Title 12 — Banks and Banking
Chapter 54 — State Small Business Credit Initiative
§ 5707. Remedies for State program termination or failures
Statutory text
Remedies
In general
If any of the events listed in paragraph (2) occur, the Secretary, in the Secretary’s discretion, may—
reduce the amount of Federal funds allocated to the State under the Program; or
terminate any further transfers of allocated amounts that have not yet been transferred to the State.
Causal events
The events referred to in paragraph (1) are—
termination by a participating State of its participation in the Program;
failure on the part of a participating State to submit complete reports under section 5706 of this title on a timely basis; or
noncompliance by the State with the terms of the allocation agreement between the Secretary and the State.
Deallocated amounts to be reallocated
If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the participating States, excluding the State whose allocated funds were deemed to be no longer allocated, as provided in section 5702(b) of this title.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
State Small Business Credit Initiative Act of 2010
Pub. L. 111–240 title III § 3008 · 124 Stat. 2504
Enacted · 12 U.S.C. § 5707
(Pub. L. 111–240, title III, § 3008, Sept. 27, 2010, 124 Stat. 2580.)
Source evidence
Code source credit
(Pub. L. 111–240, title III, § 3008, Sept. 27, 2010, 124 Stat. 2580.)Enacted provision · exact public law section
SEC. 3008. REMEDIES FOR STATE PROGRAM TERMINATION OR FAILURES. (a) Remedies.— (1) In general.— If any of the events listed in paragraph (2) occur, the Secretary, in the Secretary’s discretion, may— (A) reduce the amount of Federal funds allocated to the State under the Program; or (B) terminate any further transfers of allocated amounts that have not yet been transferred to the State. (2) Causal events.— The events referred to in paragraph (1) are— (A) termination by a participating State of its participation in the Program; (B) failure on the part of a participating State to submit complete reports under section 3007 on a timely basis; or (C) noncompliance by the State with the terms of the allocation agreement between the Secretary and the State. (b) Deallocated Amounts To Be Reallocated.— Time period. If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the participating States, excluding the State whose allocated funds were deemed to be no longer allocated, as provided in section 3003(b).
1 of 1 references resolved to an enrolled provision