§ 5710. Oversight and audits

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.

1. 2010

   State Small Business Credit Initiative Act of 2010

   Pub. L. 111–240 title III § 3011 · 124 Stat. 2504

   Enacted · 12 U.S.C. § 5710

   Pub. L. 111–240, title III, § 3011, Sept. 27, 2010, 124 Stat. 2581

   Source evidence

   Code source credit
   Pub. L. 111–240, title III, § 3011, Sept. 27, 2010, 124 Stat. 2581

   Enacted provision · exact public law section
   SEC. 3011. OVERSIGHT AND AUDITS. (a) Inspector General Oversight.— The Inspector General of the Department of the Treasury shall conduct, supervise, and coordinate audits and investigations of the use of funds made available under the Program. (b) GAO Audit.— The Comptroller General of the United States shall perform an annual audit of the Program and issue a report to the appropriate committees of Congress containing the results of such audit. (c) Required Certification.— (1) Financial institutions certification.— With respect to funds received by a participating State under the Program, any financial institution that receives a loan, a loan guarantee, or other financial assistance using such funds after the date of the enactment of this Act shall certify that such institution is in compliance with the requirements of section 103.121 of title 31, Code of Federal Regulations, a regulation that, at a minimum, requires financial institutions, as that term is defined in section 5312 (a)(2) and (c)(1)(A) of title 31, United States Code, to implement reasonable procedures to verify the identity of any person seeking to open an account, to the extent reasonable and practicable, maintain records of the information used to verify the person’s identity, and determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency. (2) Sex offense certification.— With respect to funds received by a participating State under the Program, any private entity that receives a loan, a loan guarantee, or other financial assistance using such funds after the date of the enactment of this Act shall certify to the participating State that the principals of such entity have not been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. 16911)). (d) Prohibition on Pornography.— None of the funds made available under this title may be used to pay the salary of any individual engaged in activities related to the Program who has been officially disciplined for violations of subpart G of the Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornography, including child pornography, on a Federal Government computer or while performing official Federal Government duties.

2. 2014

   Government Reports Elimination Act of 2014

   Pub. L. 113–188 title IX § 901(d) · 128 Stat. 2016

   1. Redesignated · 12 U.S.C. § 5710(b)(d)

      Pub. L. 113–188 redesignated subsecs. (c) and (d) as (b) and (c), respectively

   2. Struck · 12 U.S.C. § 5710(b)(d)

      Pub. L. 113–188 struck out former subsec. (b). Prior to amendment, text of subsec. (b) read as follows: “The Comptroller General of the United States shall perform an annual audit of the Program and issue a report to the appropriate committees of Congress containing the results of such audit.”

   Source evidence

   Code amendment note
   Subsecs. (b) to (d). Pub. L. 113–188 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b). Prior to amendment, text of subsec. (b) read as follows: “The Comptroller General of the United States shall perform an annual audit of the Program and issue a report to the appropriate committees of Congress containing the results of such audit.”

   Enacted provision · exact public law section
   (d) State Small Business Credit Initiative Audit and Report.— Section 3011 of the Small Business Jobs Act of 2010 (12 U.S.C. 5710) is amended— (1) by striking subsection (b); and (2) by redesignating subsections (c) and (d) as subsections (b) and (c), respectively.

3. 2021

   American Rescue Plan Act of 2021

   Pub. L. 117–2 title III § 3301(a)(1)(G) · 135 Stat. 4

   Substituted · 12 U.S.C. § 5710(b)

   Pub. L. 117–2 substituted “March 11, 2021” for “September 27, 2010” in pars. (1) and (2)

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 117–2 substituted “March 11, 2021” for “September 27, 2010” in pars. (1) and (2).

   Enacted provision · exact public law section
   (G) in section 3011(b), 12 USC 5710. by striking “date of the enactment of this Act” each place it appears and inserting “date of the enactment of section 3003(d)”.

   Effective date note
   Amendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.

4 of 4 references resolved to an enrolled provision