§5701 Definitions

Summary

Defines key words used in the chapter. It gives short meanings for terms you will see later. Key terms: "appropriate committees of Congress" means the specific Senate and House committees named in the law; "appropriate Federal banking agency" means the federal bank regulator as defined in section 1813(q) and also includes the National Credit Union Administration for insured credit unions; "enrolled loan" means a loan a state signs up in an approved state capital access program; "Federal contribution" means the part of a state’s program payment that comes from federal funds given under section 5702; "financial institution" means insured banks, insured credit unions, or community development financial institutions (see section 4702); "participating State" means a state approved under section 5703; "Program" means the State Small Business Credit Initiative; "qualifying loan or swap funding facility" means a contract where a state gives collateral to a private entity, the entity funds the state, and that funding (minus fees) goes into an approved state program; "reserve fund" means a state-held fund for a lender that collects premiums and state/federal contributions and pays losses on enrolled loans; "State" includes U.S. states, the District of Columbia, Puerto Rico, Northern Mariana Islands, Guam, American Samoa, U.S. Virgin Islands, certain local subdivisions or municipalities with approval, and Tribal governments or groups of Tribes; "State capital access program" and "State other credit support program" are state programs that use public money to help private credit and meet eligibility rules in sections 5704(c) and 5705(c); "State program" means either of those; "Secretary" means the Secretary of the Treasury; ownership and disadvantage terms and other institution terms refer to the specific definitions in the listed statutes, including the Tribal government list current as of March 11, 2021.