15 U.S.C. § 697d
Sections in this chapter
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- § 689a
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- § 689d
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- § 690h
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- § 694a
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- § 695
- § 696
- § 697
- § 697a
- § 697b
- § 697c
- § 697d
- § 697e
- § 697f
- § 697g
§ 697d. Accredited Lenders Program
- (a) The Administration is authorized to establish an Accredited Lenders Program for qualified State and local development companies that meet the requirements of subsection (b).
- (b) The Administration may designate a qualified State or local development company as an accredited lender if such company—
- (1) has been an active participant in the Development Company Program authorized by sections 696, 697, and 697a of this title for not less than the preceding 12 months;
- (2) has well-trained, qualified personnel who are knowledgeable in the Administration’s lending policies and procedures for such Development Company Program;
- (3) has the ability to process, close, and service financing for plant and equipment under such Development Company Program;
- (4) has a loss rate on the company’s debentures that is reasonable and acceptable to the Administration;
- (5) has a history of submitting to the Administration complete and accurate debenture guaranty application packages; and
- (6) has demonstrated the ability to serve small business credit needs for financing plant and equipment through the Development Company Program.
- (c) The Administration shall develop an expedited procedure for processing a loan application or servicing action submitted by a qualified State or local development company that has been designated as an accredited lender in accordance with subsection (b).
- (d)
- (1) The designation of a qualified State or local development company as an accredited lender may be suspended or revoked if the Administration determines that—
- (A) the development company has not continued to meet the criteria for eligibility under subsection (b); or
- (B) the development company has failed to adhere to the Administration’s rules and regulations or is violating any other applicable provision of law.
- (2) A suspension or revocation under paragraph (1) shall not affect any outstanding debenture guarantee.
- (1) The designation of a qualified State or local development company as an accredited lender may be suspended or revoked if the Administration determines that—
- (e) In this section, the term “qualified State or local development company” has the meaning given the term in section 697(e) of this title .
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