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Title 15, Commerce and TradeRelease 119-110

§1846 Powers and Duties

Title 15 › CHAPTER 45 — EMERGENCY LOAN GUARANTEES TO BUSINESS ENTERPRISES › § 1846

Last updated Sep 22, 2026|Official source

Summary

The Board can look at and copy a company’s financial and business records, notes, letters, and other papers if the company got financial help under this law and the documents relate to whether it can repay the loan, what rights the United States has in its property, or how the U.S. is protected. The Board can block any sale or transfer of assets that might hurt repayment of a government-guaranteed loan. The Government Accountability Office must do a full audit of a borrower’s records and transactions when someone asks for a loan guarantee and must send the audit results to the Board and to Congress.

Full Legal Text

Title 15, §1846

Commerce and Trade, Source: USLM XML via OLRC

(a)Board; inspection of documents; disapproval of certain transactions
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)Government Accountability Office; audit; report to Board and Congress
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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

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

Reference

Citations & Metadata

Citation

15 U.S.C. § 1846

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110