§2347 — Title 19 Customs Duties | U.S. Code

Summary

The Secretary may take many actions to run the loan and guarantee program. The Secretary can require and manage security for loans, sell or assign debts and claims, collect payments or settle for less, and seek court orders when borrowers still owe money. The Secretary can repair, insure, rent, sell, or otherwise handle property taken in connection with loans. The Secretary can buy, hold, transfer, release, or sell property and sign the needed legal papers. The Secretary may also do other actions needed to operate the program. Mortgages taken for security must be recorded under state law. Money repaid or received goes back into the program and can pay program costs and administration. Business trade secrets or financial data given with applications can be kept confidential under federal rules. Loans for buying or improving property should normally have a first lien on the assets and be paid off over time; if exceptions are needed, the Secretary must set rules to protect the United States.

Title 19, §2347

Customs Duties — Source: USLM XML via OLRC

(a)In making and administering guarantees and loans under section 2344 of this title, the Secretary may—

(1)require security for any such guarantee or loan, and enforce, waive, or subordinate such security;

(2)assign or sell at public or private sale, or otherwise dispose of, upon such terms and conditions and for such consideration as he shall determine to be reasonable, any evidence of debt, contract, claim, personal property, or security assigned to or held by him in connection with such guarantees or loans, and collect, compromise, and obtain deficiency judgments with respect to all obligations assigned to or held by him in connection with such guarantees or loans until such time as such obligations may be referred to the Attorney General for suit or collection;

(3)renovate, improve, modernize, complete, insure, rent, sell, or otherwise deal with, upon such terms and conditions and for such consideration as he shall determine to be reasonable, any real or personal property conveyed to or otherwise acquired by him in connection with such guarantees or loans;

(4)acquire, hold, transfer, release, or convey any real or personal property or any interest therein whenever deemed necessary or appropriate, and execute all legal documents for such purposes; and

(5)exercise all such other powers and take all such other acts as may be necessary or incidental to the carrying out of functions pursuant to section 2344 of this title.

(b)Any mortgage acquired as security under subsection (a) shall be recorded under applicable State law.

(c)All repayments of loans, payments of interest, and other receipts arising out of transactions entered into by the Secretary pursuant to this part, shall be available for financing functions performed under this part, including administrative expenses in connection with such functions.

(d)To the extent the Secretary deems it appropriate, and consistent with the provisions of section 552(b)(4) and section 552b(c)(4) of title 5, that portion of any record, material or data received by the Secretary in connection with any application for financial assistance under this part which contains trade secrets or commercial or financial information regarding the operation or competitive position of any business shall be deemed to be privileged or confidential within the meaning of those provisions.

(e)Direct loans made, or loans guaranteed, under this part for the acquisition or development of real property or other capital assets shall ordinarily be secured by a first lien on the assets to be financed and shall be fully amortized. To the extent that the Secretary finds that exceptions to these standards are necessary to achieve the objectives of this part, he shall develop appropriate criteria for the protection of the interests of the United States.

Notes & Related Subsidiaries

Termination of AssistanceFor termination of assistance under this part after June 30, 2022, see Termination Date note below.

Editorial Notes

Codification Section reflects the July 1, 2021, reversion to provisions in effect on Jan. 1, 2014. See Effective and Termination Dates note below.

Amendments

1981—Subsecs. (d), (e). Pub. L. 97–35 added subsecs. (d) and (e).

Statutory Notes and Related Subsidiaries

Effective Date

of 1981 AmendmentAmendment by Pub. L. 97–35 effective Aug. 13, 1981, except as otherwise provided with respect to applications for adjustment assistance, see section 2529 of Pub. L. 97–35, set out as a note under section 2343 of this title. Termination DateExcept as otherwise provided, technical assistance and grants may not be provided under this part after

June 30, 2022, see section 285 of Pub. L. 93–618, as modified by section 406(a)(7) of Pub. L. 114–27, set out as notes preceding section 2271 of this title. Deposit of Receipts From Transactions Under This Part Into Economic Development Revolving Fund Pub. L. 100–202, § 101(a) [title I, § 106], Dec. 22, 1987, 101 Stat. 1329, 1329–7, provided that: “Notwithstanding any other provision of law, including section 257(c) of the Trade Act of 1974, as amended [19 U.S.C. 2347(c)], and section 203 of the Public Works and Economic Development Act of 1965, as amended [42 U.S.C. 3143], principal and interest repayments from loans, proceeds from the sale of loan assets or collateral, and other receipts arising out of transactions entered into pursuant to title II, chapter 3 of the Trade Act of 1974 [19 U.S.C. 2341 et seq.] shall be deposited into the economic development revolving fund established under section 203 of the Public Works and Economic Development Act of 1965 beginning

October 1, 1987: Provided, That payments of obligations in connection with loans guaranteed under the authority of the Trade Act of 1974 [19 U.S.C. 2101 et seq.] or the Public Works and Economic Development Act of 1965 [42 U.S.C. 3121 et seq.], and any related expenses, shall be made from funds available in the economic development revolving fund: Provided further, That deposits to the economic development revolving fund of amounts appropriated for, or received in connection with, activities authorized under the Trade Act of 1974, made prior to

October 1, 1987, shall be deemed valid deposits.”

§2347 Administration of Financial Assistance