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Title 15, Commerce and TradeRelease 119-102

§642 Requirements for Loans

Title 15 › CHAPTER 14A — AID TO SMALL BUSINESS › § 642

Last updated Aug 21, 2026|Official source

Summary

The Administration will not give a loan or provide equipment, facilities, or services to a business unless the business owners do three things. They must give the names and fees of any lawyers, agents, or others hired to speed the application; sign a two-year promise not to hire or keep anyone who, on the date help was given or in the one year before, was an Administration officer, attorney, agent, or employee who could influence awards; and provide the names of banks they applied to, with dates, amounts, loan terms, and proof those banks refused.

Full Legal Text

Title 15, §642

Commerce and Trade, Source: USLM XML via OLRC

No loan shall be made or equipment, facilities, or services furnished by the Administration under this chapter to any business enterprise unless the owners, partners, or officers of such business enterprise (1) certify to the Administration the names of any attorneys, agents, or other persons engaged by or on behalf of such business enterprise for the purpose of expediting applications made to the Administration for assistance of any sort, and the fees paid or to be paid to any such persons; (2) execute an agreement binding any such business enterprise for a period of two years after any assistance is rendered by the Administration to such business enterprise, to refrain from employing, tendering any office or employment to, or retaining for professional services, any person who, on the date such assistance or any part thereof was rendered, or within one year prior thereto, shall have served as an officer, attorney, agent, or employee of the Administration occupying a position or engaging in activities which the Administration shall have determined involve discretion with respect to the granting of assistance under this chapter; and (3) furnish the names of lending institutions to which such business enterprise has applied for loans together with dates, amounts, terms, and proof of refusal.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

Prior similar provisions were contained in section 219 of act
July 30, 1953, ch. 282, title II, 67 Stat. 239, which was previously classified to section 648 of this title. The provisions of section 213 of act
July 30, 1953, formerly classified to this section, were transferred to section 2[8] of Pub. L. 85–536, and are classified to section 637(b)(6), (7) of this title. See Codification note set out under section 631 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 642

Title 15, Commerce and Trade

Last Updated

Aug 21, 2026

Release point: 119-102