§5706 — Title 12 Banks and Banking | U.S. Code

Summary

Participating States must send a report to the Secretary within 30 days after each calendar quarter begins, starting after the first full quarter after the State is approved. The report must say how much Federal money the State used that quarter and include a signed statement saying the amount is correct; that funds are still available and legally committed to the approved State programs (minus any State contributions made after approval); and that the State is running its approved program(s) under the law and the rules in section 5709. Each State must also send an annual report by March 31 each year, starting March 31, 2022. The annual report must show how many borrowers got new loans after approval, the total dollar amount of those loans, breakdowns by industry, loan size, annual sales, and number of employees, the zip code for each borrower, and any other data the Secretary asks for. All reports must follow the form the Secretary requires. The reporting duty stops when the State files the March 31 report that comes after five full 12-month periods after the State was approved.

Title 12, §5706

Banks and Banking — Source: USLM XML via OLRC

(a)(1)Not later than 30 days after the beginning of each calendar quarter, beginning after the first full calendar quarter to occur after the date the Secretary approves a State for participation, the participating State shall submit to the Secretary a report on the use of Federal funding by the participating State during the previous calendar quarter.

(2)Each report under this subsection shall—

(A)indicate the total amount of Federal funding used by the participating State; and

(B)include a certification by the participating State that—

(i)the information provided in accordance with subparagraph (A) is accurate;

(ii)funds continue to be available and legally committed to contributions by the State to, or for the account of, approved State programs, less any amount that has been contributed by the State to, or for the account of, approved State programs subsequent to the State being approved for participation in the Program; and

(iii)the participating State is implementing its approved State program or programs in accordance with this chapter and regulations issued under section 5709 of this title.

(b)Not later than March 31 of each year, beginning March 31, 2022, each participating State shall submit to the Secretary an annual report that shall include the following information:

(1)The number of borrowers that received new loans originated under the approved State program or programs after the State program was approved as eligible for Federal contributions.

(2)The total amount of such new loans.

(3)Breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers that received such new loans.

(4)The zip code of each borrower that received such a new loan.

(5)Such other data as the Secretary, in the Secretary’s sole discretion, may require to carry out the purposes of the Program.

(c)The reports and data filed under subsections (a) and (b) shall be in such form as the Secretary, in the Secretary’s sole discretion, may require.

(d)The requirement to submit reports under subsections (a) and (b) shall terminate for a participating State with the submission of the completed reports due on the first March 31 to occur after 5 complete 12-month periods after the State is approved by the Secretary to be a participating State.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2021—Subsec. (b). Pub. L. 117–2 substituted “

March 31, 2022” for “

March 31, 2011” in introductory provisions.

Statutory Notes and Related Subsidiaries

Effective Date

of 2021 AmendmentAmendment 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.

§5706 Reports