Not later than 30 calendar days after receiving a report filed in compliance with section
4746 of this title, the Fund shall reimburse the participating State in an amount equal to 50 percent of the amount of contributions by the participating State to the reserve funds that are subject to reimbursement by the Fund pursuant to section
4746 of this title and this section. The Fund shall reimburse participating States, as it receives reports pursuant to section
4746(a) of this title, until available funds are expended.
(b) Size of assisted borrower
The Fund shall not provide any reimbursement to a participating State with respect to an enrolled loan made to a borrower that has 500 or more employees at the time that the loan is enrolled in the Program.
(c) Three-year maximum
The amount of reimbursement to be provided by the Fund to a participating State over any 3-year period in connection with loans made to any single borrower or any group of borrowers among which a common enterprise exists shall not exceed $75,000. For purposes of this subsection, “common enterprise” shall have the same meaning as in part 32 of title
12 of the Code of Federal Regulations, or any successor to that part.
(d) Loans totaling less than $2,000,000
In connection with a loan in which the covered amount of the loan plus the covered amount of all previous loans enrolled by a participating financial institution does not exceed $2,000,000, the amount of reimbursement by the Fund to the participating State shall not exceed the lesser of—
(1)75 percent of the sum of the premium charges paid to the reserve fund by the borrower and the participating financial institution; or
(2)5.25 percent of the covered amount of the loan.
(e) Loans totaling more than $2,000,000
In connection with a loan in which the sum of the covered amounts of all previous loans enrolled by the participating financial institution in the Program equals or exceeds $2,000,000, the amount of reimbursement to be provided by the Fund to the participating State shall not exceed the lesser of—
(1)50 percent of the sum of the premium charges paid by the borrower and the participating financial institution; or
(2)3.5 percent of the covered amount of the loan.
(f) Other amounts
In connection with the enrollment of a loan that will cause the aggregate covered amount of all enrolled loans to exceed $2,000,000, the amount of reimbursement by the Fund to the participating State shall be determined—
(1)by applying subsection (d) of this section to the portion of the loan, which when added to the aggregate covered amount of all previously enrolled loans equals $2,000,000; and
(2)by applying subsection (e) of this section to the balance of the loan.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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