a specified percentage of the loan amount that
is at such a rate that the cost of the program under the Federal
Credit Reform Act of 1990 ((title V of the Congressional Budget
and Impoundment Control Act of 1974; 2 U.S.C. 661) shall be
equal to zero.
(h) BUDGET TREATMENT.—Nothing in this section shall be construed
to exempt any activity of the Administrator under this
section from the Federal Credit Reform Act of 1990 (title V of
the Congressional Budget and Im poundment Control Act of 1974;
2 U.S.C. 661 and following).
(i) EMERGENCY RULEMAKING AUTHORITY.—The Administrator
shall promulgate regulations under this section within 30 days
after the date of enactment of enactment of this section. In promulgating
these regulations,the Administrator the notice requirements
of section 553(b) of title 5 of the United States Code shall not
apply.
Deadline.
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