§1846 — Title 15 Commerce and Trade | U.S. Code

Summary

The Board may inspect and copy records of any business that got financial help to check repayment ability, U.S. interests in its property, and reasonable protection, and may block asset sales that threaten repayment. The Government Accountability Office must audit borrowers seeking loan guarantees and report the results to the Board and Congress.

Title 15, §1846

Commerce and Trade — Source: USLM XML via OLRC

(a)The Board is authorized to inspect and copy all accounts, books, records, memoranda, correspondence, and other documents of any enterprise which has received financial assistance under this chapter concerning any matter which may bear upon (1) the ability of such enterprise to repay the loan within the time fixed therefor; (2) the interests of the United States in the property of such enterprise; and (3) the assurance that there is reasonable protection to the United States. The Board is authorized to disapprove any transaction of such enterprise involving the disposition of its assets which may affect the repayment of a loan that has been guaranteed pursuant to the provisions of this chapter.

(b)The Government Accountability Office shall make a detailed audit of all accounts, books, records, and transactions of any borrower with respect to which an application for a loan guarantee is made under this chapter. The Government Accountability Office shall report the results of such audit to the Board and to the Congress.

Editorial Notes

Amendments

2004—Subsec. (b). Pub. L. 108–271 substituted “Government Accountability Office” for “General Accounting Office” in two places.

§1846 Powers and Duties

Summary

Title 15, §1846

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata