Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

legal/us/code/title-15/chapter-14b/section-661.md

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+---
+type: "LegalText"
+title: "15 U.S.C. § 661"
+description: "Congressional declaration of policy"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "661"
+citation: "15 U.S.C. § 661"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s661"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "c0c91a2c6414042986f52b20c57a25cb918d09c7dcd82b53886b1aedb92ad0fe"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "25aae7cf6e92fbe2c3d6d54f386d566492456420f3c563dec0d348e470e2123d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 661 - Congressional declaration of policy
+
+## Text
+
+It is declared to be the policy of the Congress and the purpose of this chapter to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy shall be carried out in such manner as to insure the maximum participation of private financing sources. It is the intention of the Congress that the provisions of this chapter shall be so administered that any financial assistance provided hereunder shall not result in a substantial increase of unemployment in any area of the country. It is the intention of the Congress that in the award of financial assistance under this chapter, when practicable, priority be accorded to small business concerns which lease or purchase equipment and supplies which are produced in the United States and that small business concerns receiving such assistance be encouraged to continue to lease or purchase such equipment and supplies.
+
+(Pub. L. 85–699, title I, § 102, Aug. 21, 1958, 72 Stat. 689; Pub. L. 102–366, title IV, § 416, Sept. 4, 1992, 106 Stat. 1019.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThis chapter, referred to in text, was in the original “this Act”, meaning Pub. L. 85–699, which enacted this chapter, amended sections 77c, 77ddd, 80a–18, 633 and 636 of this title, and sections 217 [now 212], 218 [now 213], 221 [now 216], 657, 1006 and 1014 of Title 18, Crimes and Criminal Procedure, repealed section 352a of Title 12, Banks and Banking, and enacted notes set out under this section and section 352a of Title 12. Sections 212 and 213 of Title 18, as renumbered by Pub. L. 87–849, were subsequently repealed. For complete classification of this Act to the Code, see Short Title note set out below and Tables.
+
+Amendments1992—Pub. L. 102–366 inserted at end “It is the intention of the Congress that in the award of financial assistance under this chapter, when practicable, priority be accorded to small business concerns which lease or purchase equipment and supplies which are produced in the United States and that small business concerns receiving such assistance be encouraged to continue to lease or purchase such equipment and supplies.”
+
+Statutory Notes and Related Subsidiaries
+
+Short Title of 2026 AmendmentPub. L. 119–92, § 1, May 19, 2026, 140 Stat. 825, provided that: “This Act [amending sections 662 and 683 of this title] may be cited as the ‘Investing in All of America Act of 2025’.”
+
+Short Title of 2018 AmendmentPub. L. 115–371, § 1, Dec. 21, 2018, 132 Stat. 5106, provided that: This Act [amending section 696 of this title] may be cited as the “Small Business Access to Capital and Efficiency Act” or the “Small Business ACE Act”. Pub. L. 115–333, § 1, Dec. 19, 2018, 132 Stat. 4488, provided that: “This Act [amending sections 662, 681, and 687 of this title] may be cited as the ‘Spurring Business in Communities Act of 2017’.” Pub. L. 115–187, § 1, June 21, 2018, 132 Stat. 1489, provided that: “This Act [amending section 683 of this title] may be cited as the ‘Small Business Investment Opportunity Act of 2017’.”
+
+Short Title of 2004 AmendmentPub. L. 108–232, § 1, May 28, 2004, 118 Stat. 649, provided that:“This Act [amending section 697e of this title] may be cited as the ‘Premier Certified Lenders Program Improvement Act of 2004’.”
+
+Short Title of 2001 AmendmentPub. L. 107–100, § 1, Dec. 21, 2001, 115 Stat. 966, provided that: “This Act [amending sections 636, 683, 687d, 687e, and 697 of this title, section 1833a of Title 12, Banks and Banking, and section 1014 of Title 18, Crimes and Criminal Procedure, and enacting provisions set out as notes under sections 636, 683, and 697 of this title] may be cited as the ‘Small Business Investment Company Amendments Act of 2001’.”
+
+Short Title of 2000 AmendmentPub. L. 106–554, § 1(a)(8) [§ 1(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–653, provided that: “This section [enacting part B of subchapter III of this chapter, amending section 683 of this title, section 109 of Title 11, Bankruptcy, and section 1464 of Title 12, Banks and Banking, and amending provisions set out as a note under section 631 of this title] may be cited as the ‘New Markets Venture Capital Program Act of 2000’.” Pub. L. 106–554, § 1(a)(9) [title III, § 301], Dec. 21, 2000, 114 Stat. 2763, 2763A–684, provided that: “This title [enacting section 697g of this title, amending sections 695 to 697 and 697e of this title, enacting provisions set out as a note under section 697g of this title, and repealing provisions set out as a note under section 697e of this title] may be cited as the ‘Certified Development Company Program Improvements Act of 2000’.” Pub. L. 106–554, § 1(a)(9) [title IV, § 401], Dec. 21, 2000, 114 Stat. 2763, 2763A–690, provided that: “This title [amending sections 662, 682, 683, and 687b of this title] may be cited as the ‘Small Business Investment Corrections Act of 2000’.”
+
+Short Title of 1999 AmendmentPub. L. 106–9, § 1, Apr. 5, 1999, 113 Stat. 17, provided that: “This Act [amending sections 662, 683, 687, and 687m of this title and provisions set out as notes under this section and section 631 of this title] may be cited as the ‘Small Business Investment Improvement Act of 1999’.”
+
+Short Title of 1994 AmendmentPub. L. 103–403, title V, § 501, Oct. 22, 1994, 108 Stat. 4198, provided that: “This title [enacting section 697f of this title and provisions set out as a note under section 697f of this title] may be cited as the ‘Small Business Prepayment Penalty Relief Act of 1994’.”
+
+Short Title of 1992 AmendmentPub. L. 102–366, title IV, § 401, Sept. 4, 1992, 106 Stat. 1007, provided that: “This Act [probably means “This title”, amending this section and sections 662, 682, 683, 685 to 687, 687b, and 687l of this title, enacting provisions set out as notes under this section and sections 681 and 687b of this title, and amending provisions set out as a note under section 631 of this title] may be cited as the ‘Small Business Equity Enhancement Act of 1992’.”
+
+Short Title of 1988 AmendmentPub. L. 100–590, title II, § 201, Nov. 3, 1988, 102 Stat. 3007, provided that: “This title [amending sections 694b and 694c of this title and enacting provisions set out as notes under section 694b of this title] may be cited as the ‘Preferred Surety Bond Guarantee Program Act of 1988’.”
+
+Short Title of 1972 AmendmentPub. L. 92–595, § 1, Oct. 27, 1972, 86 Stat. 1314, provided: “That this Act [enacting sections 687i and 687j of this title and amending sections 80a–18, 633, 636, 662, 681, 683, 684, and 686 of this title] may be cited as the ‘Small Business Investment Act Amendments of 1972’.”
+
+Short Title of 1967 AmendmentPub. L. 90–104, title II, § 201, Oct. 11, 1967, 81 Stat. 269, provided that: “This title [amending sections 681, 682, 683, 684, 686, 687, 687b, and 692 of this title] may be cited as the ‘Small Business Investment Act Amendments of 1967’.”
+
+Short Title of 1966 AmendmentPub. L. 89–779, § 1, Nov. 6, 1966, 80 Stat. 1359, provided: “That this Act [enacting sections 687e, 687f, 687g, and 687h of this title and amending sections 633, 671, 687, 687a, 687b, and 687c of this title, and sections 5315 and 5316 of Title 5, Government Organization and Employees] may be cited as the ‘Small Business Investment Act Amendments of 1966’.”
+
+Short Title of 1964 AmendmentPub. L. 88–273, § 1, Feb. 28, 1964, 78 Stat. 146, provided: “That this Act [enacting section 687d and amending sections 682, 686, and 687 of this title] may be cited as the ‘Small Business Investment Act Amendments of 1963’.”
+
+Short Title of 1961 AmendmentPub. L. 87–341, § 1, Oct. 3, 1961, 75 Stat. 752, provided: “That this Act [enacting sections 687a, 687b, and 687c of this title, amending sections 633, 662, 681, 683 to 687, and 696 of this title, and enacting provisions set out as notes under sections 631 and 686 of this title] may be cited as the ‘Small Business Investment Act Amendments of 1961’.”
+
+Short Title of 1960 AmendmentPub. L. 86–502, § 1, June 11, 1960, 74 Stat. 196, provided: “That this Act [amending sections 662, 681, 682, and 684 of this title, and section 26–610 of the District of Columbia Code, 1973 edition] may be cited as the ‘Small Business Investment Act Amendments of 1960’.”
+
+Short TitlePub. L. 85–699, title I, § 101, Aug. 21, 1958, 72 Stat. 689, as amended by Pub. L. 106–9, § 2(d)(3), Apr. 5, 1999, 113 Stat. 18, provided that: “This Act [enacting this chapter, amending sections 77c, 77ddd, 80a–18, 633 and 636 of this title, and sections 217 [now 212], 218 [now 213], 221 [now 216], 657, 1006 and 1014 of Title 18, Crimes and Criminal Procedure, repealing section 352a of Title 12, Banks and Banking, and enacting notes set out under this section and former section 352a of title 12] may be cited as the ‘Small Business Investment Act of 1958’.”
+
+RegulationsPub. L. 102–366, title IV, § 415, Sept. 4, 1992, 106 Stat. 1018, provided that: “Notwithstanding any law, rule, regulation or administrative moratorium, except as otherwise expressly provided in this Act [probably means “this title”, see Short Title of 1992 Amendment note above], the Small Business Administration shall— “(1) within 90 days after the date of enactment of this Act [Sept. 4, 1992], publish in the Federal Register proposed rules and regulations implementing this Act and the amendments made by this Act; and “(2) within 180 days after the date of enactment of this Act, publish in the Federal Register final rules and regulations implementing this Act, and enter such contracts as are necessary to implement this Act and the amendments made by this Act.”
+
+Effect of Small Business Equity Enhancement Act of 1992 on Securities LawsPub. L. 102–366, title IV, § 418, Sept. 4, 1992, 106 Stat. 1019, provided that: “Nothing in this Act [probably means “this title”, see Short Title of 1992 Amendment note above] (and no amendment made by this Act) shall be construed to affect the applicability of the securities laws, as that term is defined in section 3(a)(47) of the Securities Exchange Act of 1934 [15 U.S.C. 78c(a)(47)], or any of the rules and regulations thereunder, or otherwise supersede or limit the jurisdiction of the Securities and Exchange Commission or the authority at any time conferred under the securities laws.”

legal/us/code/title-15/chapter-14b/section-671.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 671"
+description: "Establishment; Associate Administrator; appointment and compensation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "671"
+citation: "15 U.S.C. § 671"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s671"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "eeab30db8c8c8cecb51db92965bb2bd98f5055003a648f5210518d4b687ffecc"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "178d5ba0a82cfe07835e025c14029324e1d32418d4a660fa2dc2b59652bfe693"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 671 - Establishment; Associate Administrator; appointment and compensation
+
+## Text
+
+There is hereby established in the Small Business Administration a division to be known as the Small Business Investment Division. The Division shall be headed by an Associate Administrator who shall be appointed by the Administrator, and shall receive compensation at the rate provided by law for other Associate Administrators of the Small Business Administration.
+
+(Pub. L. 85–699, title II, § 201, Aug. 21, 1958, 72 Stat. 690; Pub. L. 89–117, title III, § 316(b), Aug. 10, 1965, 79 Stat. 484; Pub. L. 89–779, § 2, Nov. 6, 1966, 80 Stat. 1359.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1966—Pub. L. 89–779 substituted “Associated Administrator” for “Deputy Administrator” as the head of the Small Business Investment Division of the Small Business Administration, substituted the rate provided by law for other Associate Administrators of the Small Business Administration for the rate provided by law for the other Deputy Administrators of the Small Business Administration as the standard of compensation for the head of the Small Business Investment Division, and struck out provisions spelling out the proper exercise of the powers conferred on the Administration and on the Administrator through the Small Business Investment Division and the Division head. See section 687(f) of this title. 1965—Pub. L. 89–117 provided that the powers conferred by subchapters IV–A and V of this chapter shall be exercised through such divisions, sections, or other personnel as the Administrator in his discretion determines.

legal/us/code/title-15/chapter-14b/section-672.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 672"
+description: "Repealed. Pub. L. 87–341, § 11(h)(1), Oct. 3, 1961, 75 Stat. 757"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "672"
+citation: "15 U.S.C. § 672"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s672"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "858218437cb4a8107b07e5eb345a40701f55e63e1c5c785205b45c7aadfc44cf"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "75f904c57102d7ef89d912298cbb7379c079aaa3adc7a1fa67658c15365fe1c1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 672 - Repealed. Pub. L. 87–341, § 11(h)(1), Oct. 3, 1961, 75 Stat. 757
+
+## Notes
+
+Section, Pub. L. 85–699, title II, § 202(b), Aug. 21, 1958, 72 Stat. 691, authorized appropriations for business expenses.

legal/us/code/title-15/chapter-14b/section-684.md

@@ -0,0 +1,55 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 684"
+description: "Equity capital for small-business concerns"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "684"
+citation: "15 U.S.C. § 684"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s684"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "bef15650eb4be8d99bf7136cd7755911e257c3a2aa4099058f2fa5a8c03558dc"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "637f436f4374823ad5a892b933e50eec0405a4fa0062c5098d8e597f3e9c0173"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 684 - Equity capital for small-business concerns
+
+## Text
+
+(a) Function of investment companies It shall be a function of each small business investment company to provide a source of equity capital for incorporated and unincorporated small-business concerns, in such manner and under such terms as the small business investment company may fix in accordance with the regulations of the Administration.
+
+(b) Conditions Before any capital is provided to a small-business concern under this section—
+
+(1) the company may require such concern to refinance any or all of its outstanding indebtedness so that the company is the only holder of any evidence of indebtedness of such concern; and
+
+(2) except as provided in regulations issued by the Administration, such concern shall agree that it will not thereafter incur any indebtedness without first securing the approval of the company and giving the company the first opportunity to finance such indebtedness.
+
+(c) Repealed. Pub. L. 90–104, title II, § 206, Oct. 11, 1967, 81 Stat. 271
+
+(d) Direct or cooperative provision of capital Equity capital provided to incorporated small business concerns under this section may be provided directly or in cooperation with other investors, incorporated or unincorporated, through agreements to participate on an immediate basis.
+
+(Pub. L. 85–699, title III, § 304, Aug. 21, 1958, 72 Stat. 693; Pub. L. 86–502, § 6, June 11, 1960, 74 Stat. 196; Pub. L. 87–341, § 5, Oct. 3, 1961, 75 Stat. 752; Pub. L. 90–104, title II, § 206, Oct. 11, 1967, 81 Stat. 271; Pub. L. 92–595, § 2(e), Oct. 27, 1972, 86 Stat. 1316.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1972—Subsec. (a). Pub. L. 92–595 extended the function of small business investment companies to provide a source of equity capital to unincorporated business concerns. 1967—Subsec. (c). Pub. L. 90–104 repealed subsec. (c) which authorized purchase of stock of investment companies by small-business concerns in an amount equal to 5 per centum of capital provided. 1961—Subsec. (d). Pub. L. 87–341 added subsec. (d). 1960—Subsec. (a). Pub. L. 86–502 struck out “primary” before “function”, and substituted “a source of equity capital for incorporated small-business concerns, in such manner and under such terms as the small business investment company may fix in accordance with the regulations of the Administration” for “a source of needed equity capital for small-business concerns in the manner and subject to the conditions described in this section”. Subsec. (b). Pub. L. 86–502 redesignated subsec. (c) as (b), and repealed former subsec. (b) which required capital to be secured only through the purchase of debenture bonds. Subsecs. (c), (d). Pub. L. 86–502 redesignated subsec. (d) as (c), and substituted “such concern shall have the right, exercisable in whole or in such part as such concern may elect, to become a stockholder-proprietor by investing in the capital stock of the company 5 per centum” for “such concern shall be required to become a stockholder-proprietor of the company by investing in the capital stock of the company, in an amount equal to not less than 2 percent nor more than 5 percent”. Former subsec. (c) redesignated (b).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1967 AmendmentAmendment by Pub. L. 90–104 effective 90 days after Oct. 11, 1967, see section 211 of Pub. L. 90–104, set out as a note under section 681 of this title.

legal/us/code/title-15/chapter-14b/section-685.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 685"
+description: "Long-term loans to small-business concerns"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "685"
+citation: "15 U.S.C. § 685"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s685"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "ebba33037a91d0ff75422d017c7de93ce95164e3238850f661f00d08aa451b11"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "90702f46d87bb69fb80faec0bea371ca054555c2928ae19eff6a6c0c39ddd4ee"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 685 - Long-term loans to small-business concerns
+
+## Text
+
+(a) Authorization Each company is authorized to make loans, in the manner and subject to the conditions described in this section, to incorporated and unincorporated small-business concerns in order to provide such concerns with funds needed for sound financing, growth, modernization, and expansion.
+
+(b) Direct loans; loans on participation basis Loans made under this section may be made directly or in cooperation with other lenders, incorporated or unincorporated, through agreements to participate on an immediate or deferred basis.
+
+(c) Maximum rate of interest The maximum rate of interest for the company’s share of any loan made under this section shall be determined by the Administration: Provided, That the Administration also shall permit those companies which have issued debentures pursuant to this chapter to charge a maximum rate of interest based upon the coupon rate of interest on the outstanding debentures, determined on an annual basis, plus such other expenses of the company as may be approved by the Administration.
+
+(d) Maturity Any loan made under this section shall have a maturity not exceeding twenty years.
+
+(e) Soundness of loan; security Any loan made under this section shall be of such sound value, or so secured, as reasonably to assure repayment.
+
+(f) Extension or renewal Any company which has made a loan to a small-business concern under this section is authorized to extend the maturity of or renew such loan for additional periods, not exceeding ten years, if the company finds that such extension or renewal will aid in the orderly liquidation of such loan.
+
+(Pub. L. 85–699, title III, § 305, Aug. 21, 1958, 72 Stat. 693; Pub. L. 87–341, § 6, Oct. 3, 1961, 75 Stat. 753; Pub. L. 94–305, title I, § 105, June 4, 1976, 90 Stat. 666; Pub. L. 102–366, title IV, § 411, Sept. 4, 1992, 106 Stat. 1018.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (c), see References in Text note set out under section 661 of this title.
+
+Amendments1992—Subsec. (c). Pub. L. 102–366 inserted before period at end “: Provided, That the Administration also shall permit those companies which have issued debentures pursuant to this chapter to charge a maximum rate of interest based upon the coupon rate of interest on the outstanding debentures, determined on an annual basis, plus such other expenses of the company as may be approved by the Administration”. 1976—Subsec. (b). Pub. L. 94–305 struck out provision that in agreements to participate in loans on a deferred basis, the participation by the company shall not be in excess of 90 percentum of the balance of the loan outstanding at the time of disbursement. 1961—Subsec. (b). Pub. L. 87–341 substituted “other lenders, incorporated or unincorporated” for “other lending institutions”.
+
+Statutory Notes and Related Subsidiaries
+
+Effect of Small Business Equity Enhancement Act of 1992 on Securities LawsNothing in amendment by Pub. L. 102–366 to be construed to affect applicability of securities laws or to otherwise supersede or limit jurisdiction of Securities and Exchange Commission, see section 418 of Pub. L. 102–366, set out as a note under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-686.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 686"
+description: "Aggregate limitations on amount of assistance to any single enterprise"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "686"
+citation: "15 U.S.C. § 686"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s686"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a2842b5f80a38480fbb33c030c6ae43e4f6930eb28c2467f3084859732031a57"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "9fccea8351f4c0caa1bcf0ed35b7bd3a0601caa6f3b75236900521689c32119c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 686 - Aggregate limitations on amount of assistance to any single enterprise
+
+## Text
+
+(a) Percentage limitation on private capital If any small business investment company has obtained financing from the Administrator and such financing remains outstanding, the aggregate amount of securities acquired and for which commitments may be issued by such company under the provisions of this subchapter for any single enterprise shall not, without the approval of the Administrator, exceed 10 percent of the sum of—
+
+(1) the private capital of such company; and
+
+(2) the total amount of leverage projected by the company in the company’s business plan that was approved by the Administrator at the time of the grant of the company’s license.
+
+(b) Repealed. Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316
+
+(c) Application of provisions to commitments incurred prior to effective date of section With respect to obligations or securities acquired prior to the effective date of the Small Business Investment Act Amendments of 1967, and with respect to legally binding commitments issued prior to such date, the provisions of this section as in effect immediately prior to such effective date shall continue to apply.
+
+(Pub. L. 85–699, title III, § 306, Aug. 21, 1958, 72 Stat. 694; Pub. L. 87–341, § 7(a), Oct. 3, 1961, 75 Stat. 753; Pub. L. 88–273, § 4, Feb. 28, 1964, 78 Stat. 146; Pub. L. 90–104, title II, § 207, Oct. 11, 1967, 81 Stat. 271; Pub. L. 92–595, § 2(f), Oct. 27, 1972, 86 Stat. 1316; Pub. L. 102–366, title IV, § 408(a), Sept. 4, 1992, 106 Stat. 1016; Pub. L. 111–5, div. A, title V, § 505(b), Feb. 17, 2009, 123 Stat. 156.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor effective date of the Small Business Investment Act Amendments of 1967, referred to in subsec. (c), see Effective Date of 1967 Amendment note set out under section 681 of this title.
+
+Amendments2009—Subsec. (a). Pub. L. 111–5 amended subsec. (a) generally. Prior to amendment, text read as follows: “If any small business investment company has obtained financing from the Administration and such financing remains outstanding, the aggregate amount of obligations and securities acquired and for which commitments may be issued by such company under the provisions of this subchapter for any single enterprise shall not exceed 20 per centum of the private capital of such company, without the approval of the Administration.” 1992—Subsec. (a). Pub. L. 102–366 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Without the approval of the Administration, the aggregate amount of obligations and securities acquired and for which commitments may be issued by any small business investment company under the provisions of this chapter for any single enterprise shall not exceed 20 percent of the combined private paid-in capital and paid-in surplus of such company.” 1972—Subsec. (a). Pub. L. 92–595, § 2(f)(1), substituted “combined private paid-in capital” for “combined paid-in capital”. Subsec. (b). Pub. L. 92–595, § 2(f)(2), repealed subsec. (b) which enumerated the items making up the combined paid-in capital and paid-in surplus of companies licensed prior to January 1, 1968. 1967—Subsec. (a). Pub. L. 90–104 substituted “paid-in capital and paid-in surplus of such company” for “capital and surplus of such small business investment company authorized by this chapter”. Subsecs. (b), (c). Pub. L. 90–104 added subsecs. (b) and (c). 1964—Pub. L. 88–273 struck out the $500,000 limitation on amount of assistance to any single enterprise. 1961—Pub. L. 87–341 inserted “or (2) $500,000, whichever is the lesser”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1967 AmendmentAmendment by Pub. L. 90–104 effective Jan. 1, 1968, see section 211 of Pub. L. 90–104, set out as a note under section 681 of this title.
+
+Effective Date of 1961 AmendmentPub. L. 87–341, § 7(b), Oct. 3, 1961, 75 Stat. 753, provided that: “The amendment made by subsection (a) [amending this section] shall apply only with respect to obligations and securities acquired by a small business investment company on or after the date of the enactment of this Act [Oct. 3, 1961]; except that such amendment shall not apply with respect to any obligations or securities so acquired pursuant to a commitment issued before such date.”
+
+Effect of Small Business Equity Enhancement Act of 1992 on Securities LawsNothing in amendment by Pub. L. 102–366 to be construed to affect applicability of securities laws or to otherwise supersede or limit jurisdiction of Securities and Exchange Commission, see section 418 of Pub. L. 102–366, set out as a note under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-687a.md

@@ -0,0 +1,67 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687a"
+description: "Revocation and suspension of licenses; cease and desist orders"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687a"
+citation: "15 U.S.C. § 687a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687a"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "0508bcc27517d63fecc624f4eeece294a4a69d3b5399a60aa1b3033ff5fe5793"
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+text_hash: "fdc57bf4a62db0b49acb7c911c5551713bb3531ac368c0ac48bacc71b8a826df"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687a - Revocation and suspension of licenses; cease and desist orders
+
+## Text
+
+(a) Grounds for suspension or revocation A license may be revoked or suspended by the Administration—
+
+(1) for false statements knowingly made in any written statement required under this subchapter, or under any regulation issued under this subchapter by the Administration;
+
+(2) if any written statement required under this subchapter, or under any regulation issued under this subchapter by the Administrator, fails to state a material fact necessary in order to make the statement not misleading in the light of the circumstances under which the statement was made;
+
+(3) for willful or repeated violation of, or willful or repeated failure to observe, any provision of this chapter;
+
+(4) for willful or repeated violation of, or willful or repeated failure to observe, any rule or regulation of the Administration authorized by this chapter; or
+
+(5) for violation of, or failure to observe, any cease and desist order issued by the Administration under this section.
+
+(b) Grounds for cease and desist order Where a licensee or any other person has not complied with any provision of this chapter, or of any regulation issued pursuant thereto by the Administration, or is engaging or is about to engage in any acts or practices which constitute or will constitute a violation of such chapter or regulation, the Administration may order such licensee or other person to cease and desist from such action or failure to act. The Administration may further order such licensee or other person to take such action or to refrain from such action as the Administration deems necessary to insure compliance with this chapter and the regulations. The Administration may also suspend the license of a licensee, against whom an order has been issued, until such licensee complies with such order.
+
+(c) Order to show cause; contents; hearing; issuance and service Before revoking or suspending a license pursuant to subsection (a), or issuing a cease and desist order pursuant to subsection (b), the Administration shall serve upon the licensee and any other person involved an order to show cause why an order revoking or suspending the license or a cease and desist order should not be issued. Any such order to show cause shall contain a statement of the matters of fact and law asserted by the Administration and the legal authority and jurisdiction under which a hearing is to be held, and shall set forth that a hearing will be held before the Administration at a time and place stated in the order. If after hearing, or a waiver thereof, the Administration determines on the record that an order revoking or suspending the license or a cease and desist order should issue, it shall promptly issue such order, which shall include a statement of the findings of the Administration and the grounds and reasons therefor and specify the effective date of the order, and shall cause the order to be served on the licensee and any other person involved.
+
+(d) Subpena of person, and books, papers and documents; fees and mileage; enforcement The Administration may require by subpena the attendance and testimony of witnesses and the production of all books, papers, and documents relating to the hearing from any place in the United States. Witnesses summoned before the Administration shall be paid by the party at whose instance they were called the same fees and mileage that are paid witnesses in the courts of the United States. In case of disobedience to a subpena, the Administration, or any party to a proceeding before the Administration, may invoke the aid of any court of the United States in requiring the attendance and testimony of witnesses and the production of books, papers, and documents.
+
+(e) Petition to modify or set aside order; filing, time and place, Administration to submit record; action of court; review An order issued by the Administration under this section shall be final and conclusive unless within thirty days after the service thereof the licensee, or other person against whom an order is issued, appeals to the United States court of appeals for the circuit in which such licensee has its principal place of business by filing with the clerk of such court a petition praying that the Administration’s order be set aside or modified in the manner stated in the petition. After the expiration of such thirty days, a petition may be filed only by leave of court on a showing of reasonable grounds for failure to file the petition theretofore. The clerk of the court shall immediately cause a copy of the petition to be delivered to the Administration, and the Administration shall thereupon certify and file in the court a transcript of the record upon which the order complained of was entered. If before such record is filed the Administration amends or sets aside its order, in whole or in part, the petitioner may amend the petition within such time as the court may determine, on notice to the Administration. The filing of a petition for review shall not of itself stay or suspend the operation of the order of the Administration, but the court of appeals in its discretion may restrain or suspend, in whole or in part, the operation of the order pending the final hearing and determination of the petition. The court may affirm, modify, or set aside the order of the Administration. If the court determines that the just and proper disposition of the case requires the taking of additional evidence, the court shall order the Administration to reopen the hearing for the taking of such evidence, in such manner and upon such terms and conditions as the court may deem proper. The Administration may modify its findings as to the facts, or make new findings, by reason of the additional evidence so taken, and it shall file its modified or new findings and the amendments, if any, of its order, with the record of such additional evidence. No objection to an order of the Administration shall be considered by the court unless such objection was urged before the Administration or, if it was not so urged, unless there were reasonable grounds for failure to do so. The judgment and decree of the court affirming, modifying, or setting aside any such order of the Administration shall be subject only to review by the Supreme Court of the United States upon certification or certiorari as provided in section 1254 of title 28.
+
+(f) Enforcement of order If any licensee or other person against which or against whom an order is issued under this section fails to obey the order, the Administration may apply to the United States court of appeals, within the circuit where the licensee has its principal place of business, for the enforcement of the order, and shall file a transcript of the record upon which the order complained of was entered. Upon the filing of the application the court shall cause notice thereof to be served on the licensee or other person. The evidence to be considered, the procedure to be followed, and the jurisdiction of the court shall be the same as is provided in subsection (e) for applications to set aside or modify orders.
+
+(Pub. L. 85–699, title III, § 309, as added Pub. L. 87–341, § 9, Oct. 3, 1961, 75 Stat. 753; amended Pub. L. 89–779, § 4, Nov. 6, 1966, 80 Stat. 1359; Pub. L. 98–620, title IV, § 402(15)(A), (B), Nov. 8, 1984, 98 Stat. 3358.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsecs. (a)(3), (4) and (b), see References in Text note set out under section 661 of this title.
+
+Amendments1984—Subsec. (e). Pub. L. 98–620, § 402(15)(A), struck out provision that the proceedings in such cases in the court of appeals had to be made a preferred cause and had to be expedited in every way. Subsec. (f). Pub. L. 98–620, § 402(15)(B), struck out provision that the proceedings in such cases had to be made a preferred cause and expedited in every way. 1966—Subsec. (a). Pub. L. 89–779, § 4(b), inserted reference to revocation in introductory text preceding par. (1), and, in pars. (1) and (2), deleted restriction which limited the grounds for suspension or revocation for false or misleading statements to the situation in which such statements were made for the purpose of obtaining a license. Subsec. (b). Pub. L. 89–779, § 4(c), expanded the Administration’s authority to issue cease and desist orders by authorizing their issuance against individuals who have not complied with provisions of this chapter and against both licensees and individuals who have violated or are about to violate this chapter or regulations issued pursuant thereto. Subsec. (c). Pub. L. 89–779, § 4(d), inserted references to persons involved other than the licensee and to the revocation of licenses so as to conform the subsec. to the expansion of the Administration’s authority to revoke licenses and to issue cease and desist orders to persons other than licensees under subsecs. (a) and (b). Subsec. (e). Pub. L. 89–779, § 4(e), authorized the appeal from an order issued by the Administration under this section by other persons, besides the licensee, against whom an order is issued. Subsec. (f). Pub. L. 89–779, § 4(f), provided that individuals as well as licensees are to be affected by subsec. (f).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1984 AmendmentAmendment by Pub. L. 98–620 not applicable to cases pending on Nov. 8, 1984, see section 403 of Pub. L. 98–620, set out as an Effective Date note under section 1657 of Title 28, Judiciary and Judicial Procedure.

legal/us/code/title-15/chapter-14b/section-687b.md

@@ -0,0 +1,91 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687b"
+description: "Investigations and examinations; power to subpena and take oaths and affirmations; aid of courts; examiners; reports"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687b"
+citation: "15 U.S.C. § 687b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687b"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b10fbf3491535bc9efb79a2d2a979e84f2d367d9a9a75ec358e57d2bfc080178"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "5dc5c21b5ff9f626f36da6ff80ded28a450c566ceb3487437e3905b2377f434a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687b - Investigations and examinations; power to subpena and take oaths and affirmations; aid of courts; examiners; reports
+
+## Text
+
+(a) Investigation of violations The Administration may make such investigations as it deems necessary to determine whether a licensee or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter. The Administration shall permit any person to file with it a statement in writing, under oath or otherwise as the Administration shall determine, as to all the facts and circumstances concerning the matter to be investigated. For the purpose of any investigation, the Administration is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, and documents which are relevant to the inquiry. Such attendance of witnesses and the production of any such records may be required from any place in the United States. In case of contumacy by, or refusal to obey a subpena issued to, any person, including a licensee, the Administration may invoke the aid of any court of the United States within the jurisdiction of which such investigation or proceeding is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, papers, and documents; and such court may issue an order requiring such person to appear before the Administration, there to produce records, if so ordered, or to give testimony touching the matter under investigation. Any failure to obey such order of the court may be punished by such court as a contempt thereof. All process in any such case may be served in the judicial district whereof such person is an inhabitant or wherever he may be found.
+
+(b) Examinations and reports Each small business investment company shall be subject to examinations made by direction of the Investment Division of the Administration, which may be conducted with the assistance of a private sector entity that has both the qualifications to conduct and expertise in conducting such examinations, and the cost of such examinations, including the compensation of the examiners, may in the discretion of the Administration be assessed against the company examined and when so assessed shall be paid by such company. Fees collected under this subsection shall be deposited in the account for salaries and expenses of the Administration, and are authorized to be appropriated solely to cover the costs of examinations and other program oversight activities. Every such company shall make such reports to the Administration at such times and in such form as the Administration may require; except that the Administration is authorized to exempt from making such reports any such company which is registered under the Investment Company Act of 1940 [15 U.S.C. 80a–1 et seq.] to the extent necessary to avoid duplication in reporting requirements.
+
+(c) Examinations of small business investment companies Each small business investment company shall be examined at least every two years in such detail so as to determine whether or not—
+
+(1) it has engaged solely in lawful activities and those contemplated by this subchapter;
+
+(2) it has engaged in prohibited conflicts of interest;
+
+(3) it has acquired or exercised illegal control of an assisted small business;
+
+(4) it has made investments in small businesses for not less than 1 year;
+
+(5) it has invested more than 20 per centum of its capital in any individual small business, if such restriction is applicable;
+
+(6) it has engaged in relending, foreign investments, or passive investments; or
+
+(7) it has charged an interest rate in excess of the maximum permitted by law:
+
+, That the Administration may waive the examination (A) for up to one additional year if, in its discretion, it determines such a delay would be appropriate, based upon the amount of debentures being issued by the company and its repayment record, the prior operating experience of the company, the contents and results of the last examination and the management expertise of the company, or (B) if it is a company whose operations have been suspended while the company is involved in litigation or is in receivership.
+
+(d) Valuations (1) Frequency of valuations (A) In general Each licensee shall submit to the Administrator a written valuation of the loans and investments of the licensee not less often than semiannually or otherwise upon the request of the Administrator, except that any licensee with no leverage outstanding shall submit such valuations annually, unless the Administrator determines otherwise.
+
+(B) Material adverse changes Not later than 30 days after the end of a fiscal quarter of a licensee during which a material adverse change in the aggregate valuation of the loans and investments or operations of the licensee occurs, the licensee shall notify the Administrator in writing of the nature and extent of that change.
+
+(C) Independent certification (i) In general Not less than once during each fiscal year, each licensee shall submit to the Administrator the financial statements of the licensee, audited by an independent certified public accountant approved by the Administrator.
+
+(ii) Audit requirements Each audit conducted under clause (i) shall include—
+
+(I) a review of the procedures and documentation used by the licensee in preparing the valuations required by this section; and
+
+(II) a statement by the independent certified public accountant that such valuations were prepared in conformity with the valuation criteria applicable to the licensee established in accordance with paragraph (2).
+
+(2) Valuation criteria Each valuation submitted under this subsection shall be prepared by the licensee in accordance with valuation criteria, which shall—
+
+(A) be established or approved by the Administrator; and
+
+(B) include appropriate safeguards to ensure that the noncash assets of a licensee are not overvalued.
+
+(Pub. L. 85–699, title III, § 310, as added Pub. L. 87–341, § 9, Oct. 3, 1961, 75 Stat. 755; amended Pub. L. 89–779, § 5, Nov. 6, 1966, 80 Stat. 1360; Pub. L. 90–104, title II, § 208, Oct. 11, 1967, 81 Stat. 271; Pub. L. 100–590, title I, § 104, Nov. 3, 1988, 102 Stat. 2992; Pub. L. 102–366, title IV, §§ 406(b), 407(a), 408(b), Sept. 4, 1992, 106 Stat. 1016; Pub. L. 104–208, div. D, title II, § 208(f), (h)(1)(C), Sept. 30, 1996, 110 Stat. 3009–745, 3009–747; Pub. L. 105–135, title II, § 216, Dec. 2, 1997, 111 Stat. 2603; Pub. L. 106–554, § 1(a)(9) [title IV, § 406], Dec. 21, 2000, 114 Stat. 2763, 2763A–691.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title. The Investment Company Act of 1940, referred to in subsec. (b), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see section 80a–51 of this title and Tables.
+
+Amendments2000—Subsec. (c)(4). Pub. L. 106–554 substituted “1 year” for “five years”. 1997—Subsec. (b). Pub. L. 105–135 inserted after first sentence “Fees collected under this subsection shall be deposited in the account for salaries and expenses of the Administration, and are authorized to be appropriated solely to cover the costs of examinations and other program oversight activities.” 1996—Subsec. (b). Pub. L. 104–208, § 208(f)(1), inserted “which may be conducted with the assistance of a private sector entity that has both the qualifications to conduct and expertise in conducting such examinations,” after “Investment Division of the Administration,” in first sentence. Subsec. (c)(4). Pub. L. 104–208, § 208(h)(1)(C), struck out “not less than four years in the case of section 301(d) licensees and in all other cases,” after “small businesses for”. Subsec. (d). Pub. L. 104–208, § 208(f)(2), inserted heading and amended text of subsec. (d) generally. Prior to amendment, text read as follows: “Each small business investment company shall adopt written guidelines for determination of the value of investments made by such company. The board of directors of corporations and the general partners of partnerships shall have the sole responsibility for making a good faith determination of the fair market value of the investments made by such company. Determinations shall be made and reported to the Administration not less than semiannually or at more frequent intervals as the Administration determines appropriate: Provided, That any company which does not have outstanding financial assistance under the provisions of this subchapter shall be required to make such determinations and reports to the Administration annually, unless the Administration, in its discretion, determines otherwise.” 1992—Subsec. (b). Pub. L. 102–366, § 407(a), substituted “Investment Division of” for “Administration by examiners selected or approved by”. Subsec. (c)(5). Pub. L. 102–366, § 408(b), inserted before semicolon at end “, if such restriction is applicable”. Subsec. (d). Pub. L. 102–366, § 406(b), added subsec. (d). 1988—Subsec. (b). Pub. L. 100–590 struck out second sentence, which read as follows: “Each such company shall be examined at least once each year, except that the Administrator may waive examination in the case of a company whose operations have been suspended by reason of the fact that the company is involved in litigation or is in receivership.” Subsec. (c). Pub. L. 100–590 added subsec. (c). 1967—Subsec. (b). Pub. L. 90–104 required at least annual examination of small business investment companies but provided for waiver of examination of a company whose operations have been suspended because the company is involved in litigation or is in receivership. 1966—Pub. L. 89–779 designated existing provisions as subsec. (a) and added subsec. (b).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1997 AmendmentAmendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.
+
+Effective Date of 1967 AmendmentAmendment by Pub. L. 90–104 effective 90 days after Oct. 11, 1967, see section 211 of Pub. L. 90–104, set out as a note under section 681 of this title.
+
+Effect of Small Business Equity Enhancement Act of 1992 on Securities LawsNothing in amendment by Pub. L. 102–366 to be construed to affect applicability of securities laws or to otherwise supersede or limit jurisdiction of Securities and Exchange Commission, see section 418 of Pub. L. 102–366, set out as a note under section 661 of this title.
+
+Transfer of ResourcesPub. L. 102–366, title IV, § 407(b), Sept. 4, 1992, 106 Stat. 1016, provided that: “Effective October 1, 1992, the personnel, assets, liabilities, contracts, property, records, and unexpended balances of appropriations, authorizations, and other funds employed, held, used, arising from, available or to be made available, which are related to the examination function provided by section 310 of the Small Business Investment Act of 1958 [15 U.S.C. 687b] shall be transferred by the Inspector General of the Small Business Administration to the Investment Division of the Small Business Administration.”

legal/us/code/title-15/chapter-14b/section-687c.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687c"
+description: "Injunctions and other orders"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687c"
+citation: "15 U.S.C. § 687c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687c"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "e69aa49f7b22e066bf7e8e727f8f1e6b9a8c9dc6351edccf1b9e728295b4ccdd"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "3025ff22736b8d05a4bcc3eaef5950c4f282f38ecee8975c2e40e9ae838054e1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687c - Injunctions and other orders
+
+## Text
+
+(a) Grounds; jurisdiction of court Whenever, in the judgment of the Administration, a licensee or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter, the Administration may make application to the proper district court of the United States or a United States court of any place subject to the jurisdiction of the United States for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, rule, regulation, or order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administration that such licensee or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.
+
+(b) Equity jurisdiction of licensee and assets thereof In any such proceeding the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the licensee or licensees and the assets thereof, wherever located; and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed.
+
+(c) Trusteeship or receivership over licensee The Administration shall have authority to act as trustee or receiver of the licensee. Upon request by the Administration, the court may appoint the Administration to act in such capacity unless the court deems such appointment inequitable or otherwise inappropriate by reason of the special circumstances involved.
+
+(Pub. L. 85–699, title III, § 311, as added Pub. L. 87–341, § 9, Oct. 3, 1961, 75 Stat. 755; amended Pub. L. 89–779, § 6, Nov. 6, 1966, 80 Stat. 1360; Pub. L. 98–620, title IV, § 402(15)(C), Nov. 8, 1984, 98 Stat. 3358.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
+
+Amendments1984—Subsec. (a). Pub. L. 98–620 struck out provision that the proceedings in such a case had to be made a preferred cause and had to be expedited in every way. 1966—Subsec. (c). Pub. L. 89–779 added subsec. (c).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1984 AmendmentAmendment by Pub. L. 98–620 not applicable to cases pending on Nov. 8, 1984, see section 403 of Pub. L. 98–620, set out as an Effective Date note under section 1657 of Title 28, Judiciary and Judicial Procedure.

legal/us/code/title-15/chapter-14b/section-687d.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687d"
+description: "Conflicts of interest"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687d"
+citation: "15 U.S.C. § 687d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687d"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a0ac2566a80ac2cafcee72005a6961be4d51bb2d29086be25a409775492cb7a5"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "b52f9354bff861b3178bf61bae1548b18e6390c36a733478d108caacf1e529b1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687d - Conflicts of interest
+
+## Text
+
+For the purpose of controlling conflicts of interest which may be detrimental to small business concerns, to small business investment companies, to the shareholders, partners, or members of either, or to the purposes of this chapter, the Administration shall adopt regulations to govern transactions with any officer, director, shareholder, partner, or member of any small business investment company, or with any person or concern, in which any interest, direct or indirect, financial or otherwise, is held by any officer, director, shareholder, partner, or member of (1) any small business investment company, or (2) any person or concern with an interest, direct or indirect, financial or otherwise, in any small business investment company. Such regulations shall include appropriate requirements for public disclosure necessary to the purposes of this section.
+
+(Pub. L. 85–699, title III, § 312, as added Pub. L. 88–273, § 6(a), Feb. 28, 1964, 78 Stat. 147; amended Pub. L. 94–305, title I, § 106(f), June 4, 1976, 90 Stat. 666; Pub. L. 104–208, div. D, title II, § 208(h)(1)(D), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 107–100, § 3, Dec. 21, 2001, 115 Stat. 966.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in text, see References in Text note set out under section 661 of this title.
+
+Amendments2001—Pub. L. 107–100 struck out “(including disclosure in the locality most directly affected by the transaction)” after “public disclosure”. 1996—Pub. L. 104–208, § 208(h)(1)(D), substituted “shareholders, partners, or members” for “shareholders or partners” and substituted “shareholder, partner, or member” for “shareholder, or partner” in two places. 1976—Pub. L. 94–305, § 106(f)(2), which directed the substitution of “shareholder, or partner” for “or shareholders” wherever appearing, was executed by making the substitution for “or shareholder” in two places to reflect the probable intent of Congress. Pub. L. 94–305, § 106(f)(1), inserted “or partners” after “to the shareholders”.

legal/us/code/title-15/chapter-14b/section-687e.md

@@ -0,0 +1,131 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687e"
+description: "Removal or suspension of management officials"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687e"
+citation: "15 U.S.C. § 687e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687e"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "6b9444aa2ec9e6d9ec73db4578fb581fb13685d902eeabaf392976215fd28c55"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "9b23764019a9c7c00ba592baf44d176f9adb615f8baf20338dfe0ed29e97d817"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687e - Removal or suspension of management officials
+
+## Text
+
+(a) Definition of “management official” In this section, the term “management official” means an officer, director, general partner, manager, employee, agent, or other participant in the management or conduct of the affairs of a licensee.
+
+(b) Removal of management officials (1) Notice of removal The Administrator may serve upon any management official a written notice of its intention to remove that management official whenever, in the opinion of the Administrator—
+
+(A) such management official—
+
+(i) has willfully and knowingly committed any substantial violation of—
+
+(I) this chapter;
+
+(II) any regulation issued under this chapter; or
+
+(III) a cease-and-desist order which has become final; or
+
+(ii) has willfully and knowingly committed or engaged in any act, omission, or practice which constitutes a substantial breach of a fiduciary duty of that person as a management official; and
+
+(B) the violation or breach of fiduciary duty is one involving personal dishonesty on the part of such management official.
+
+(2) Contents of notice A notice of intention to remove a management official, as provided in paragraph (1), shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon.
+
+(3) Hearings (A) Timing A hearing described in paragraph (2) shall be fixed for a date not earlier than 30 days nor later than 60 days after the date of service of notice of the hearing, unless an earlier or a later date is set by the Administrator at the request of—
+
+(i) the management official, and for good cause shown; or
+
+(ii) the Attorney General of the United States.
+
+(B) Consent Unless the management official shall appear at a hearing described in this paragraph in person or by a duly authorized representative, that management official shall be deemed to have consented to the issuance of an order of removal under paragraph (1).
+
+(4) Issuance of order of removal (A) In general In the event of consent under paragraph (3)(B), or if upon the record made at a hearing described in this subsection, the Administrator finds that any of the grounds specified in the notice of removal has been established, the Administrator may issue such orders of removal from office as the Administrator deems appropriate.
+
+(B) Effectiveness An order under subparagraph (A) shall—
+
+(i) become effective at the expiration of 30 days after the date of service upon the subject licensee and the management official concerned (except in the case of an order issued upon consent as described in paragraph (3)(B), which shall become effective at the time specified in such order); and
+
+(ii) remain effective and enforceable, except to such extent as it is stayed, modified, terminated, or set aside by action of the Administrator or a reviewing court in accordance with this section.
+
+(c) Authority to suspend or prohibit participation (1) In general The Administrator may, if the Administrator deems it necessary for the protection of the licensee or the interests of the Administration, suspend from office or prohibit from further participation in any manner in the management or conduct of the affairs of the licensee, or both, any management official referred to in subsection (b)(1), by written notice to such effect served upon the management official.
+
+(2) Effectiveness A suspension or prohibition under paragraph (1)—
+
+(A) shall become effective upon service of notice under paragraph (1); and
+
+(B) unless stayed by a court in proceedings authorized by paragraph (3), shall remain in effect—
+
+(i) pending the completion of the administrative proceedings pursuant to a notice of intention to remove served under subsection (b); and
+
+(ii) until such time as the Administrator shall dismiss the charges specified in the notice, or, if an order of removal or prohibition is issued against the management official, until the effective date of any such order.
+
+(3) Judicial review Not later than 10 days after any management official has been suspended from office or prohibited from participation in the management or conduct of the affairs of a licensee, or both, under paragraph (1), that management official may apply to the United States district court for the judicial district in which the home office of the licensee is located, or the United States District Court for the District of Columbia, for a stay of the suspension or prohibition pending the completion of the administrative proceedings pursuant to a notice of intent to remove served upon the management official under subsection (b), and such court shall have jurisdiction to stay such action.
+
+(d) Authority to suspend on criminal charges (1) In general Whenever a management official is charged in any information, indictment, or complaint authorized by a United States attorney, with the commission of or participation in a felony involving dishonesty or breach of trust, the Administrator may, by written notice served upon that management official, suspend that management official from office or prohibit that management official from further participation in any manner in the management or conduct of the affairs of the licensee, or both.
+
+(2) Effectiveness A suspension or prohibition under paragraph (1) shall remain in effect until the subject information, indictment, or complaint is finally disposed of, or until terminated by the Administrator.
+
+(3) Authority upon conviction If a judgment of conviction with respect to an offense described in paragraph (1) is entered against a management official, then at such time as the judgment is not subject to further appellate review, the Administrator may issue and serve upon the management official an order removing that management official, which removal shall become effective upon service of a copy of the order upon the licensee.
+
+(4) Authority upon dismissal or other disposition A finding of not guilty or other disposition of charges described in paragraph (1) shall not preclude the Administrator from thereafter instituting proceedings to suspend or remove the management official from office, or to prohibit the management official from participation in the management or conduct of the affairs of the licensee, or both, pursuant to subsection (b) or (c).
+
+(e) Notification to licensees Copies of each notice required to be served on a management official under this section shall also be served upon the interested licensee.
+
+(f) Procedural provisions; judicial review (1) Hearing venue Any hearing provided for in this section shall be—
+
+(A) held in the Federal judicial district or in the territory in which the principal office of the licensee is located, unless the party afforded the hearing consents to another place; and
+
+(B) conducted in accordance with the provisions of chapter 5 of title 5.
+
+(2) Issuance of orders After a hearing provided for in this section, and not later than 90 days after the Administrator has notified the parties that the case has been submitted for final decision, the Administrator shall render a decision in the matter (which shall include findings of fact upon which its decision is predicated), and shall issue and cause to be served upon each party to the proceeding an order or orders consistent with the provisions of this section.
+
+(3) Authority to modify orders The Administrator may modify, terminate, or set aside any order issued under this section—
+
+(A) at any time, upon such notice, and in such manner as the Administrator deems proper, unless a petition for review is timely filed in a court of appeals of the United States, as provided in paragraph (4)(B), and thereafter until the record in the proceeding has been filed in accordance with paragraph (4)(C); and
+
+(B) upon such filing of the record, with permission of the court.
+
+(4) Judicial review (A) In general Judicial review of an order issued under this section shall be exclusively as provided in this subsection.
+
+(B) Petition for review Any party to a hearing provided for in this section may obtain a review of any order issued pursuant to paragraph (2) (other than an order issued with the consent of the management official concerned, or an order issued under subsection (d)), by filing in the court of appeals of the United States for the circuit in which the principal office of the licensee is located, or in the United States Court of Appeals for the District of Columbia Circuit, not later than 30 days after the date of service of such order, a written petition praying that the order of the Administrator be modified, terminated, or set aside.
+
+(C) Notification to administration A copy of a petition filed under subparagraph (B) shall be forthwith transmitted by the clerk of the court to the Administrator, and thereupon the Administrator shall file in the court the record in the proceeding, as provided in section 2112 of title 28.
+
+(D) Court jurisdiction Upon the filing of a petition under subparagraph (A)—
+
+(i) the court shall have jurisdiction, which, upon the filing of the record under subparagraph (C), shall be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the Administrator, except as provided in the last sentence of paragraph (3)(B);
+
+(ii) review of such proceedings shall be had as provided in chapter 7 of title 5; and
+
+(iii) the judgment and decree of the court shall be final, except that the judgment and decree shall be subject to review by the Supreme Court of the United States upon certiorari, as provided in section 1254 of title 28.
+
+(E) Judicial review not a stay The commencement of proceedings for judicial review under this paragraph shall not, unless specifically ordered by the court, operate as a stay of any order issued by the Administrator under this section.
+
+(Pub. L. 85–699, title III, § 313, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1360; amended Pub. L. 107–100, § 5, Dec. 21, 2001, 115 Stat. 967.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (b)(1)(A)(i)(I), (II), see References in Text note set out under section 661 of this title.
+
+Amendments2001—Pub. L. 107–100 amended section catchline and text generally. Prior to amendment, text related to removal and suspension of directors and officers of licensees, with regard to written notice of intention to remove and grounds for removal; suspension pending completion of administrative proceedings; a hearing upon notice of intention to remove a director or officer and issuance of an order of removal; a stay of suspension and/or prohibition by a United States district court; suspension of directors and officers charged with felonies involving dishonesty or breach of trust; and procedural aspects of hearings provided for in this section.

legal/us/code/title-15/chapter-14b/section-687f.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687f"
+description: "Unlawful acts and omissions by officers, directors, employees, or agents"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687f"
+citation: "15 U.S.C. § 687f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687f"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "abdae93a6d9ee8f38a0cc12751c15fdfcc710f10ca69d1ade10cc877bd54a834"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "0c9c7a8017a2266ac3dba351ca9088df7dae6ef311f5d3b903ff5a06911d04cb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687f - Unlawful acts and omissions by officers, directors, employees, or agents
+
+## Text
+
+(a) Violation by licensee deemed violation by persons participating Wherever a licensee violates any provision of this chapter or regulation issued thereunder by reason of its failure to comply with the terms thereof or by reason of its engaging in any act or practice which constitutes or will constitute a violation thereof, such violation shall be deemed to be also a violation and an unlawful act on the part of any person who, directly or indirectly, authorizes, orders, participates in, or causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions which constitute or will constitute, in whole or in part, such violation.
+
+(b) Breach of fiduciary duty It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a licensee to engage in any act or practice, or to omit any act, in breach of his fiduciary duty as such officer, director, employee, agent, or participant, if, as a result thereof, the licensee has suffered or is in imminent danger of suffering financial loss or other damage.
+
+(c) Disqualification of officers and employees for dishonesty, fraud, or breach of trust Except with the written consent of the Administration, it shall be unlawful—
+
+(1) for any person hereafter to take office as an officer, director, or employee of a licensee, or to become an agent or participant in the conduct of the affairs or management of a licensee, if—
+
+(A) he has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
+
+(B) he has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; or
+
+(2) for any person to continue to serve in any of the above-described capacities, if—
+
+(A) he is hereafter convicted of a felony, or any other criminal offense involving dishonesty or breach of trust, or
+
+(B) he is hereafter found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
+
+(Pub. L. 85–699, title III, § 314, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1363.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-687g.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687g"
+description: "Penalties and forfeitures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687g"
+citation: "15 U.S.C. § 687g"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687g"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "dfd945c4d2fa4b0ace03fde69a42b44b3cc7a9bec6c12ba4bb3ac209ff5fe231"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "a58e6c3824b6fd8a413ddceac51aa7991ba4a5b0c694cee827169c05afbd1294"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687g - Penalties and forfeitures
+
+## Text
+
+(a) Report violations Except as provided in subsection (b) of this section, a licensee which violates any regulation or written directive issued by the Administrator, requiring the filing of any regular or special report pursuant to section 687b(b) of this title, shall forfeit and pay to the United States a civil penalty of not more than $100 for each and every day of the continuance of the licensee’s failure to file such report, unless it is shown that such failure is due to reasonable cause and not due to willful neglect. The civil penalties provided for in this section shall accrue to the United States and may be recovered in a civil action brought by the Administration.
+
+(b) Exemption from reporting requirements The Administration may by rules and regulations, or upon application of an interested party, at any time previous to such failure, by order, after notice and opportunity for hearing, exempt in whole or in part, any small business investment company from the provisions of subsection (a) of this section, upon such terms and conditions and for such period of time as it deems necessary and appropriate, if the Administration finds that such action is not inconsistent with the public interest or the protection of the Administration. The Administration may for the purposes of this section make any alternative requirements appropriate to the situation.
+
+(Pub. L. 85–699, title III, § 315, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.)

legal/us/code/title-15/chapter-14b/section-687h.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687h"
+description: "Jurisdiction and service of process"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687h"
+citation: "15 U.S.C. § 687h"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687h"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "4be6623e11298e9c571e2ef47bff4f4db63af6648d567c34e4a108cfc7f697aa"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "ebf1580e70b859cb10ee2f71cebb35639257ac8a55a8b7430c7f131d801a3dce"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687h - Jurisdiction and service of process
+
+## Text
+
+Any suit or action brought under section 687, 687a, 687c, 687e, or 687g of this title by the Administration at law or in equity to enforce any liability or duty created by, or to enjoin any violation of, this chapter, or any rule, regulation, or order promulgated thereunder, shall be brought in the district wherein the licensee maintains its principal office, and process in such cases may be served in any district in which the defendant maintains its principal office or transacts business, or wherever the defendant may be found.
+
+(Pub. L. 85–699, title III, § 316, as added Pub. L. 89–779, § 7, Nov. 6, 1966, 80 Stat. 1364.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in text, see References in Text note set out under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-687k.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687k"
+description: "Guaranteed obligations not eligible for purchase by Federal Financing Bank"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687k"
+citation: "15 U.S.C. § 687k"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687k"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "8e034df05b87967401770ad00599aa5e0ff35b0aaab38909947c9e22aac4b04e"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "868d37c107e4daf9b0baf24fe96610952975d5d2f757e450f1d2d3a4bd430ca9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687k - Guaranteed obligations not eligible for purchase by Federal Financing Bank
+
+## Text
+
+Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire after September 30, 1985—
+
+(1) any obligation the payment of principal or interest on which has at any time been guaranteed in whole or in part under this subchapter,
+
+(2) any obligation which is an interest in any obligation described in paragraph (1), or
+
+(3) any obligation which is secured by, or substantially all of the value of which is attributable to, any obligation described in paragraph (1) or (2).
+
+(Pub. L. 85–699, title III, § 318, formerly § 320, as added Pub. L. 99–272, title XVIII, § 18004(a), Apr. 7, 1986, 100 Stat. 364; renumbered § 318, Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), Sept. 30, 1996, 110 Stat. 3009–747.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 318 of Pub. L. 85–699 was classified to section 687j of this title, prior to repeal by Pub. L. 104–208.

legal/us/code/title-15/chapter-14b/section-687l.md

@@ -0,0 +1,73 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687l"
+description: "Issuance and guarantee of trust certificates"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687l"
+citation: "15 U.S.C. § 687l"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687l"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "e2d122ef060eba6dcb3224d8c8edc737b3c76fc29b0dd6c8a421ea6933318da6"
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+text_hash: "04527796fc7b9699aa3128fd97594285773881d5bce4ca40995799d2154739bc"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687l - Issuance and guarantee of trust certificates
+
+## Text
+
+(a) Issuance; debentures or participating securities composing trust or pool The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of debentures issued by small business investment companies and guaranteed by the Administration under this chapter, or participating securities which are issued by such companies and purchased and guaranteed pursuant to section 683(g) of this title: Provided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of guaranteed debentures or guaranteed participating securities.
+
+(b) Terms and conditions of guarantee; payment of principal and interest The Administration is authorized, upon such terms and conditions as are deemed appropriate, to guarantee the timely payment of the principal of and interest on trust certificates issued by the Administration or its agent for purposes of this section. Such guarantee shall be limited to the extent of principal and interest on the guaranteed debentures or the redemption price of and priority payments on the participating securities, which compose the trust or pool. In the event that a debenture in such trust or pool is prepaid, or participating securities are redeemed, either voluntarily or involuntarily, or in the event of default of a debenture or voluntary or involuntary redemption of a participating security, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture or redeemed participating security and priority payments represent in the trust or pool. Interest on prepaid or defaulted debentures, or priority payments on participating securities, shall accrue and be guaranteed by the Administration only through the date of payment on the guarantee. During the term of the trust certificate, it may be called for redemption due to prepayment or default of all debentures or redemption, whether voluntary or involuntary, of all participating securities residing in the pool.
+
+(c) Full faith and credit of United States The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guarantee of such trust certificates issued by the Administration or its agent pursuant to this section.
+
+(d) Collection of fees The Administration shall not collect a fee for any guarantee under this section: Provided, That nothing herein shall preclude any agent of the Administration from collecting a fee approved by the Administration for the functions described in subsection (f)(2) of this section.
+
+(e) Subrogation rights; ownership rights in debentures or participating securities (1) In the event the Administration pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment.
+
+(2) No State or local law, and no Federal law, shall preclude or limit the exercise by the Administration of its ownership rights in the debentures or participating securities residing in a trust or pool against which trust certificates are issued.
+
+(f) Central registration requirements; regulation of brokers and dealers (1) The Administration shall provide for a central registration of all trust certificates sold pursuant to this section.
+
+(2) The Administrator shall contract with an agent or agents to carry out on behalf of the Administration the pooling and the central registration functions of this section including, notwithstanding any other provision of law, maintenance on behalf of and under the direction of the Administration, such commercial bank accounts or investments in obligations of the United States as may be necessary to facilitate trusts or pools backed by debentures or participating securities guaranteed under this chapter, and the issuance of trust certificates to facilitate such poolings. Such agent or agents shall provide a fidelity bond or insurance in such amounts as the Administration determines to be necessary to fully protect the interests of the Government.
+
+(3) Prior to any sale, the Administrator shall require the seller to disclose to a purchaser of a trust certificate issued pursuant to this section, information on the terms, conditions, and yield of such instrument.
+
+(4) The Administrator is authorized to regulate brokers and dealers in trust certificates sold pursuant to this section.
+
+(5) Nothing in this subsection shall prohibit the use of a book-entry or other electronic form of registration for trust certificates.
+
+(Pub. L. 85–699, title III, § 319, formerly § 321, as added Pub. L. 99–272, title XVIII, § 18005(a), Apr. 7, 1986, 100 Stat. 364; amended Pub. L. 101–162, title V, (5), Nov. 21, 1989, 103 Stat. 1028; Pub. L. 102–366, title IV, § 404, Sept. 4, 1992, 106 Stat. 1013; renumbered § 319 and amended Pub. L. 104–208, div. D, title II, §§ 205(b), 208(h)(1)(E), (F), Sept. 30, 1996, 110 Stat. 3009–738, 3009–747.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsecs. (a) and (f)(2), see References in Text note set out under section 661 of this title.
+
+Prior ProvisionsA prior section 319 of Pub. L. 85–699, which amended section 80a–18 of this title, was renumbered section 317.
+
+Amendments1996—Subsec. (a). Pub. L. 104–208, § 208(h)(1)(F)(i), struck out “, including companies operating under the authority of section 681(d) of this title,” after “investment companies”. Subsec. (f)(1). Pub. L. 104–208, § 205(b)(1), struck out at end “Such central registration shall include with respect to each sale— “(A) identification of each small business investment company; “(B) the interest rate or prioritized payment rate paid by the small business investment company; “(C) commissions, fees, or discounts paid to brokers and dealers in trust certificates; “(D) identification of each purchaser of the trust certificate; “(E) the price paid by the purchaser for the trust certificate; “(F) the interest rate on the trust certificate; “(G) the fee of any agent for carrying out the functions described in paragraph (2); and “(H) such other information as the Administration deems appropriate.” Subsec. (f)(2). Pub. L. 104–208, § 208(h)(1)(F)(ii), inserted “or investments in obligations of the United States” after “accounts”. Subsec. (f)(5). Pub. L. 104–208, § 205(b)(2), added par. (5). 1992—Pub. L. 102–366 amended section generally, in subsec. (a) authorizing issuance of trust certificates representing ownership of participating securities, in subsec. (b) inserting provisions authorizing Administration to guarantee payment of redemption price of and priority payments on participating securities, in subsec. (e)(2) including participating securities within prohibition against preclusion or limitation of Administration’s ownership rights, and in subsec. (f) in par. (1) substituting provisions relating to small business investment company for provisions relating to development company and requiring prioritized payment rate to be included in central registration requirements, and in par. (2) inserting provisions relating to participating securities, contracts to carry out pooling, and maintenance of commercial bank accounts. 1989—Subsec. (a). Pub. L. 101–162 inserted “, including companies operating under the authority of section 681(d) of this title,” after “investment companies”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1996 AmendmentAmendment by section 205 of Pub. L. 104–208 effective Oct. 1, 1996, see section 3 of Pub. L. 104–208, set out as a note under section 633 of this title. Amendment by section 208 of Pub. L. 104–208 effective Sept. 30, 1996, see section 208(j) of Pub. L. 104–208, set out as a note under section 634 of this title.
+
+RegulationsPub. L. 99–272, title XVIII, § 18005(b), Apr. 7, 1986, 100 Stat. 365, provided that: “(1) Notwithstanding any law, rule, or regulation, within 60 days after the date of the enactment of this Act [Apr. 7, 1986], the Small Business Administration shall develop and promulgate final rules and regulations to implement the central registration provisions provided for in section 321(f)(1) of the Small Business Investment Act [15 U.S.C. 687l(f)(1)], and shall contract with an agent for an initial period of not to exceed two years to carry out the functions provided for in sections 321(f)(2) and 321(f)(3) of such Act. “(2) Notwithstanding any law, rule, or regulation, within 60 days after the date of the enactment of this Act [Apr. 7, 1986], the Small Business Administration also shall consult with representatives of appropriate Federal and State agencies and officials, the securities industry, financial institutions and lenders, and small business persons, and shall develop and promulgate final rules and regulations to implement sections 504 and 505 [section 321; 15 U.S.C. 687l] of the Small Business Investment Act.”
+
+Effect of Small Business Equity Enhancement Act of 1992 on Securities LawsNothing in amendment by Pub. L. 102–366 to be construed to affect applicability of securities laws or to otherwise supersede or limit jurisdiction of Securities and Exchange Commission, see section 418 of Pub. L. 102–366, set out as a note under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-687m.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 687m"
+description: "Periodic issuance of guarantees and trust certificates"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "687m"
+citation: "15 U.S.C. § 687m"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s687m"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a3b846aa6583ffa060a885c37640680918c4cf9947c4309b0036fdb7021c679b"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "72d6386abb9c516ed564c99d1375eef688a1772bc4b8aedffa552af7fc60484b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 687m - Periodic issuance of guarantees and trust certificates
+
+## Text
+
+The Administration shall issue guarantees under section 683 of this title and trust certificates under section 687l of this title at periodic intervals of not less than every 12 months and shall do so at such shorter intervals as its 11 So in original. Probably should be “it”. deems appropriate, taking into consideration the amount and number of such guarantees or trust certificates.
+
+(Pub. L. 85–699, title III, § 320, formerly § 322, as added Pub. L. 100–590, title I, § 106(a), Nov. 3, 1988, 102 Stat. 2993; renumbered § 320 and amended Pub. L. 104–208, div. D, title II, § 208(h)(1)(E), (G), Sept. 30, 1996, 110 Stat. 3009–747; Pub. L. 105–135, title II, § 215(e), Dec. 2, 1997, 111 Stat. 2603; Pub. L. 106–9, § 2(d)(2), Apr. 5, 1999, 113 Stat. 18.)
+
+## Notes
+
+Editorial Notes
+
+Prior ProvisionsA prior section 320 of Pub. L. 85–699 was renumbered section 318 and is classified to section 687k of this title.
+
+Amendments1999—Pub. L. 106–9 substituted “12 months” for “6 months”. 1997—Pub. L. 105–135 substituted “6 months” for “three months”. 1996—Pub. L. 104–208 made technical amendment to reference in original act which appears in text as reference to section 687l of this title.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1997 AmendmentAmendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.

legal/us/code/title-15/chapter-14b/section-688.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 688"
+description: "Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "688"
+citation: "15 U.S.C. § 688"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s688"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "830e14a0739c85008b8d95440386c6c5f5bc1cc64619c112cd1422d8328b5e26"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "e8f704a8cb2979d674743b6f00c472bb15b60195588d1d6228d0671dd6c7b6cd"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 688 - Repealed. Pub. L. 87–341, § 11(e), Oct. 3, 1961, 75 Stat. 756
+
+## Notes
+
+Section, Pub. L. 85–699, title III, § 309, Aug. 21, 1958, 72 Stat. 696, related to approval of State chartered investment companies. See subsec. (a) of section 681 of this title.

legal/us/code/title-15/chapter-14b/section-689.md

@@ -0,0 +1,99 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689"
+description: "Definitions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689"
+citation: "15 U.S.C. § 689"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "5e5b82c59314cc9e73370169c0954df46bac8d1cc915c97422698c92d47cb2f4"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "cc14a4894fbc71bbf78e1d658d999d05859712571dc3eb036bd73dc02df86bd9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689 - Definitions
+
+## Text
+
+In this part, the following definitions apply:
+
+(1) Developmental venture capital The term “developmental venture capital” means capital in the form of equity capital investments in businesses made with a primary objective of fostering economic development in low-income geographic areas. For the purposes of this paragraph, the term “equity capital” has the same meaning given such term in section 683(g)(4) of this title.
+
+(2) Low-income individual The term “low-income individual” means an individual whose income (adjusted for family size) does not exceed—
+
+(A) for metropolitan areas, 80 percent of the area median income; and
+
+(B) for nonmetropolitan areas, the greater of—
+
+(i) 80 percent of the area median income; or
+
+(ii) 80 percent of the statewide nonmetropolitan area median income.
+
+(3) Low-income geographic area the 11 So in original. Probably should be capitalized. term “low-income geographic area” means—
+
+(A) any population census tract (or in the case of an area that is not tracted for population census tracts, the equivalent county division, as defined by the Bureau of the Census of the Department of Commerce for purposes of defining poverty areas), if—
+
+(i) the poverty rate for that census tract is not less than 20 percent;
+
+(ii) in the case of a tract—
+
+(I) that is located within a metropolitan area, 50 percent or more of the households in that census tract have an income equal to less than 60 percent of the area median gross income; or
+
+(II) that is not located within a metropolitan area, the median household income for such tract does not exceed 80 percent of the statewide median household income; or
+
+(iii) as determined by the Administrator based on objective criteria, a substantial population of low-income individuals reside, an inadequate access to investment capital exists, or other indications of economic distress exist in that census tract; or
+
+(B) any area located within—
+
+(i) a HUBZone (as defined in section 632(p) 22 See References in Text note below. of this title and the implementing regulations issued under that section);
+
+(ii) an urban empowerment zone or urban enterprise community (as designated by the Secretary of Housing and Urban Development); or
+
+(iii) a rural empowerment zone or rural enterprise community (as designated by the Secretary of Agriculture).
+
+(4) New Markets Venture Capital company The term “New Markets Venture Capital company” means a company that—
+
+(A) has been granted final approval by the Administrator under section 689c(e) of this title; and
+
+(B) has entered into a participation agreement with the Administrator.
+
+(5) Operational assistance The term “operational assistance” means management, marketing, and other technical assistance that assists a small business concern with business development.
+
+(6) Participation agreement The term “participation agreement” means an agreement, between the Administrator and a company granted final approval under section 689c(e) of this title, that—
+
+(A) details the company’s operating plan and investment criteria; and
+
+(B) requires the company to make investments in smaller enterprises at least 80 percent of which are located in low-income geographic areas.
+
+(7) Specialized small business investment company The term “specialized small business investment company” means any small business investment company that—
+
+(A) invests solely in small business concerns that contribute to a well-balanced national economy by facilitating ownership in such concerns by persons whose participation in the free enterprise system is hampered because of social or economic disadvantages;
+
+(B) is organized or chartered under State business or nonprofit corporations statutes, or formed as a limited partnership; and
+
+(C) was licensed under section 681(d) of this title, as in effect before September 30, 1996.
+
+(8) State The term “State” means such 33 So in original. Probably should be “each”. of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States.
+
+(Pub. L. 85–699, title III, § 351, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–653.)
+
+## Notes
+
+Editorial Notes
+
+References in TextSection 632(p) of this title, referred to in par. (3)(B)(i), was redesignated section 657a(b) of this title by Pub. L. 115–91, div. A, title XVII, § 1701(a)(2), Dec. 12, 2017, 131 Stat. 1795.

legal/us/code/title-15/chapter-14b/section-689a.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689a"
+description: "Purposes"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689a"
+citation: "15 U.S.C. § 689a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689a"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "23bc5b979ce90b8912446a022707ecb50a478d6bd91c27991e5b15eaf6ab18e5"
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+text_hash: "ddea82d8ad3e12f6e36c4f5f4bdc6aaa97f79513e7d8c914be70fe04a93d2c25"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689a - Purposes
+
+## Text
+
+The purposes of the New Markets Venture Capital Program established under this part are—
+
+(1) to promote economic development and the creation of wealth and job opportunities in low-income geographic areas and among individuals living in such areas by encouraging developmental venture capital investments in smaller enterprises primarily located in such areas; and
+
+(2) to establish a developmental venture capital program, with the mission of addressing the unmet equity investment needs of small enterprises located in low-income geographic areas, to be administered by the Administrator—
+
+(A) to enter into participation agreements with New Markets Venture Capital companies;
+
+(B) to guarantee debentures of New Markets Venture Capital companies to enable each such company to make developmental venture capital investments in smaller enterprises in low-income geographic areas; and
+
+(C) to make grants to New Markets Venture Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies.
+
+(Pub. L. 85–699, title III, § 352, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)

legal/us/code/title-15/chapter-14b/section-689b.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689b"
+description: "Establishment"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689b"
+citation: "15 U.S.C. § 689b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689b"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "519019687647f5089ab9c263dfef363788cac992c5ba1bf30ab6aadb2e9e1825"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "a186b5719a550f6b21e49bbbdc2e9a694e4e917603179d8b41e7a222f15daa01"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689b - Establishment
+
+## Text
+
+In accordance with this part, the Administrator shall establish a New Markets Venture Capital Program, under which the Administrator may—
+
+(1) enter into participation agreements with companies granted final approval under section 689c(e) of this title for the purposes set forth in section 689a of this title;
+
+(2) guarantee the debentures issued by New Markets Venture Capital companies as provided in section 689d of this title; and
+
+(3) make grants to New Markets Venture Capital companies, and to other entities, under section 689g of this title.
+
+(Pub. L. 85–699, title III, § 353, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)

legal/us/code/title-15/chapter-14b/section-689c.md

@@ -0,0 +1,123 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689c"
+description: "Selection of New Markets Venture Capital companies"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689c"
+citation: "15 U.S.C. § 689c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689c"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a49c1e399acce5264a9ecf196b6e00e2468131de300b39effea740c7a906f5f3"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "9e0ddcdd0a4e3569fee876651e543a7d1f245211a41f8bbf9888e738e6cbb7a3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689c - Selection of New Markets Venture Capital companies
+
+## Text
+
+(a) Eligibility A company shall be eligible to apply to participate, as a New Markets Venture Capital company, in the program established under this part if—
+
+(1) the company is a newly formed for-profit entity or a newly formed for-profit subsidiary of an existing entity;
+
+(2) the company has a management team with experience in community development financing or relevant venture capital financing; and
+
+(3) the company has a primary objective of economic development of low-income geographic areas.
+
+(b) Application To participate, as a New Markets Venture Capital company, in the program established under this part a company meeting the eligibility requirements set forth in subsection (a) shall submit an application to the Administrator that includes—
+
+(1) a business plan describing how the company intends to make successful developmental venture capital investments in identified low-income geographic areas;
+
+(2) information regarding the community development finance or relevant venture capital qualifications and general reputation of the company’s management;
+
+(3) a description of how the company intends to work with community organizations and to seek to address the unmet capital needs of the communities served;
+
+(4) a proposal describing how the company intends to use the grant funds provided under this part to provide operational assistance to smaller enterprises financed by the company, including information regarding whether the company intends to use licensed professionals, when necessary, on the company’s staff or from an outside entity;
+
+(5) with respect to binding commitments to be made to the company under this part, an estimate of the ratio of cash to in-kind contributions;
+
+(6) a description of the criteria to be used to evaluate whether and to what extent the company meets the objectives of the program established under this part;
+
+(7) information regarding the management and financial strength of any parent firm, affiliated firm, or any other firm essential to the success of the company’s business plan; and
+
+(8) such other information as the Administrator may require.
+
+(c) Conditional approval (1) In general From among companies submitting applications under subsection (b), the Administrator shall, in accordance with this subsection, conditionally approval 11 So in original. Probably should be “approve”. companies to participate in the New Markets Venture Capital Program.
+
+(2) Selection criteria In selecting companies under paragraph (1), the Administrator shall consider the following:
+
+(A) The likelihood that the company will meet the goal of its business plan.
+
+(B) The experience and background of the company’s management team.
+
+(C) The need for developmental venture capital investments in the geographic areas in which the company intends to invest.
+
+(D) The extent to which the company will concentrate its activities on serving the geographic areas in which it intends to invest.
+
+(E) The likelihood that the company will be able to satisfy the conditions under subsection (d).
+
+(F) The extent to which the activities proposed by the company will expand economic opportunities in the geographic areas in which the company intends to invest.
+
+(G) The strength of the company’s proposal to provide operational assistance under this part as the proposal relates to the ability of the applicant to meet applicable cash requirements and properly utilize in-kind contributions, including the use of resources for the services of licensed professionals, when necessary, whether provided by persons on the company’s staff or by persons outside of the company.
+
+(H) Any other factors deemed appropriate by the Administrator.
+
+(3) Nationwide distribution The Administrator shall select companies under paragraph (1) in such a way that promotes investment nationwide.
+
+(d) Requirements to be met for final approval The Administrator shall grant each conditionally approved company a period of time, not to exceed 2 years, to satisfy the following requirements:
+
+(1) Capital requirement Each conditionally approved company shall raise not less than $5,000,000 of private capital or binding capital commitments from one or more investors (other than agencies or departments of the Federal Government) who met criteria established by the Administrator.
+
+(2) Nonadministration resources for operational assistance (A) In general In order to provide operational assistance to smaller enterprises expected to be financed by the company, each conditionally approved company—
+
+(i) shall have binding commitments (for contribution in cash or in kind)—
+
+(I) from any sources other than the Small Business Administration that meet criteria established by the Administrator;
+
+(II) payable or available over a multiyear period acceptable to the Administrator (not to exceed 10 years); and
+
+(III) in an amount not less than 30 percent of the total amount of capital and commitments raised under paragraph (1);
+
+(ii) shall have purchased an annuity—
+
+(I) from an insurance company acceptable to the Administrator;
+
+(II) using funds (other than the funds raised under paragraph (1)), from any source other than the Administrator; and
+
+(III) that yields cash payments over a multiyear period acceptable to the Administrator (not to exceed 10 years) in an amount not less than 30 percent of the total amount of capital and commitments raised under paragraph (1); or
+
+(iii) shall have binding commitments (for contributions in cash or in kind) of the type described in clause (i) and shall have purchased an annuity of the type described in clause (ii), which in the aggregate make available, over a multiyear period acceptable to the Administrator (not to exceed 10 years), an amount not less than 30 percent of the total amount of capital and commitments raised under paragraph (1).
+
+(B) Exception The Administrator may, in the discretion of the Administrator and based upon a showing of special circumstances and good cause, consider an applicant to have satisfied the requirements of subparagraph (A) if the applicant has—
+
+(i) a viable plan that reasonably projects the capacity of the applicant to raise the amount (in cash or in-kind) required under subparagraph (A); and
+
+(ii) binding commitments in an amount equal to not less than 20 percent of the total amount required under paragraph (A).
+
+(C) Limitation In order to comply with the requirements of subparagraphs (A) and (B), the total amount of a company’s in-kind contributions may not exceed 50 percent of the company’s total contributions.
+
+(e) Final approval; designation The Administrator shall, with respect to each applicant conditionally approved to operate as a New Markets Venture Capital company under subsection (c), either—
+
+(1) grant final approval to the applicant to operate as a New Markets Venture Capital company under this part and designate the applicant as such a company, if the applicant—
+
+(A) satisfies the requirements of subsection (d) on or before the expiration of the time period described in that subsection; and
+
+(B) enters into a participation agreement with the Administrator; or
+
+(2) if the applicant fails to satisfy the requirements of subsection (d) on or before the expiration of the time period described in that subsection, revoke the conditional approval granted under that subsection.
+
+(Pub. L. 85–699, title III, § 354, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–655.)

legal/us/code/title-15/chapter-14b/section-689d.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689d"
+description: "Debentures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689d"
+citation: "15 U.S.C. § 689d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689d"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "626f1b4ceb613e21beb5df68cdef86bd9ea13a7d52fdd3070e404667dda080fd"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "f10357cec0fdedc07605d28405e5601a65a0b6cd95a00d593698a2659e6cc9d4"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689d - Debentures
+
+## Text
+
+(a) In general The Administrator may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any New Markets Venture Capital company.
+
+(b) Terms and conditions The Administrator may make guarantees under this section on such terms and conditions as it deems appropriate, except that the term of any debenture guaranteed under this section shall not exceed 15 years.
+
+(c) Full faith and credit of the United States The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee under this part.
+
+(d) Maximum guarantee (1) In general Under this section, the Administrator may guarantee the debentures issued by a New Markets Venture Capital company only to be 11 So in original. Probably should be “the”. extent that the total face amount of outstanding guaranteed debentures of such company does not exceed 150 percent of the private capital of the company, as determined by the Administrator.
+
+(2) Treatment of certain Federal funds For the purposes of paragraph (1), private capital shall include capital that is considered to be Federal funds, if such capital is contributed by an investor other than an agency or department of the Federal Government.
+
+(e) Investment limitations (1) Definition In this subsection, the term “covered New Markets Venture Capital company” means a New Markets Venture Capital company—
+
+(A) granted final approval by the Administrator under section 689c(e) of this title on or after March 1, 2002; and
+
+(B) that has obtained a financing from the Administrator.
+
+(2) Limitation Except to the extent approved by the Administrator, a covered New Markets Venture Capital company may not acquire or issue commitments for securities under this subchapter for any single enterprise in an aggregate amount equal to more than 10 percent of the sum of—
+
+(A) the regulatory capital of the covered New Markets Venture Capital company; and
+
+(B) the total amount of leverage projected in the participation agreement of the covered New Markets Venture Capital.
+
+(Pub. L. 85–699, title III, § 355, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–658; amended Pub. L. 111–240, title I, § 1115, Sept. 27, 2010, 124 Stat. 2508.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2010—Subsec. (e). Pub. L. 111–240 added subsec. (e).

legal/us/code/title-15/chapter-14b/section-689e.md

@@ -0,0 +1,63 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689e"
+description: "Issuance and guarantee of trust certificates"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689e"
+citation: "15 U.S.C. § 689e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689e"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "7bb02f01ac5fae904c585689064c70981acb9a77b0c969d78182d1a646bf75e1"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "4f9a430c76d9aaec18d7b97fb515177fba0dea50ce7f03dd3421ba0f10be0665"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689e - Issuance and guarantee of trust certificates
+
+## Text
+
+(a) Issuance The Administrator may issue trust certificates representing ownership of all or a fractional part of debentures issued by a New Markets Venture Capital company and guaranteed by the Administrator under this part, if such certificates are based on and backed by a trust or pool approved by the Administrator and composed solely of guaranteed debentures.
+
+(b) Guarantee (1) In general The Administrator may, under such terms and conditions as it deems appropriate, guarantee the timely payment of the principal of and interest on trust certificates issued by the Administrator or its agents for purposes of this section.
+
+(2) Limitation Each guarantee under this subsection shall be limited to the extent of principal and interest on the guaranteed debentures that compose the trust or pool.
+
+(3) Prepayment or default In the event that a debenture in a trust or pool is prepaid, or in the event of default of such a debenture, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture represents in the trust or pool. Interest on prepaid or defaulted debentures shall accrue and be guaranteed by the Administrator only through the date of payment of the guarantee. At any time during its term, a trust certificate may be called for redemption due to prepayment or default of all debentures.
+
+(c) Full faith and credit of the United States The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee of a trust certificate issued by the Administrator or its agents under this section.
+
+(d) Fees The Administrator shall not collect a fee for any guarantee of a trust certificate under this section, but any agent of the Administrator may collect a fee approved by the Administrator for the functions described in subsection (f)(2).
+
+(e) Subrogation and ownership rights (1) Subrogation In the event the Administrator pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment.
+
+(2) Ownership rights No Federal, State, or local law shall preclude or limit the exercise by the Administrator of its ownership rights in the debentures residing in a trust or pool against which trust certificates are issued under this section.
+
+(f) Management and administration (1) Registration The Administrator may provide for a central registration of all trust certificates issued under this section.
+
+(2) Contracting of functions (A) In general The Administrator may contract with an agent or agents to carry out on behalf of the Administrator the pooling and the central registration functions provided for in this section including, notwithstanding any other provision of law—
+
+(i) maintenance, on behalf of and under the direction of the Administrator, of such commercial bank accounts or investments in obligations of the United States as may be necessary to facilitate the creation of trusts or pools backed by debentures guaranteed under this part; and
+
+(ii) the issuance of trust certificates to facilitate the creation of such trusts or pools.
+
+(B) Fidelity bond or insurance requirement Any agent performing functions on behalf of the Administrator under this paragraph shall provide a fidelity bond or insurance in such amounts as the Administrator determines to be necessary to fully protect the interests of the United States.
+
+(3) Regulation of brokers and dealers The Administrator may regulate brokers and dealers in trust certificates issued under this section.
+
+(4) Electronic registration Nothing in this subsection may be construed to prohibit the use of a book-entry or other electronic form of registration for trust certificates issued under this section.
+
+(Pub. L. 85–699, title III, § 356, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–658.)

legal/us/code/title-15/chapter-14b/section-689f.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689f"
+description: "Fees"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689f"
+citation: "15 U.S.C. § 689f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689f"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "7d294b326cdc49b5d176dbe29695993329c44fdf45a79a6a828bc3642dbbcd3e"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "c12f8fbd07138745c0758605c73b74749741c75d6580c208a139b6dda14df1ae"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689f - Fees
+
+## Text
+
+Except as provided in section 689e(d) of this title, the Administrator may charge such fees as it deems appropriate with respect to any guarantee or grant issued under this part.
+
+(Pub. L. 85–699, title III, § 357, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–660.)

legal/us/code/title-15/chapter-14b/section-689g.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689g"
+description: "Operational assistance grants"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689g"
+citation: "15 U.S.C. § 689g"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689g"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "dd81cf43becb850f328485ad16f3c79f39e44f91ecafbc9ffad092e9e596c25e"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "1c077e6c3bd240582da71eb7a3038d547019ca0cf1a39bc8353d677947733875"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689g - Operational assistance grants
+
+## Text
+
+(a) In general (1) Authority In accordance with this section, the Administrator may make grants to New Markets Venture Capital companies and to other entities, as authorized by this part, to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies or other entities.
+
+(2) Terms Grants made under this subsection shall be made over a multiyear period not to exceed 10 years, under such other terms as the Administrator may require.
+
+(3) Grants to specialized small business investment companies (A) Authority In accordance with this section, the Administrator may make grants to specialized small business investment companies to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies after the effective date of the New Markets Venture Capital Program Act of 2000.
+
+(B) Use of funds The proceeds of a grant made under this paragraph may be used by the company receiving such grant only to provide operational assistance in connection with an equity investment (made with capital raised after the effective date of the New Markets Venture Capital Program Act of 2000) in a business located in a low-income geographic area.
+
+(C) Submission of plans A specialized small business investment company shall be eligible for a grant under this section only if the company submits to the Administrator, in such form and manner as the Administrator may require, a plan for use of the grant.
+
+(4) Grant amount (A) New Markets Venture Capital companies The amount of a grant made under this subsection to a New Markets Venture Capital company shall be equal to the resources (in cash or in kind) raised by the company under section 689c(d)(2) of this title.
+
+(B) Other entities The amount of a grant made under this subsection to any entity other than a New Markets Venture Capital company shall be equal to the resources (in cash or in kind) raised by the entity in accordance with the requirements applicable to New Market Venture Capital companies set forth in section 689c(d)(2) of this title.
+
+(5) Pro rata reductions If the amount made available to carry out this section is insufficient for the Administrator to provide grants in the amounts provided for in paragraph (4), the Administrator shall make pro rata reductions in the amounts otherwise payable to each company and entity under such paragraph.
+
+(b) Supplemental grants (1) In general The Administrator may make supplemental grants to New Markets Venture Capital companies and to other entities, as authorized by this part under such terms as the Administrator may require, to provide additional operational assistance to smaller enterprises financed, or expected to be financed, by the companies.
+
+(2) Matching requirement The Administrator may require, as a condition of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a 11 So in original. The article probably should not appear. cash or in kind), other then 22 So in original. Probably should be “than”. those provided by the Administrator, a matching contribution equal to the amount of the supplemental grant.
+
+(c) Limitation None of the assistance made available under this section may be used for any overhead or general and administrative expense of a New Markets Venture Capital company or a specialized small business investment company.
+
+(Pub. L. 85–699, title III, § 358, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–660.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe effective date of the New Markets Venture Capital Program Act of 2000, referred to in subsec. (a)(3)(A), (B), probably means the date of enactment of section 1 of H.R. 5663, as enacted by Pub. L. 106–554, § 1(a)(8), which was approved Dec. 21, 2000.

legal/us/code/title-15/chapter-14b/section-689h.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689h"
+description: "Bank participation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689h"
+citation: "15 U.S.C. § 689h"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689h"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b165ad00032c8e59e47fe9cafc8f273b33c77c4952650bfe0f491ead7a733f74"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "a0f58c306b652aece80bde0142daf1224f1fe691478625f770cafaed9a674d57"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689h - Bank participation
+
+## Text
+
+(a) In general Except as provided in subsection (b), any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any New Markets Venture Capital company, or in any entity established to invest solely in New Markets Venture Capital companies.
+
+(b) Limitation No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.
+
+(Pub. L. 85–699, title III, § 359, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)

legal/us/code/title-15/chapter-14b/section-689i.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689i"
+description: "Federal Financing Bank"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689i"
+citation: "15 U.S.C. § 689i"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689i"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "f42577ad95e43f60b5d9737ebe3974c99f01c622219a93ce07eff59f641744e1"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "9034c6d24f90caa3c92ad9f9a2b738730a8ed963755a2acd5fc6ee5648c2060c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689i - Federal Financing Bank
+
+## Text
+
+Section 687k of this title shall not apply to any debenture issued by a New Markets Venture Capital company under this part.
+
+(Pub. L. 85–699, title III, § 360, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)

legal/us/code/title-15/chapter-14b/section-689j.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689j"
+description: "Reporting requirement"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689j"
+citation: "15 U.S.C. § 689j"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689j"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "0f7d9c70f159713921e0d330e4f7e920f4f951938c5d830d2b95249dde24fa0c"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "6c9abad0b5d5f5660c1aba86df4578d301525a654ffdb868d3afc8a3d9bd443c"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689j - Reporting requirement
+
+## Text
+
+Each New Markets Venture Capital company that participates in the program established under this part shall provide to the Administrator such information as the Administrator may require, including—
+
+(1) information related to the measurement criteria that the company proposed in its program application; and
+
+(2) in each case in which the company under this part makes an investment in, or a loan or grant to, a business that is not located in a low-income geographic area, a report on the number and percentage of employees of the business who reside in such areas.
+
+(Pub. L. 85–699, title III, § 361, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–661.)

legal/us/code/title-15/chapter-14b/section-689k.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689k"
+description: "Examinations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689k"
+citation: "15 U.S.C. § 689k"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689k"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "debcd00a5f153698e9faaf2ae3627a550a043ddcf2de71ec493d9467a47bbfe4"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "97668c142df84b7c494089cdbd9159aee0570a47df1bdafcb0a11e7841ecc444"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689k - Examinations
+
+## Text
+
+(a) In general Each New Markets Venture Capital company that participates in the program established under this part shall be subject to examinations made at the direction of the Investment Division of the Small Business Administration in accordance with this section.
+
+(b) Assistance of private sector entities Examinations under this section may be conducted with the assistance of a private sector entity that has both the qualifications and the expertise necessary to conduct such examinations.
+
+(c) Costs (1) 11 So in original. No par. (2) has been enacted. Assessment (A) In general The Administrator may assess the cost of examinations under this section, including compensation of the examiners, against the company examined.
+
+(B) Payment Any company against which the Administrator assesses costs under this paragraph shall pay such costs.
+
+(d) Deposit of funds Funds collected under this section shall be deposited in the account for salaries and expenses of the Small Business Administration.
+
+(Pub. L. 85–699, title III, § 362, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–662.)

legal/us/code/title-15/chapter-14b/section-689l.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689l"
+description: "Injunctions and other orders"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689l"
+citation: "15 U.S.C. § 689l"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689l"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "e55c9456f54a0fc9013f95ab06893781a72b0711565e53fe40aa12d475ad835c"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "e067213d4dea8ef5cc843e9ba1f0dc717c160b5d0173d3783eb0dd9c62037162"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689l - Injunctions and other orders
+
+## Text
+
+(a) In general Whenever, in the judgment of the Administrator, a New Markets Venture Capital company or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this chapter, or of any rule or regulation under this chapter, or of any order issued under this chapter, the Administrator may make application to the proper district court of the United States or a United States court of any place subject to the jurisdiction of the United States for an order enjoining such acts or practices, or for an order enforcing compliance with such provision, rule, regulation, or order, and such courts shall have jurisdiction of such actions and, upon a showing by the Administrator that such New Markets Venture Capital company or other person has engaged or is about to engage in any such acts or practices, a permanent or temporary injunction, restraining order, or other order, shall be granted without bond.
+
+(b) Jurisdiction In any proceeding under subsection (a), the court as a court of equity may, to such extent as it deems necessary, take exclusive jurisdiction of the New Market Venture Capital company and the assets thereof, wherever located, and the court shall have jurisdiction in any such proceeding to appoint a trustee or receiver to hold or administer under the direction of the court the assets so possessed.
+
+(c) Administrator as trustee or receiver (1) Authority The Administrator may act as trustee or receiver of a New Markets Venture Capital company.
+
+(2) Appointment Upon request of the Administrator, the court may appoint the Administrator to act as a trustee or receiver of a New Markets Venture Capital company unless the court deems such appointment inequitable or otherwise inappropriate by reason of the special circumstances involved.
+
+(Pub. L. 85–699, title III, § 363, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–662.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-689m.md

@@ -0,0 +1,49 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689m"
+description: "Additional penalties for noncompliance"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689m"
+citation: "15 U.S.C. § 689m"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689m"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b1b271b51f0e25079bcffec490b01b2450e79a997b9c3efdfa9f733cfd6c9ed6"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "d90c3ae7c0b41b9be95971de39e714ffbcce35bd31bdc24793780e737be76160"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689m - Additional penalties for noncompliance
+
+## Text
+
+(a) In general With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—
+
+(1) void the participation agreement between the Administrator and the company; and
+
+(2) cause the company to forfeit all of the rights and privileges derived by the company from this chapter.
+
+(b) Adjudication of noncompliance (1) In general Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the company is located.
+
+(2) Parties authorized to file causes of action Each cause of action brought by the United States under this subsection shall be brought by the Administrator or by the Attorney General.
+
+(Pub. L. 85–699, title III, § 364, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-689n.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689n"
+description: "Unlawful acts and omissions; breach of fiduciary duty"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689n"
+citation: "15 U.S.C. § 689n"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689n"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "3d71c01c63fb9ca869c5c4771830fcd0b0c10ab7ea62536c82c98716e85140e3"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "2b7856f3af19663ff91e390cd20640ef3e77718477e379abd7365f9cf280a0a1"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689n - Unlawful acts and omissions; breach of fiduciary duty
+
+## Text
+
+(a) Parties deemed to commit a violation Whenever any New Markets Venture Capital company violates any provision of this chapter, of a regulation issued under this chapter, or of a participation agreement entered into under this chapter, by reason of its failure to comply with its terms or by reason of its engaging in any act or practice that constitutes or will constitute a violation thereof, such violation shall also be deemed to be a violation and an unlawful act committed by any person who, directly or indirectly, authorizes, orders, participates in, causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions that constitute or will constitute, in whole or in part, such violation.
+
+(b) Fiduciary duties It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a New Markets Venture Capital company to engage in any act or practice, or to omit any act or practice, in breach of the person’s fiduciary duty as such officer, director, employee, agent, or participant if, as a result thereof, the company suffers or is in imminent danger of suffering financial loss or other damage.
+
+(c) Unlawful acts Except with the written consent of the Administrator, it shall be unlawful—
+
+(1) for any person to take office as an officer, director, or employee of any New Markets Venture Capital company, or to become an agent or participant in the conduct of the affairs or management of such a company, if the person—
+
+(A) has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
+
+(B) has been found civilly liable in damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud, or breach of trust; and
+
+(2) for any person 11 So in original. Probably should be followed by “to”. continue to serve in any of the capacities described in paragraph (1), if—
+
+(A) the person is convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or
+
+(B) the person is found civilly liable in damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
+
+(Pub. L. 85–699, title III, § 365, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.

legal/us/code/title-15/chapter-14b/section-689o.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689o"
+description: "Removal or suspension of directors or officers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689o"
+citation: "15 U.S.C. § 689o"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689o"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b11287d657daa5a0424d6935be16879ad40ac6b616696abaa83da14b4197e7de"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "a1ec20ca2e4182f4c7afa6263f864e9743145649f2719506cec62fb46d3f2c6f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689o - Removal or suspension of directors or officers
+
+## Text
+
+Using the procedures for removing or suspending a director or an officer of a licensee set forth in section 687e of this title (to the extent such procedures are not inconsistent with the requirements of this part), the Administrator may remove or suspend any director or officer of any New Markets Venture Capital company.
+
+(Pub. L. 85–699, title III, § 366, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)

legal/us/code/title-15/chapter-14b/section-689p.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689p"
+description: "Regulations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689p"
+citation: "15 U.S.C. § 689p"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689p"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "ae28f5f24cf7f3501480001f0a432d99fc37a503ccd46d80df801e7351eac3f3"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "cc351a9c9b8f1a778526c2bfdbe8ba0a8372be68e11fa5465d0e20faeca65e01"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689p - Regulations
+
+## Text
+
+The Administrator may issue such regulations as it deems necessary to carry out the provisions of this part in accordance with its purposes.
+
+(Pub. L. 85–699, title III, § 367, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)

legal/us/code/title-15/chapter-14b/section-689q.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 689q"
+description: "Authorization of appropriations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "689q"
+citation: "15 U.S.C. § 689q"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s689q"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "31338a17fd73f426e59c1aa6c98c07a6e56658d1094bb0a4523c72ec8f6c722d"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "49c839e59b0b15bd47a9a530f83fc7ec6e91a0744a6e9f059f5ba704fa04e3ad"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 689q - Authorization of appropriations
+
+## Text
+
+(a) In general There are authorized to be appropriated for fiscal years 2001 through 2006, to remain available until expended, the following sums:
+
+(1) Such subsidy budget authority as may be necessary to guarantee $150,000,000 of debentures under this part.
+
+(2) $30,000,000 to make grants under this part.
+
+(b) Funds collected for examinations Funds deposited under section 689k(c)(2) of this title are authorized to be appropriated only for the costs of examinations under section 689k of this title and for the costs of other oversight activities with respect to the program established under this part.
+
+(Pub. L. 85–699, title III, § 368, as added Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–664.)

legal/us/code/title-15/chapter-14b/section-690.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690"
+description: "Definitions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690"
+citation: "15 U.S.C. § 690"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "bccfc8487f075a7a38a7fa83b790d549add2b6d9cb25994a7bb6069ff8868f09"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "4f4274162dedbcf341a58471a9b83af57cb88f9b766fdc7f57356e3a1060694b"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690 - Definitions
+
+## Text
+
+In this part:
+
+(1) Operational assistance The term “operational assistance” means management, marketing, and other technical assistance that assists a small business concern with business development.
+
+(2) Participation agreement The term “participation agreement” means an agreement, between the Administrator and a company granted final approval under section 690c(e) of this title, that—
+
+(A) details the operating plan and investment criteria of the company; and
+
+(B) requires the company to make investments in smaller enterprises primarily engaged in researching, manufacturing, developing, producing, or bringing to market goods, products, or services that generate or support the production of renewable energy.
+
+(3) Renewable energy The term “renewable energy” means energy derived from resources that are regenerative or that cannot be depleted, including solar, wind, ethanol, and biodiesel fuels.
+
+(4) Renewable Fuel Capital Investment company The term “Renewable Fuel Capital Investment company” means a company—
+
+(A) that—
+
+(i) has been granted final approval by the Administrator under section 690c(e) of this title; and
+
+(ii) has entered into a participation agreement with the Administrator; or
+
+(B) that has received conditional approval under section 690c(c) of this title.
+
+(5) State The term “State” means each of the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and any other commonwealth, territory, or possession of the United States.
+
+(6) Venture capital The term “venture capital” means capital in the form of equity capital investments, as that term is defined in section 683(g)(4) of this title.
+
+(Pub. L. 85–699, title III, § 381, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1774.)
+
+## Notes
+
+Statutory Notes and Related Subsidiaries
+
+Effective DatePart effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as a note under section 1824 of Title 2, The Congress.

legal/us/code/title-15/chapter-14b/section-690a.md

@@ -0,0 +1,45 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690a"
+description: "Purposes"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690a"
+citation: "15 U.S.C. § 690a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690a"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b4477cd4a0d3c78800e395aa7b35989ebf4f9c1aea346f3abb846f376810854d"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "dbc25c017609856417798aac8f8e75aac026ed4a13fa6cd935adf80f572f9c7d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690a - Purposes
+
+## Text
+
+The purposes of the Renewable Fuel Capital Investment Program established under this part are—
+
+(1) to promote the research, development, manufacture, production, and bringing to market of goods, products, or services that generate or support the production of renewable energy by encouraging venture capital investments in smaller enterprises primarily engaged 11 So in original. Probably should be followed by “in”. such activities; and
+
+(2) to establish a venture capital program, with the mission of addressing the unmet equity investment needs of smaller enterprises engaged in researching, developing, manufacturing, producing, and bringing to market goods, products, or services that generate or support the production of renewable energy, to be administered by the Administrator—
+
+(A) to enter into participation agreements with Renewable Fuel Capital Investment companies;
+
+(B) to guarantee debentures of Renewable Fuel Capital Investment companies to enable each such company to make venture capital investments in smaller enterprises engaged in the research, development, manufacture, production, and bringing to market of goods, products, or services that generate or support the production of renewable energy; and
+
+(C) to make grants to Renewable Fuel Investment Capital companies, and to other entities, for the purpose of providing operational assistance to smaller enterprises financed, or expected to be financed, by such companies.
+
+(Pub. L. 85–699, title III, § 382, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1775.)

legal/us/code/title-15/chapter-14b/section-690b.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690b"
+description: "Establishment"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690b"
+citation: "15 U.S.C. § 690b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690b"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a443eedc8981a4fdaa6f31dec6fa41d01cf51b990fe06b3135750b14e52e2aaa"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "690e29799ef98c5ba5fed17a14673ec282f76512b309d68e5d847158a2427391"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690b - Establishment
+
+## Text
+
+The Administrator shall establish a Renewable Fuel Capital Investment Program, under which the Administrator may—
+
+(1) enter into participation agreements for the purposes described in section 690a of this title; and
+
+(2) guarantee the debentures issued by Renewable Fuel Capital Investment companies as provided in section 690d of this title.
+
+(Pub. L. 85–699, title III, § 383, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1776.)

legal/us/code/title-15/chapter-14b/section-690c.md

@@ -0,0 +1,109 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690c"
+description: "Selection of Renewable Fuel Capital Investment companies"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690c"
+citation: "15 U.S.C. § 690c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690c"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "9951ddb2935951bc5319de4be38784a0664d7c2c14c049b2e705afe7cc1038b9"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "0e55697b9f8779d9569f311bbf705b6741087ea3b659f93b80e48c86193b2ab0"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690c - Selection of Renewable Fuel Capital Investment companies
+
+## Text
+
+(a) Eligibility A company is eligible to apply to be designated as a Renewable Fuel Capital Investment company if the company—
+
+(1) is a newly formed for-profit entity or a newly formed for-profit subsidiary of an existing entity;
+
+(2) has a management team with experience in alternative energy financing or relevant venture capital financing; and
+
+(3) has a primary objective of investment in smaller enterprises that research, manufacture, develop, produce, or bring to market goods, products, or services that generate or support the production of renewable energy.
+
+(b) Application A company desiring to be designated as a Renewable Fuel Capital Investment company shall submit an application to the Administrator that includes—
+
+(1) a business plan describing how the company intends to make successful venture capital investments in smaller enterprises primarily engaged in the research, manufacture, development, production, or bringing to market of goods, products, or services that generate or support the production of renewable energy;
+
+(2) information regarding the relevant venture capital qualifications and general reputation of the management of the company;
+
+(3) a description of how the company intends to seek to address the unmet capital needs of the smaller enterprises served;
+
+(4) a proposal describing how the company intends to use the grant funds provided under this part to provide operational assistance to smaller enterprises financed by the company, including information regarding whether the company has employees with appropriate professional licenses or will contract with another entity when the services of such an individual are necessary;
+
+(5) with respect to binding commitments to be made to the company under this part, an estimate of the ratio of cash to in-kind contributions;
+
+(6) a description of whether and to what extent the company meets the criteria under subsection (c)(2) and the objectives of the program established under this part;
+
+(7) information regarding the management and financial strength of any parent firm, affiliated firm, or any other firm essential to the success of the business plan of the company; and
+
+(8) such other information as the Administrator may require.
+
+(c) Conditional approval (1) In general From among companies submitting applications under subsection (b), the Administrator shall conditionally approve companies to operate as Renewable Fuel Capital Investment companies.
+
+(2) Selection criteria In conditionally approving companies under paragraph (1), the Administrator shall consider—
+
+(A) the likelihood that the company will meet the goal of its business plan;
+
+(B) the experience and background of the management team of the company;
+
+(C) the need for venture capital investments in the geographic areas in which the company intends to invest;
+
+(D) the extent to which the company will concentrate its activities on serving the geographic areas in which it intends to invest;
+
+(E) the likelihood that the company will be able to satisfy the conditions under subsection (d);
+
+(F) the extent to which the activities proposed by the company will expand economic opportunities in the geographic areas in which the company intends to invest;
+
+(G) the strength of the proposal by the company to provide operational assistance under this part as the proposal relates to the ability of the company to meet applicable cash requirements and properly use in-kind contributions, including the use of resources for the services of licensed professionals, when necessary, whether provided by employees or contractors; and
+
+(H) any other factor determined appropriate by the Administrator.
+
+(3) Nationwide distribution From among companies submitting applications under subsection (b), the Administrator shall consider the selection criteria under paragraph (2) and shall, to the maximum extent practicable, approve at least one company from each geographic region of the Administration.
+
+(d) Requirements to be met for final approval (1) In general The Administrator shall grant each conditionally approved company 2 years to satisfy the requirements of this subsection.
+
+(2) Capital requirement Each conditionally approved company shall raise not less than $3,000,000 of private capital or binding capital commitments from 1 or more investors (which shall not be departments or agencies of the Federal Government) who meet criteria established by the Administrator.
+
+(3) Nonadministration resources for operational assistance (A) In general In order to provide operational assistance to smaller enterprises expected to be financed by the company, each conditionally approved company shall have binding commitments (for contribution in cash or in-kind)—
+
+(i) from sources other than the Administration that meet criteria established by the Administrator; and
+
+(ii) payable or available over a multiyear period determined appropriate by the Administrator (not to exceed 10 years).
+
+(B) Exception The Administrator may, in the discretion of the Administrator and based upon a showing of special circumstances and good cause, consider an applicant to have satisfied the requirements of subparagraph (A) if the applicant has—
+
+(i) a viable plan that reasonably projects the capacity of the applicant to raise the amount (in cash or in-kind) required under subparagraph (A); and
+
+(ii) binding commitments in an amount equal to not less than 20 percent of the total amount required under paragraph 11 So in original. Probably should be “subparagraph”. (A).
+
+(C) Limitation The total amount of a 22 So in original. The article probably should not appear. in-kind contributions by a company shall be not more than 50 percent of the total contributions by a company.
+
+(e) Final approval; designation The Administrator shall, with respect to each applicant conditionally approved under subsection (c)—
+
+(1) grant final approval to the applicant to operate as a Renewable Fuel Capital Investment company under this part and designate the applicant as such a company, if the applicant—
+
+(A) satisfies the requirements of subsection (d) on or before the expiration of the time period described in that subsection; and
+
+(B) enters into a participation agreement with the Administrator; or
+
+(2) if the applicant fails to satisfy the requirements of subsection (d) on or before the expiration of the time period described in paragraph (1) of that subsection, revoke the conditional approval granted under that subsection.
+
+(Pub. L. 85–699, title III, § 384, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1776.)

legal/us/code/title-15/chapter-14b/section-690d.md

@@ -0,0 +1,57 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690d"
+description: "Debentures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690d"
+citation: "15 U.S.C. § 690d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690d"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "db8dca94e8e5d2b91f393572ef5ff6e692ea2abe5416c3b775b499a9bf9c3e25"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "98821c04d28e8b99c39a2284b9688c6724e88a1dd6e544dac1fc16fc0733a36e"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690d - Debentures
+
+## Text
+
+(a) In general The Administrator may guarantee the timely payment of principal and interest, as scheduled, on debentures issued by any Renewable Fuel Capital Investment company.
+
+(b) Terms and conditions The Administrator may make guarantees under this section on such terms and conditions as it determines appropriate, except that—
+
+(1) the term of any debenture guaranteed under this section shall not exceed 15 years; and
+
+(2) a debenture guaranteed under this section—
+
+(A) shall carry no front-end or annual fees;
+
+(B) shall be issued at a discount;
+
+(C) shall require no interest payments during the 5-year period beginning on the date the debenture is issued;
+
+(D) shall be prepayable without penalty after the end of the 1-year period beginning on the date the debenture is issued; and
+
+(E) shall require semiannual interest payments after the period described in subparagraph (C).
+
+(c) Full faith and credit of the United States The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee under this part.
+
+(d) Maximum guarantee (1) In general Under this section, the Administrator may guarantee the debentures issued by a Renewable Fuel Capital Investment company only to the extent that the total face amount of outstanding guaranteed debentures of such company does not exceed 150 percent of the private capital of the company, as determined by the Administrator.
+
+(2) Treatment of certain Federal funds For the purposes of paragraph (1), private capital shall include capital that is considered to be Federal funds, if such capital is contributed by an investor other than a department or agency of the Federal Government.
+
+(Pub. L. 85–699, title III, § 385, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1778.)

legal/us/code/title-15/chapter-14b/section-690e.md

@@ -0,0 +1,63 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690e"
+description: "Issuance and guarantee of trust certificates"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690e"
+citation: "15 U.S.C. § 690e"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690e"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "b3a435f925bc34bc0eca3c2d1527c28b6bd831ee5d1a114b83e1b0e015713f0d"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "5b356734035e6f424c3a51758be7bea29fa700582979b99038eca5d7a8a4a49a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690e - Issuance and guarantee of trust certificates
+
+## Text
+
+(a) Issuance The Administrator may issue trust certificates representing ownership of all or a fractional part of debentures issued by a Renewable Fuel Capital Investment company and guaranteed by the Administrator under this part, if such certificates are based on and backed by a trust or pool approved by the Administrator and composed solely of guaranteed debentures.
+
+(b) Guarantee (1) In general The Administrator may, under such terms and conditions as it determines appropriate, guarantee the timely payment of the principal of and interest on trust certificates issued by the Administrator or its agents for purposes of this section.
+
+(2) Limitation Each guarantee under this subsection shall be limited to the extent of principal and interest on the guaranteed debentures that compose the trust or pool.
+
+(3) Prepayment or default If a debenture in a trust or pool is prepaid, or in the event of default of such a debenture, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture represents in the trust or pool. Interest on prepaid or defaulted debentures shall accrue and be guaranteed by the Administrator only through the date of payment of the guarantee. At any time during its term, a trust certificate may be called for redemption due to prepayment or default of all debentures.
+
+(c) Full faith and credit of the United States The full faith and credit of the United States is pledged to pay all amounts that may be required to be paid under any guarantee of a trust certificate issued by the Administrator or its agents under this section.
+
+(d) Fees The Administrator shall not collect a fee for any guarantee of a trust certificate under this section, but any agent of the Administrator may collect a fee approved by the Administrator for the functions described in subsection (f)(2).
+
+(e) Subrogation and ownership rights (1) Subrogation If the Administrator pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment.
+
+(2) Ownership rights No Federal, State, or local law shall preclude or limit the exercise by the Administrator of its ownership rights in the debentures residing in a trust or pool against which trust certificates are issued under this section.
+
+(f) Management and administration (1) Registration The Administrator may provide for a central registration of all trust certificates issued under this section.
+
+(2) Contracting of functions (A) In general The Administrator may contract with an agent or agents to carry out on behalf of the Administrator the pooling and the central registration functions provided for in this section, including, not withstanding any other provision of law—
+
+(i) maintenance, on behalf of and under the direction of the Administrator, of such commercial bank accounts or investments in obligations of the United States as may be necessary to facilitate the creation of trusts or pools backed by debentures guaranteed under this part; and
+
+(ii) the issuance of trust certificates to facilitate the creation of such trusts or pools.
+
+(B) Fidelity bond or insurance requirement Any agent performing functions on behalf of the Administrator under this paragraph shall provide a fidelity bond or insurance in such amounts as the Administrator determines to be necessary to fully protect the interests of the United States.
+
+(3) Regulation of brokers and dealers The Administrator may regulate brokers and dealers in trust certificates issued under this section.
+
+(4) Electronic registration Nothing in this subsection may be construed to prohibit the use of a book-entry or other electronic form of registration for trust certificates issued under this section.
+
+(Pub. L. 85–699, title III, § 386, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1779.)

legal/us/code/title-15/chapter-14b/section-690f.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690f"
+description: "Fees"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690f"
+citation: "15 U.S.C. § 690f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690f"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "6d32df39ea083c7bbe4fe32098c2a67caca4048ea888b6c075b814630cbcdb92"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "f0399c93247ae2163946c7b091a94aa56f8be1b7a1de344fa55cf909e820aa25"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690f - Fees
+
+## Text
+
+(a) In general Except as provided in section 690e(d) of this title, the Administrator may charge such fees as it determines appropriate with respect to any guarantee or grant issued under this part, in an amount established annually by the Administrator, as necessary to reduce to zero the cost (as defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this part, which amounts shall be paid to and retained by the Administration.
+
+(b) Offset The Administrator may, as provided by section 690g of this title, offset fees charged and collected under subsection (a).
+
+(Pub. L. 85–699, title III, § 387, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1780.)

legal/us/code/title-15/chapter-14b/section-690g.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690g"
+description: "Fee contribution"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690g"
+citation: "15 U.S.C. § 690g"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690g"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "0c185b0f652e8c3455303a826d5a2b41b33fe0985825bd90085145d8a02700cd"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "59193876b25d468f5b3af733f515901a7c241b61199c17e8ef5ec5399de87170"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690g - Fee contribution
+
+## Text
+
+(a) In general To the extent that amounts are made available to the Administrator for the purpose of fee contributions, the Administrator shall contribute to fees paid by the Renewable Fuel Capital Investment companies under section 690f of this title.
+
+(b) Annual adjustment Each fee contribution under subsection (a) shall be effective for 1 fiscal year and shall be adjusted as necessary for each fiscal year thereafter to ensure that amounts under subsection (a) are fully used. The fee contribution for a fiscal year shall be based on the outstanding commitments made and the guarantees and grants that the Administrator projects will be made during that fiscal year, given the program level authorized by law for that fiscal year and any other factors that the Administrator determines appropriate.
+
+(Pub. L. 85–699, title III, § 388, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1780.)

legal/us/code/title-15/chapter-14b/section-690h.md

@@ -0,0 +1,59 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690h"
+description: "Operational assistance grants"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690h"
+citation: "15 U.S.C. § 690h"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690h"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "53b83acdd4273f7f9e50ffb35d86fae33465e4cd1c8841e09879b27f801cc77b"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "946d1b810d95d6d8b085f523a6e143eb28b215617011928c631886c10d56e77a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690h - Operational assistance grants
+
+## Text
+
+(a) In general (1) Authority The Administrator may make grants to Renewable Fuel Capital Investment companies to provide operational assistance to smaller enterprises financed, or expected to be financed, by such companies or other entities.
+
+(2) Terms A grant under this subsection shall be made over a multiyear period not to exceed 10 years, under such other terms as the Administrator may require.
+
+(3) Grant amount The amount of a grant made under this subsection to a Renewable Fuel Capital Investment company shall be equal to the lesser of—
+
+(A) 10 percent of the resources (in cash or in-kind) raised by the company under section 690c(d)(2) of this title; or
+
+(B) $1,000,000.
+
+(4) Pro rata reductions If the amount made available to carry out this section is insufficient for the Administrator to provide grants in the amounts provided for in paragraph (3), the Administrator shall make pro rata reductions in the amounts otherwise payable to each company and entity under such paragraph.
+
+(5) Grants to conditionally approved companies (A) In general Subject to subparagraphs (B) and (C), upon the request of a company conditionally approved under section 690c(c) of this title, the Administrator shall make a grant to the company under this subsection.
+
+(B) Repayment by companies not approved If a company receives a grant under this paragraph and does not enter into a participation agreement for final approval, the company shall, subject to controlling Federal law, repay the amount of the grant to the Administrator.
+
+(C) Deduction of grant to approved company If a company receives a grant under this paragraph and receives final approval under section 690c(e) of this title, the Administrator shall deduct the amount of the grant from the total grant amount the company receives for operational assistance.
+
+(D) Amount of grant No company may receive a grant of more than $100,000 under this paragraph.
+
+(b) Supplemental grants (1) In general The Administrator may make supplemental grants to Renewable Fuel Capital Investment companies and to other entities, as authorized by this part, under such terms as the Administrator may require, to provide additional operational assistance to smaller enterprises financed, or expected to be financed, by the companies.
+
+(2) Matching requirement The Administrator may require, as a condition of any supplemental grant made under this subsection, that the company or entity receiving the grant provide from resources (in a 11 So in original. The article probably should not appear. cash or in kind), other then 22 So in original. Probably should be “than”. those provided by the Administrator, a matching contribution equal to the amount of the supplemental grant.
+
+(c) Limitation None of the assistance made available under this section may be used for any overhead or general and administrative expense of a Renewable Fuel Capital Investment company.
+
+(Pub. L. 85–699, title III, § 389, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1781.)

legal/us/code/title-15/chapter-14b/section-690i.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690i"
+description: "Bank participation"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690i"
+citation: "15 U.S.C. § 690i"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690i"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "c7544bc3abdb06f4ddb05a248c41db4e4cf0b97b58250f934f1efe9067a46700"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "203b32fb25e513a06c65f6ffdcd0f1ce50dbfae68267d1c19f210182973bea08"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690i - Bank participation
+
+## Text
+
+(a) In general Except as provided in subsection (b), any national bank, any member bank of the Federal Reserve System, and (to the extent permitted under applicable State law) any insured bank that is not a member of such system, may invest in any Renewable Fuel Capital Investment company, or in any entity established to invest solely in Renewable Fuel Capital Investment companies.
+
+(b) Limitation No bank described in subsection (a) may make investments described in such subsection that are greater than 5 percent of the capital and surplus of the bank.
+
+(Pub. L. 85–699, title III, § 390, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)

legal/us/code/title-15/chapter-14b/section-690j.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690j"
+description: "Federal Financing Bank"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690j"
+citation: "15 U.S.C. § 690j"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690j"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "903c6aebe12601f9692215a353f6482ed4250a88733493fc5d3e0a0f21959abb"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "c3e789c0c66e339719d720da2319c58c4725d5633404a066859afad8c0a297b2"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690j - Federal Financing Bank
+
+## Text
+
+Notwithstanding section 687k of this title, the Federal Financing Bank may acquire a debenture issued by a Renewable Fuel Capital Investment company under this part.
+
+(Pub. L. 85–699, title III, § 391, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)

legal/us/code/title-15/chapter-14b/section-690k.md

@@ -0,0 +1,39 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690k"
+description: "Reporting requirement"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690k"
+citation: "15 U.S.C. § 690k"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690k"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "eaa73ec887b94b6b5133159efef6d5f5975e43c7027ae3a6512af93244288de0"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "2abe0d3e173ecdff4c0e9f046cc918a5e403d22a5b4482cbc78342878c37ef43"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690k - Reporting requirement
+
+## Text
+
+Each Renewable Fuel Capital Investment company that participates in the program established under this part shall provide to the Administrator such information as the Administrator may require, including—
+
+(1) information related to the measurement criteria that the company proposed in its program application; and
+
+(2) in each case in which the company makes, under this part, an investment in, or a loan or a grant to, a business that is not primarily engaged in the research, development, manufacture, or bringing to market or 11 So in original. Probably should be “of”. renewable energy sources, a report on the nature, origin, and revenues of the business in which investments are made.
+
+(Pub. L. 85–699, title III, § 392, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)

legal/us/code/title-15/chapter-14b/section-690l.md

@@ -0,0 +1,43 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690l"
+description: "Examinations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690l"
+citation: "15 U.S.C. § 690l"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690l"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "3a1d2f69d157b217c4fe914b95593590a993810fbfcb71ca6bcab4cc7e751c66"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "be02a4470915bface016e7c917b25556fa855ff67dfd2f154a31cfb3e15550fb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690l - Examinations
+
+## Text
+
+(a) In general Each Renewable Fuel Capital Investment company that participates in the program established under this part shall be subject to examinations made at the direction of the Investment Division of the Administration in accordance with this section.
+
+(b) Assistance of private sector entities Examinations under this section may be conducted with the assistance of a private sector entity that has both the qualifications and the expertise necessary to conduct such examinations.
+
+(c) Costs (1) Assessment (A) In general The Administrator may assess the cost of examinations under this section, including compensation of the examiners, against the company examined.
+
+(B) Payment Any company against which the Administrator assesses costs under this paragraph shall pay such costs.
+
+(2) Deposit of funds Funds collected under this section shall be deposited in the account for salaries and expenses of the Administration.
+
+(Pub. L. 85–699, title III, § 393, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1782.)

legal/us/code/title-15/chapter-14b/section-690m.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690m"
+description: "Miscellaneous"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690m"
+citation: "15 U.S.C. § 690m"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690m"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "17674ecd35a9ce45f8e7e7bdcb1eef5b6e703f6306487fcd89cafa5267a18e59"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "ca7f2e57faedd29e57c08d98ab706bac146b4b80147a7f4641394ee65a5e0f1d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690m - Miscellaneous
+
+## Text
+
+To the extent such procedures are not inconsistent with the requirements of this part, the Administrator may take such action as set forth in sections 687a, 687c, 687d, and 687f of this title and an officer, director, employee, agent, or other participant in the management or conduct of the affairs of a Renewable Fuel Capital Investment company shall be subject to the requirements of such sections.
+
+(Pub. L. 85–699, title III, § 394, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)

legal/us/code/title-15/chapter-14b/section-690n.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690n"
+description: "Removal or suspension of directors or officers"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690n"
+citation: "15 U.S.C. § 690n"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690n"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "0e40e1721a4efb5bd57e15fd3ba1cc831cb417f5bc516af39abf12bc56ef373b"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "9bc6a0ec2951b534c831cea924068325ff66f577277a75204d48f30e3df6042a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690n - Removal or suspension of directors or officers
+
+## Text
+
+Using the procedures for removing or suspending a director or an officer of a licensee set forth in section 687e of this title (to the extent such procedures are not inconsistent with the requirements of this part), the Administrator may remove or suspend any director or officer of any Renewable Fuel Capital Investment company.
+
+(Pub. L. 85–699, title III, § 395, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)

legal/us/code/title-15/chapter-14b/section-690o.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690o"
+description: "Regulations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690o"
+citation: "15 U.S.C. § 690o"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690o"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "abb786aad564b28d9bdf656bd9c8cbdfe9158fc2712c9cd7974eed0761774663"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "982b0345492b0865b66e69e459385da3b70d25d7e756fae85640fcd75bd81632"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690o - Regulations
+
+## Text
+
+The Administrator may issue such regulations as the Administrator determines necessary to carry out the provisions of this part in accordance with its purposes.
+
+(Pub. L. 85–699, title III, § 396, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)

legal/us/code/title-15/chapter-14b/section-690p.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690p"
+description: "Authorizations of appropriations"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690p"
+citation: "15 U.S.C. § 690p"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690p"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "23e4e1191b2f98452fbd8d6e4dfa720435649e12300423ee13c7e8e7f044224f"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "6b248714b3ec83b9d89db38a1ec7a1806aa03a32433172189a57db04b421772d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690p - Authorizations of appropriations
+
+## Text
+
+(a) In general Subject to the availability of appropriations, the Administrator is authorized to make $15,000,000 in operational assistance grants under section 690h of this title for each of fiscal years 2008 and 2009.
+
+(b) Funds collected for examinations Funds deposited under section 690l(c)(2) of this title are authorized to be appropriated only for the costs of examinations under section 690l of this title and for the costs of other oversight activities with respect to the program established under this part.
+
+(Pub. L. 85–699, title III, § 397, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)

legal/us/code/title-15/chapter-14b/section-690q.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 690q"
+description: "Termination"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "690q"
+citation: "15 U.S.C. § 690q"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s690q"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "ae33f25881fdbc2ce97128578608826292b89e8a3870a341ecc3a729c607e7f7"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "be63d3ecbd6208a87a576ef321f19463748635e72c5f5d380018349912ad4ac9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 690q - Termination
+
+## Text
+
+The program under this part shall terminate at the end of the second full fiscal year after the date that the Administrator establishes the program under this part.
+
+(Pub. L. 85–699, title III, § 398, as added Pub. L. 110–140, title XII, § 1207, Dec. 19, 2007, 121 Stat. 1783.)

legal/us/code/title-15/chapter-14b/section-691.md

@@ -0,0 +1,33 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 691"
+description: "Repealed. Pub. L. 87–341, § 11(f), Oct. 3, 1961, 75 Stat. 756"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "691"
+citation: "15 U.S.C. § 691"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s691"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "fc6b2ff885c3d40b7374da5c7562390d800d23801fd79b2181723165fbbb74c9"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "00a077e4a806489e6813be71bd0eeb7a730d9c6db97ccc6d2f3f056ae9d8167f"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 691 - Repealed. Pub. L. 87–341, § 11(f), Oct. 3, 1961, 75 Stat. 756
+
+## Notes
+
+Section, Pub. L. 85–699, title IV, § 401, Aug. 21, 1958, 72 Stat. 696, related to conversion of any investment company, or any State development company, into a small business investment company.

legal/us/code/title-15/chapter-14b/section-692.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 692"
+description: "Authority of Administration to guarantee payment of rentals by small business concerns under leases of commercial and industrial property"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "692"
+citation: "15 U.S.C. § 692"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s692"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "1f4a45ee674a5f771f66383d943cfa58a4df1a1932cad8145a4942458a3bd281"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "769269017f8f794c892401f46f9b5fc5cc7de958283e343af18f3d53bcacdc40"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 692 - Authority of Administration to guarantee payment of rentals by small business concerns under leases of commercial and industrial property
+
+## Text
+
+(a) Nonavailability of guarantees from other sources; participation with qualified sureties The Administration may, whenever it determines such action to be necessary or desirable, and upon such terms and conditions as it may prescribe, guarantee the payment of rentals under leases of commercial and industrial property entered into by small business concerns to enable such concerns to obtain such leases. Any such guarantee may be made or effected either directly or in cooperation with any qualified surety company or other qualified company through a participation agreement with such company. The foregoing powers shall be subject, however, to the following restrictions and limitations:
+
+(1) No guarantee shall be issued by the Administration (A) if a guarantee meeting the requirements of the applicant is otherwise available on reasonable terms, and (B) unless the Administration determines that there exists a reasonable expectation that the small business concern in behalf of which the guarantee is issued will perform the covenants and conditions of the lease.
+
+(2) The Administration shall, to the greatest extent practicable, exercise the powers conferred by this section in cooperation with qualified surety or other companies on a participation basis.
+
+(b) Uniform annual fee; processing fees The Administration shall fix a uniform annual fee for its share of any guarantee under this section which shall be payable in advance at such time as may be prescribed by the Administrator. The amount of any such fee shall be determined in accordance with sound actuarial practices and procedures, to the extent practicable, but in no case shall such amount exceed, on the Administration’s share of any guarantee made under this part, 2½ per centum per annum of the minimum annual guaranteed rental payable under any guaranteed lease: Provided, That the Administration shall fix the lowest fee that experience under the program established hereby has shown to be justified. The Administration may also fix such uniform fees for the processing of applications for guarantees under this section as the Administrator determines are reasonable and necessary to pay the administrative expenses that are incurred in connection therewith.
+
+(c) Escrow; default; additional discretionary provisions In connection with the guarantee of rentals under any lease pursuant to authority conferred by this section, the Administrator may require, in order to minimize the financial risk assumed under such guarantee—
+
+(1) that the lessee pay an amount, not to exceed one-fourth of the minimum guaranteed annual rental required under the lease, which shall be held in escrow and shall be available (A) to meet rental charges accruing in any month for which the lessee is in default, or (B) if no default occurs during the term of the lease, for application (with accrued interest) toward final payments of rental charges under the lease;
+
+(2) that upon occurrence of a default under the lease, the lessor shall, as a condition precedent to enforcing any claim under the lease guarantee, utilize the entire period, for which there are funds available in escrow for payment of rentals, in reasonably diligent efforts to eliminate or minimize losses, by releasing the commercial or industrial property covered by the lease to another qualified tenant, and no claim shall be made or paid under the guarantee until such effort has been made and such escrow funds have been exhausted;
+
+(3) that any guarantor of the lease will become a successor of the lessor for the purpose of collecting from a lessee in default rentals which are in arrears and with respect to which the lessor has received payment under a guarantee made pursuant to this section; and
+
+(4) such other provisions, not inconsistent with the purposes of this part, as the Administrator may in his discretion require.
+
+(Pub. L. 85–699, title IV, § 401, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 482; amended Pub. L. 90–104, title II, § 209, Oct. 11, 1967, 81 Stat. 271; Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1970—Subsecs. (b), (c)(4). Pub. L. 91–609 substituted “part” for “title”. 1967—Subsec. (a). Pub. L. 90–104 struck out from introductory text “that are (1) eligible for loans under section 636(b)(3) of this title, or (2) eligible for loans under subchapter IV of chapter 34 of Title 42,” after “small business concerns”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1967 AmendmentAmendment by Pub. L. 90–104 effective 90 days after Oct. 11, 1967, see section 211 of Pub. L. 90–104, set out as a note under section 681 of this title.

legal/us/code/title-15/chapter-14b/section-693.md

@@ -0,0 +1,41 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 693"
+description: "Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "693"
+citation: "15 U.S.C. § 693"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s693"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "cc6ed8c61bd584de832e12b75ce62ca8926b86fd3999240e8197155a61a9afd4"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "87455a9ddcfe739e5934f64ac6a7b2844f10570bf47723f58a5912fb74cd43ef"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 693 - Powers of Administration respecting loans; liquidation of obligations through creation of new leases, execution of subleases, and assignments of leases
+
+## Text
+
+Without limiting the authority conferred upon the Administrator and the Administration by section 671 of this title, the Administrator and the Administration shall have, in the performance of and with respect to the functions, powers, and duties conferred by this part, all the authority and be subject to the same conditions prescribed in section 634(b) of this title with respect to loans, including the authority to execute subleases, assignments of lease and new leases with any person, firm, organization, or other entity, in order to aid in the liquidation of obligations of the Administration hereunder.
+
+(Pub. L. 85–699, title IV, § 402, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 483; amended Pub. L. 91–609, title IX, § 911(a)(2), Dec. 31, 1970, 84 Stat. 1812.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1970—Pub. L. 91–609 substituted “part” for “title”.

legal/us/code/title-15/chapter-14b/section-694-1.md

@@ -0,0 +1,71 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 694–1"
+description: "Planning design or installation of pollution control facilities"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "694–1"
+citation: "15 U.S.C. § 694–1"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s694–1"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "14344211c0bc961c0eb48540bd5fef7d595f24e1b3d9b56fcbf5b53cdc6317a7"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "150193baa6aa19fbb7a48071cddf144e4f1aab2b5f97ad7b6efec2677e1938e3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 694–1 - Planning design or installation of pollution control facilities
+
+## Text
+
+(a) Definitions For purposes of this section, the term—
+
+(1) “pollution control facilities” means such property (both real and personal) as the Administration in its discretion determines is likely to help prevent, reduce, abate, or control noise, air or water pollution or contamination by removing, altering, disposing or storing pollutants, contaminants, wastes, or heat, and such property (both real and personal) as the Administration determines will be used for the collection, storage, treatment, utilization, processing, or final disposal of solid or liquid waste.
+
+(2) “person” includes corporations, companies, associations, firms, partnerships, societies, joint stock companies, States, territories, and possessions of the United States, or subdivisions of any of the foregoing, and the District of Columbia, as well as individuals.
+
+(3) “qualified contract” means a lease, sublease, loan agreement, installment sales contract, or similar instrument, entered into between a small business concern and any person.
+
+(b) Financing disadvantage; guarantee of payment by Administration; restrictions and limitations The Administration may, whenever it determines that small business concerns are or are likely to be at an operational or financing disadvantage with other business concerns with respect to the planning, design, or installation of pollution control facilities, or the obtaining of financing therefor (including financing by means of revenue bonds issued by States, political subdivisions thereof, or other public bodies), guarantee the payment of rentals or other amounts due under qualified contracts. Any such guarantee may be made or effected either directly or in cooperation with any qualified surety company or other qualified company through a participation agreement with such company. The foregoing powers shall be subject, however, to the following restrictions and limitations:
+
+(1) Notwithstanding any other law, rule, or regulation or fiscal policy to the contrary, the guarantee authorized in the case of pollution control facilities or property shall be issued when such property is acquired by the use of proceeds from industrial revenue bonds which provide the holders interest which is exempt from Federal income tax, and the Administration is expressly prohibited from denying such guarantee due to the property being so acquired.
+
+(2) Any such guarantee shall be for the full amount of the payments due under such qualified contract and shall be a full faith and credit obligation of the United States.
+
+(3) No guarantee shall be issued by the Administration unless the Administration determines that there exists a reasonable expectation that the small business concern in behalf of which the guarantee is issued will perform the covenants and conditions of the qualified contract.
+
+(c) Uniform annual fees; processing fees; time and condition for payment; periodic review The Administration shall fix a uniform annual fee for any guarantee issued under this section which shall be payable at such time and under such conditions as may be prescribed by the Administrator. The fee shall be set at an amount which the Administration deems reasonable and necessary and shall be subject to periodic review in order that the lowest fee that experience under the program shows to be justified will be placed into effect. In no case shall such amount be less than 1 per centum or more than 3½ per centum per annum of the minimum annual guaranteed rental payable under any qualified contract guaranteed under this section. The Administration may also fix such uniform fees for the processing of applications for guarantees under this section as the Administrator determines are reasonable and necessary to pay the administrative expenses that are incurred in connection therewith.
+
+(d) Requirements of Administration; escrow; default; discretionary provisions In connection with the guarantee of rentals under any qualified contract pursuant to authority conferred by this section, the Administrator may require, in order to minimize the financial risk assumed under such guarantee—
+
+(1) that the lessee pay an amount, not to exceed one-fourth of the average annual payments for which a guarantee is issued under this section, which shall be held in escrow and shall be available (A) to meet rental charges accruing in any month for which the lessee is in default, or (B) if no default occurs during the term of the qualified contract, for application (with accrued interest) toward final payments of rental charges under the qualified contract;
+
+(2) that upon occurrence of a default under the qualified contract, the lessor shall, as a condition precedent to enforcing any claim under the qualified contract guarantee, utilize the entire period, for which there are funds available in escrow for payment of rentals, in reasonable diligent efforts to eliminate or minimize losses, by releasing the property covered by the qualified contract to another qualified lessee, and no claim shall be made or paid under the guarantee until such effort has been made and such escrow funds have been exhausted;
+
+(3) that any guarantor of the qualified contract will become a successor of the lessor for the purpose of collecting from a lessee in default rentals which are in arrears and with respect to which the lessor has received payment under a guarantee made pursuant to this section; and
+
+(4) such other provisions, not inconsistent with the purposes of this section as the Administrator may in his discretion require.
+
+(e) Assignment of guarantee Any guarantee issued under this section may be assigned with the permission of the Administration by the person to whom the payments under qualified contracts are due.
+
+(f) Application of section 693 of this title Section 693 of this title shall apply to the administration of this section.
+
+(Pub. L. 85–699, title IV, § 404, as added Pub. L. 94–305, title I, § 102, June 4, 1976, 90 Stat. 663; amended Pub. L. 98–473, title I, § 115, Oct. 12, 1984, 98 Stat. 1967.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1984—Subsec. (b)(1). Pub. L. 98–473, § 115(1), (2), substituted “shall be issued” for “may be issued” and inserted “, and the Administration is expressly prohibited from denying such guarantee due to the property being so acquired”. Subsec. (c). Pub. L. 98–473, § 115(3), substituted “be less than 1 per centum or more than 3½ per centum” for “exceed 3½ per centum”.

legal/us/code/title-15/chapter-14b/section-694-2.md

@@ -0,0 +1,47 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 694–2"
+description: "Revolving fund for qualified contract guarantees; investment of idle funds"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "694–2"
+citation: "15 U.S.C. § 694–2"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s694–2"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "108dc0ba06bea21461fea9a30073d8c44f014661d9da316651b9d828c2d89e26"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "65ca4746080fbd5a92487078de54059e6af937daaf3ec615e2b4ac5e79e6c2b9"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 694–2 - Revolving fund for qualified contract guarantees; investment of idle funds
+
+## Text
+
+There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitations as a revolving fund for the purpose of section 694–1 of this title. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with section 694–1 of this title shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under section 694–1 of this title shall be paid from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested.
+
+(Pub. L. 85–699, title IV, § 405, as added Pub. L. 94–305, title I, § 102, June 4, 1976, 90 Stat. 665; amended Pub. L. 95–89, title I, § 104, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 112, July 2, 1980, 94 Stat. 837.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1980—Pub. L. 96–302 inserted investment of idle funds provision. 1977—Pub. L. 95–89 prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $15,000,000 appropriation of capital for the fund; payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year; and investment of noncapital moneys, when not needed for payment of current operating expenses or claims arising under section 694–2 of this title, in Federal bonds or obligations or bonds or obligations guaranteed by the United States as to principal and interest.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1980 AmendmentAmendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title.
+
+Effective Date of 1977 AmendmentAmendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under section 633 of this title.

legal/us/code/title-15/chapter-14b/section-694.md

@@ -0,0 +1,37 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 694"
+description: "Repealed. Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "694"
+citation: "15 U.S.C. § 694"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s694"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "97335988b249d3a26f9128209eba38516f009834b205c21a5232ae5c8ae81abe"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "6dccf2a32265dc89c22ded5865069e7c50f7b5b346490cd60dd4b144525bbe5a"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 694 - Repealed. Pub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995
+
+## Notes
+
+Section, Pub. L. 85–699, title IV, § 403, as added Pub. L. 89–117, title III, § 316(a), Aug. 10, 1965, 79 Stat. 484; amended Pub. L. 91–609, title IX, § 911(a)(3), Dec. 31, 1970, 84 Stat. 1812; Pub. L. 93–386, § 6(a)(2), Aug. 23, 1974, 88 Stat. 747; Pub. L. 94–305, title I, § 103, June 4, 1976, 90 Stat. 665; Pub. L. 95–89, title I, § 103, Aug. 4, 1977, 91 Stat. 556, provided for revolving fund for commercial or industrial lease guarantees.
+
+Statutory Notes and Related Subsidiaries
+
+Transfer of Remaining Lease Guarantee Fund MoneysPub. L. 100–590, title I, § 111(b), Nov. 3, 1988, 102 Stat. 2995, provided in part that: “Any moneys remaining in the Lease Guarantee Fund on the date of enactment of this Act [Nov. 3, 1988] shall be transferred to the Small Business Administration’s business loan and investment fund.”

legal/us/code/title-15/chapter-14b/section-694a.md

@@ -0,0 +1,65 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 694a"
+description: "Definitions"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "694a"
+citation: "15 U.S.C. § 694a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s694a"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "dde73bdb3489ff4eed5e5c66aa4f5ae4f1ef35b9914a2a01debff9bc984f3109"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "ac8223cb162b828d9203048891e4a013ad3ec4d99ee7cd0e490785db57102357"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 694a - Definitions
+
+## Text
+
+As used in this part—
+
+(1) The term “bid bond” means a bond conditioned upon the bidder on a contract entering into the contract, if he receives the award thereof, and furnishing the prescribed payment bond and performance bond.
+
+(2) The term “payment bond” means a bond conditioned upon the payment by the principal of money to persons under contract with him.
+
+(3) The term “performance bond” means a bond conditioned upon the completion by the principal of a contract in accordance with its terms.
+
+(4) The term “surety” means the person who (A) under the terms of a bid bond, undertakes to pay a sum of money to the obligee in the event the principal breaches the conditions of the bond, (B) under the terms of a performance bond, undertakes to incur the cost of fulfilling the terms of a contract in the event the principal breaches the conditions of the contract, (C) under the terms of a payment bond, undertakes to make payment to all persons supplying labor and material in the prosecution of the work provided for in the contract if the principal fails to make prompt payment, or (D) is an agent, independent agent, underwriter, or any other company or individual empowered to act on behalf of such person.
+
+(5) The term “obligee” means (A) in the case of a bid bond, the person requesting bids for the performance of a contract, or (B) in the case of a payment bond or performance bond, the person who has contracted with a principal for the completion of the contract and to whom the obligation of the surety runs in the event of a breach by the principal of the conditions of a payment bond or performance bond.
+
+(6) The term “principal” means (A) in the case of a bid bond, a person bidding for the award of a contract, or (B) the person primarily liable to complete a contract for the obligee, or to make payments to other persons in respect of such contract, and for whose performance of his obligation the surety is bound under the terms of a payment or performance bond. A principal may be a prime contractor or a subcontractor.
+
+(7) The term “prime contractor” means the person with whom the obligee has contracted to perform the contract.
+
+(8) The term “subcontractor” means a person who has contracted with a prime contractor or with another subcontractor to perform a contract.
+
+(9) Notwithstanding any other provision of law or any rule, regulation, or order of the Administration, for purpose of sections 694a, 694b, and 694c of this title the term “small business concern” means a business concern that meets the size standard for the primary industry in which such business concern, and the affiliates of such business concern, is engaged, as determined by the Administrator in accordance with the North American Industry Classification System.
+
+(Pub. L. 85–699, title IV, § 410, as added Pub. L. 91–609, title IX, § 911(a)(4), Dec. 31, 1970, 84 Stat. 1812; amended Pub. L. 95–507, title I, § 110, Oct. 24, 1978, 92 Stat. 1758; Pub. L. 111–5, div. A, title V, § 508(c), Feb. 17, 2009, 123 Stat. 158; Pub. L. 112–239, div. A, title XVI, § 1695(c), Jan. 2, 2013, 126 Stat. 2090.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2013—Par. (9). Pub. L. 112–239 added par. (9). 2009—Par. (9). Pub. L. 111–5, § 508(c), (f), temporarily added par. (9) which read as follows: “Notwithstanding any other provision of law or any rule, regulation, or order of the Administration, for purposes of sections 694a, 694b, and 694c of this title the term “small business concern” means a business concern that meets the size standard for the primary industry in which such business concern, and the affiliates of such business concern, is engaged, as determined by the Administrator in accordance with the North American Industry Classification System.” See Termination Date of 2009 Amendment note below. 1978—Par. (4)(D). Pub. L. 95–507 added cl. (D).
+
+Statutory Notes and Related Subsidiaries
+
+Termination Date of 2009 AmendmentPub. L. 111–5, div. A, title V, § 508(f), Feb. 17, 2009, 123 Stat. 159, provided that: “The amendments made by this section [amending this section and section 694b of this title] shall remain in effect until September 30, 2010.”
+
+Technical Assistance in Connection with Construction Contracts; Authorization of AppropriationsSection 911(b) of Pub. L. 91–609 authorized the Secretary of Housing and Urban Development to take such steps and carry out such activities as he determined to be necessary or desirable to provide, either directly or by contract or other arrangement, technical assistance to any contractor or subcontractor for whom a bid, payment, or performance bond is guaranteed under part B of title IV of the Small Business Investment Act of 1958 [this part] in connection with any construction contract, in order to assist such contractor or subcontractor in obtaining or carrying out such contract, and authorized to be appropriated for each of the first three fiscal years ending after the date of the enactment of this Act [Dec. 31, 1970] such sums, not to exceed $1,500,000, as were necessary to enable the Secretary to carry out his functions under paragraph (1).

legal/us/code/title-15/chapter-14b/section-694c.md

@@ -0,0 +1,51 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 694c"
+description: "Revolving fund for surety bond guarantees"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "694c"
+citation: "15 U.S.C. § 694c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s694c"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "7eb0a7767f1a977f84eb03e219703b0ef22b3504e1d25580aa038d9bf941aa44"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "4ec8f781d65e304877d686639bc6581a75ad373b94aa8a16bcc74804da2c3000"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 694c - Revolving fund for surety bond guarantees
+
+## Text
+
+(a) There is created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitation as a revolving fund for the purposes of this part. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with this part, shall be deposited in the fund. All expenses and payments, excluding administrative expenses, pursuant to operations of the Administrator under this part shall be paid from the fund.
+
+(b) Such sums as may be appropriated to the Fund to carry out the programs authorized by this part shall be without fiscal year limitation.
+
+(Pub. L. 85–699, title IV, § 412, as added Pub. L. 93–386, § 6(a)(4), Aug. 23, 1974, 88 Stat. 747; amended Pub. L. 94–305, title I, § 113, June 4, 1976, 90 Stat. 667; Pub. L. 95–14, § 4, Mar. 24, 1977, 91 Stat. 25; Pub. L. 95–89, title I, § 105, Aug. 4, 1977, 91 Stat. 556; Pub. L. 96–302, title I, § 111, July 2, 1980, 94 Stat. 837; Pub. L. 100–590, title II, § 208, Nov. 3, 1988, 102 Stat. 3009.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–590 designated existing provisions as subsec. (a) and added subsec. (b). 1980—Pub. L. 96–302 repealed investment of idle funds provision, which is covered in section 694–2 of this title. 1977—Pub. L. 95–89 prohibited payment of administrative expenses from the fund and deleted provisions which authorized: a $110,000,000 appropriation of capital for the fund; and payment during the fiscal year into the Treasury as miscellaneous receipts, from the fund, of interest on the cumulative amount of appropriations available as capital to the fund less the average undisbursed cash balance in the fund during the year. Pub. L. 95–14 substituted “$110,000,000” for “$56,500,000”. 1976—Pub. L. 94–305 substituted “$56,500,000” for “$35,000,000”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1988 AmendmentAmendment by Pub. L. 100–590 effective on expiration of 180 days after Nov. 3, 1988, see section 209 of Pub. L. 100–590, set out as an Effective and Termination Dates of 1988 Amendment note under section 694b of this title.
+
+Effective Date of 1980 AmendmentAmendment by Pub. L. 96–302 effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as a note under section 631 of this title.
+
+Effective Date of 1977 AmendmentAmendment by Pub. L. 95–89 effective Oct. 1, 1977, see section 106 of Pub. L. 95–89, set out as a note under section 633 of this title.

legal/us/code/title-15/chapter-14b/section-695.md

@@ -0,0 +1,107 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 695"
+description: "State development companies"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "695"
+citation: "15 U.S.C. § 695"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s695"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "0c49c482b871480063df332bd6672ab7ec7b0b1c092603bbf6310c431221a08f"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "c24a89f76edaef38a7f43c305bf468221e71147b6fc1e8bca7856d5676c8b667"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 695 - State development companies
+
+## Text
+
+(a) Congressional finding and declaration of purpose The Congress hereby finds and declares that the purpose of this subchapter is to foster economic development and to create or preserve job opportunities in both urban and rural areas by providing long-term financing for small business concerns through the development company program authorized by this subchapter.
+
+(b) Loans; obligations of development companies The Administration is authorized to make loans to State development companies to assist in carrying out the purposes of this chapter. Any funds advanced under this subsection shall be in exchange for obligations of the development company which bear interest at such rate, and contain such other terms, as the Administration may fix, and funds may be so advanced without regard to the use and investment by the development company of funds secured by it from other sources.
+
+(c) Maximum loans to development companies The total amount of obligations purchased and outstanding at any one time by the Administration under this section from any one State development company shall not exceed the total amount borrowed by it from all other sources. Funds advanced to a State development company under this section shall be treated on an equal basis with those funds borrowed by such company after August 21, 1958, regardless of source, which have the highest priority, except when this requirement is waived by the Administrator.
+
+(d) Eligibility for assistance In order to qualify for assistance under this subchapter, the development company must demonstrate that the project to be funded is directed toward at least one of the following economic development objectives—
+
+(1) the creation of job opportunities within two years of the completion of the project or the preservation or retention of jobs attributable to the project;
+
+(2) improving the economy of the locality, such as stimulating other business development in the community, bringing new income into the area, or assisting the community in diversifying and stabilizing its economy; or
+
+(3) the achievement of one or more of the following public policy goals:
+
+(A) business district revitalization,
+
+(B) expansion of exports,
+
+(C) expansion of minority business development or women-owned business development,
+
+(D) rural development,
+
+(E) expansion of small business concerns owned and controlled by veterans, as defined in section 632(q) of this title, especially service-disabled veterans, as defined in such section 632(q) of this title,
+
+(F) enhanced economic competition, including the advancement of technology, plan retooling, conversion to robotics, or competition with imports,
+
+(G) changes necessitated by Federal budget cutbacks, including defense related industries,
+
+(H) business restructuring arising from Federally mandated standards or policies affecting the environment or the safety and health of employees,
+
+(I) reduction of energy consumption by at least 10 percent,
+
+(J) increased use of sustainable design, including designs that reduce the use of greenhouse gas emitting fossil fuels, or low-impact design to produce buildings that reduce the use of non-renewable resources and minimize environmental impact,
+
+(K) plant, equipment and process upgrades of renewable energy sources such as the small-scale production of energy for individual buildings or communities consumption, commonly known as micropower, or renewable fuels producers including biodiesel and ethanol producers, or
+
+(L) reduction of rates of unemployment in labor surplus areas, as such areas are determined by the Secretary of Labor.
+
+In subparagraphs (J) and (K), terms have the meanings given those terms under the Leadership in Energy and Environmental Design (LEED) standard for green building certification, as determined by the Administrator.
+
+If eligibility is based upon the criteria set forth in paragraph (2) or (3), the project need not meet the job creation or job preservation criteria developed by the Administration if the overall portfolio of the development company meets or exceeds such job creation or retention criteria.
+
+(e) Creation or retention of jobs (1) A project meets the objective set forth in subsection (d)(1) if the project creates or retains one job for every $65,000 guaranteed by the Administration, except that the amount is $100,000 in the case of a project of a small manufacturer.
+
+(2) Paragraph (1) does not apply to a project for which eligibility is based on the objectives set forth in paragraph (2) or (3) of subsection (d), if the development company’s portfolio of outstanding debentures creates or retains one job for every $65,000 guaranteed by the Administration.
+
+(3) For projects in Alaska, Hawaii, State-designated enterprise zones, empowerment zones and enterprise communities, labor surplus areas, as determined by the Secretary of Labor, and for other areas designated by the Administrator, the development company’s portfolio may average not more than $75,000 per job created or retained.
+
+(4) Loans for projects of small manufacturers shall be excluded from calculations under paragraph (2) or (3).
+
+(5) Under regulations prescribed by the Administrator, the Administrator may waive, on a case-by-case basis or by regulation, any requirement of this subsection (other than paragraph (4)). With respect to any waiver the Administrator is prohibited from adopting a dollar amount that is lower than the amounts set forth in paragraphs (1), (2), and (3).
+
+(6) As used in this subsection, the term “small manufacturer” means a small business concern—
+
+(A) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and
+
+(B) all of the production facilities of which are located in the United States.
+
+(Pub. L. 85–699, title V, § 501, Aug. 21, 1958, 72 Stat. 696; Pub. L. 100–590, title I, § 115(a), (b)(1), Nov. 3, 1988, 102 Stat. 2997; Pub. L. 101–574, title II, § 214(a), (b), Nov. 15, 1990, 104 Stat. 2821; Pub. L. 106–50, title IV, § 405, Aug. 17, 1999, 113 Stat. 246; Pub. L. 106–554, § 1(a)(9) [title III, § 302], Dec. 21, 2000, 114 Stat. 2763, 2763A–684; Pub. L. 108–447, div. K, title I, § 105, Dec. 8, 2004, 118 Stat. 3444; Pub. L. 110–140, title XII, § 1204(a), Dec. 19, 2007, 121 Stat. 1772; Pub. L. 111–5, div. A, title V, § 504(b), Feb. 17, 2009, 123 Stat. 156; Pub. L. 111–240, title I, § 1132, Sept. 27, 2010, 124 Stat. 2514.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (b), see References in Text note set out under section 661 of this title.
+
+Amendments2010—Subsec. (d)(3)(L). Pub. L. 111–240 added subpar. (L). 2009—Subsec. (e)(1), (2). Pub. L. 111–5, which directed amendment of section 501(e)(1), (2) of the Small Business Investment Act by substituting “$65,000” for “$50,000”, was executed by making the substitution in subsec. (e)(1), (2) of this section, which is section 501 of the Small Business Investment Act of 1958, to reflect the probable intent of Congress. 2007—Subsec. (d)(3). Pub. L. 110–140, § 1204(a)(4), inserted the following concluding provisions: “In subparagraphs (J) and (K), terms have the meanings given those terms under the Leadership in Energy and Environmental Design (LEED) standard for green building certification, as determined by the Administrator.” Subsec. (d)(3)(I) to (K). Pub. L. 110–140, § 1204(a)(1)–(3), added subpars. (I) to (K). 2004—Subsec. (e). Pub. L. 108–447 added subsec. (e). 2000—Subsec. (d)(3)(C). Pub. L. 106–554 inserted “or women-owned business development” before comma at end. 1999—Subsec. (d)(3)(E)–(H). Pub. L. 106–50 added subpar. (E) and redesignated former subpars. (E) to (G) as (F) to (H), respectively. 1990—Subsec. (a). Pub. L. 101–574, § 214(a), amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Congress hereby finds and declares that the purpose of this subchapter is to foster economic development in both urban and rural areas by providing long term financing for small business concerns through the development company program authorized by this subchapter. In order to carry out this objective, the Administration is hereby directed to place greater emphasis on the needs of rural areas and the promotion of the development company program in such areas, and is further directed to develop a plan for greater outreach of procurement and export trade seminars in such areas. As used in this subchapter, the term ‘rural areas’ means those localities with populations of less than 20,000.” Subsec. (d). Pub. L. 101–574, § 214(b), added subsec. (d). 1988—Pub. L. 100–590 inserted “State development companies” as section catchline, added subsec. (a), and redesignated former subsecs. (a) and (b) as (b) and (c), respectively.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2007 AmendmentAmendment by Pub. L. 110–140 effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as an Effective Date note under section 1824 of Title 2, The Congress.
+
+Budgetary Treatment of Loans and FinancingsAssistance made available under any financings made under this subchapter during 2-year period beginning Oct. 1, 2002, to be treated as a separate program of the Small Business Administration for purposes of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.) only, see section 6(c) of Pub. L. 107–100, set out as a note under section 636 of this title.
+
+Loan Liquidation Pilot ProgramPub. L. 104–208, div. D, title II, § 204, Sept. 30, 1996, 110 Stat. 3009–736, provided that: “(a) In General.—The Administrator shall carry out a loan liquidation pilot program (in this section referred to as the ‘pilot program’) in accordance with the requirements of this section. “(b) Selection of Development Companies.—“(1) In general.—Not later than 90 days after the date of the enactment of this Act [Sept. 30, 1996], the Administrator shall establish a pilot program under which certain development companies authorized to make loans and issue debentures under title V of the Small Business Investment Act of 1958 [15 U.S.C. 695 et seq.] are selected by the Administrator in accordance with this subsection to carry out loan liquidations. “(2) Conflicts of interest.—The development companies selected under paragraph (1) shall agree not to take any action that would create a potential conflict of interest involving the development company, the third party lender, or an associate of the third party lender. “(3) Qualifications.—In order to qualify to participate in the pilot program under this section, each development company shall—“(A) have not less than 6 years of experience in the program established by title V of the Small Business Investment Act of 1958; “(B) have made, during the 6 most recent fiscal years, an average of not less than 10 loans per year through the program established by such title V of the Small Business Investment Act of 1958; “(C) have not less than 2 years of experience in liquidating loans under the authority of a Federal, State, or other lending program; and “(D) meet such other requirements as the Administration may establish. “(c) Authority of Development Companies.—The development companies selected under subsection (b) shall, for loans in their portfolio of loans made through debentures guaranteed under title V of the Small Business Investment Act of 1958 [15 U.S.C. 695 et seq.] that are in default after the date of enactment of this Act [Sept. 30, 1996], be authorized to—“(1) perform all liquidation and foreclosure functions, including the acceleration or purchase of community injection funds, subject to such company obtaining prior written approval from the Administrator before committing the agency to purchase any other indebtedness secured by the property: Provided, That the Administrator shall approve or deny a request for such purchase within a period of 10 business days; and “(2) liquidate such loans in a reasonable and sound manner and according to commercially accepted practices pursuant to a liquidation plan approved by the administrator in advance of its implementation. If the administrator does not approve or deny a request for approval of a liquidation plan within 10 business days of the date on which the request is made (or with respect to any routine liquidation activity under such a plan, within 5 business days) such request shall be deemed to be approved. “(d) Authority of the Administrator.—In carrying out the pilot program, the Administrator shall—“(1) have full authority to rescind the authority granted any development company under this section upon a 10-day written notice stating the reasons for the rescission; and “(2) not later than 90 days after the admission of the development companies specified in subsection (b), implement the pilot program. “(e) Report.—“(1) In general.—The Administrator shall issue a report on the results of the pilot program to the Committees on Small Business of the House of Representatives and the Senate [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate]. The report shall include information relating to—“(A) the total dollar amount of each loan and project liquidated; “(B) the total dollar amount guaranteed by the Administration; “(C) total dollar losses; “(D) total recoveries both as percentage of the amount guaranteed and the total cost of the project; and “(E) a comparison of the pilot program information with the same information for liquidation conducted outside the pilot program over the period of time. “(2) Reporting period.—The report shall be based on data from, and issued not later than 90 days after the close of, the first eight 8 [sic] fiscal quarters of the pilot program’s operation after the date of implementation.” [Section 204 of title II of div. D of Pub. L. 104–208, set out above, to cease to have effect beginning on the date on which final regulations are issued to carry out section 697g of this title, see section 1(a)(9) [title III, § 307(b)] of Pub. L. 106–554, set out as a Regulations note under section 697g of this title.]

legal/us/code/title-15/chapter-14b/section-697.md

@@ -0,0 +1,141 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697"
+description: "Development company debentures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697"
+citation: "15 U.S.C. § 697"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "1391f41445ae61754a8032d63206e190b70e69c7c4e21e650dda1bb3bdb69bd6"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "be71be421baa9fbfc6f0078dd0a4c584032584bef369f202c048363d4e6ec1de"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697 - Development company debentures
+
+## Text
+
+(a) Guarantees; Administration authority; regulatory terms and conditions; full faith and credit; subordination of debentures (1) Except as provided in subsection (b), the Administration may guarantee the timely payment of all principal and interest as scheduled on any debenture issued by any qualified State or local development company.
+
+(2) Such guarantees may be made on such terms and conditions as the Administration may be regulation determine to be appropriate: Provided, That the Administration shall not decline to issue such guarantee when the ownership interests of the small business concern and the ownership interests of the property to be financed with the proceeds of a loan made pursuant to subsection (b)(1) are not identical because one or more of the following classes of relatives have an ownership interest in either the small business concern or the property: father, mother, son, daughter, wife, husband, brother, or sister: Provided further, That the Administrator or his designee has determined on a case-by-case basis that such ownership interest, such guarantee, and the proceeds of such loan, will substantially benefit the small business concern.
+
+(3) The full faith and credit of the United States in pledged to the payment of all amounts guaranteed under this subsection.
+
+(4) Any debenture issued by any State or local development company with respect to which a guarantee is made under this subsection, may be subordinated by the Administration to any other debenture, promissory note, or other debt or obligation of such company.
+
+(b) Statutory terms and conditions No guarantee may be made with respect to any debenture under subsection (a) unless—
+
+(1) such debenture is issued for the purpose of making one or more loans to small business concerns, the proceeds of which shall be used by such concern for the purposes set forth in section 696 of this title;
+
+(2) necessary funds for making such loans are not available to such company from private sources on reasonable terms;
+
+(3) the interest rate on such debenture is not less than the rate of interest determined by the Secretary of the Treasury for purposes of section 683(b) of this title;
+
+(4) the aggregate amount of such debenture does not exceed the amount of loans to be made from the proceeds of such debenture (other than any excess attributable to the administrative costs of such loans);
+
+(5) the amount of any loan to be made from such proceeds does not exceed an amount equal to 50 percent of the cost of the project with respect to which such loan is made;
+
+(6) the Administration approves each loan to be made from such proceeds; and
+
+(7) with respect to each loan made from the proceeds of such debenture, the Administration—
+
+(A) assesses and collects a fee, which shall be payable by the borrower, in an amount established annually by the Administration, which amount shall not exceed—
+
+(i) the lesser of—
+
+(I) 0.9375 percent per year of the outstanding balance of the loan; and
+
+(II) the minimum amount necessary to reduce the cost (as defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this chapter to zero; and
+
+(ii) 50 percent of the amount established under clause (i) in the case of a loan made during the 2-year period beginning on October 1, 2002, for the life of the loan; and
+
+(B) uses the proceeds of such fee to offset the cost (as such term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a).
+
+(c) Commercial loan interest rate (1) The purpose of this subsection is to facilitate the orderly and necessary flow of long-term loans from certified development companies to small business concerns.
+
+(2) Notwithstanding the provisions of the constitution or laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any commercial loan which funds any portion of the cost of the project financed pursuant to this section or section 697a of this title which is not funded by a debenture guaranteed under this section shall be a rate which is established by the Administrator of the Small Business Administration under the authority of this section.
+
+(3) The Administrator is authorized and directed to establish and publish quarterly a maximum legal interest rate for any commercial loan which funds any portion of the cost of the project financed pursuant to this section or section 697a of this title which is not funded by a debenture guaranteed under this section.
+
+(d) Charges for Administration expenses (1) Level of charges The Administration may impose an additional charge for administrative expenses with respect to each debenture for which payment of principal and interest is guaranteed under subsection (a).
+
+(2) Participation fee The Administration shall collect a one-time fee in an amount equal to 50 basis points on the total participation in any project of any institution described in subclause (I), (II), or (III) of section 696(3)(B)(i) of this title. Such fee shall be imposed only when the participation of the institution will occupy a senior credit position to that of the development company. All proceeds of the fee shall be used to offset the cost (as that term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a).
+
+(3) Development company fee The Administration shall collect annually from each development company a fee of 0.125 percent of the outstanding principal balance of any guaranteed debenture authorized by the Administration after September 30, 1996. Such fee shall be derived from the servicing fees collected by the development company pursuant to regulation, and shall not be derived from any additional fees imposed on small business concerns. All proceeds of the fee shall be used to offset the cost (as that term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a).
+
+(e) “Qualified State or local development company” defined; exception for rural company; authority (1) For purposes of this section, the term “qualified State or local development company” means any State or local development company which, as determined by the Administration, has—
+
+(A) a full-time professional staff;
+
+(B) professional management ability (including adequate accounting, legal, and business-servicing abilities); and
+
+(C) a board of directors, or membership, which meets on a regular basis to make management decisions for such company, including decisions relating to the making and servicing of loans by such company.
+
+(2) A company in a rural area shall be deemed to have satisfied the requirements of a full-time professional staff and professional management ability if it contracts with another certified development company which has such staff and management ability and which is located in the same general area to provide such services.
+
+(3) Notwithstanding any other provision of law, qualified State or local development companies shall be authorized to prepare applications for deferred participation loans under section 636(a) of this title, to service such loans and to charge a reasonable fee for servicing such loans.
+
+(f) Effective date The fees authorized by subsections (b) and (d) shall apply to financings approved by the Administration on or after October 1, 1996.
+
+(g) Calculation of subsidy rate All fees, interest, and profits received and retained by the Administration under this section shall be included in the calculations made by the Director of the Office of Management and Budget to offset the cost (as that term is defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this chapter.
+
+(h) Required actions upon default (1) Initial actions Not later than the 45th day after the date on which a payment on a loan funded through a debenture guaranteed under this section is due and not received, the Administration shall—
+
+(A) take all necessary steps to bring such a loan current; or
+
+(B) implement a formal written deferral agreement.
+
+(2) Purchase or acceleration of debenture Not later than the 65th day after the date on which a payment on a loan described in paragraph (1) is due and not received, and absent a formal written deferral agreement, the administration 11 So in original. Probably should be capitalized. shall take all necessary steps to purchase or accelerate the debenture.
+
+(3) Prepayment penalties With respect to the portion of any project derived from funds set forth in section 696(3) of this title, the Administration—
+
+(A) shall negotiate the elimination of any prepayment penalties or late fees on defaulted loans made prior to September 30, 1996;
+
+(B) shall not pay any prepayment penalty or late fee on the default based purchase of loans issued after September 30, 1996; and
+
+(C) for any project financed after September 30, 1996, shall not pay any default interest rate higher than the interest rate on the note prior to the date of default.
+
+(i) Two-year waiver of fees The Administration may not assess or collect any up front guarantee fee with respect to loans made under this subchapter during the 2-year period beginning on October 1, 2002.
+
+(Pub. L. 85–699, title V, § 503, as added Pub. L. 96–302, title I, § 113(a), July 2, 1980, 94 Stat. 837; amended Pub. L. 100–590, title I, §§ 112(c), 114, 117(a), Nov. 3, 1988, 102 Stat. 2996–2998; Pub. L. 101–515, title V, § 8, Nov. 5, 1990, 104 Stat. 2144; Pub. L. 103–403, title II, § 213(1), Oct. 22, 1994, 108 Stat. 4184; Pub. L. 104–36, § 6, Oct. 12, 1995, 109 Stat. 297; Pub. L. 104–208, div. D, title II, §§ 202(b)–(e), 203, Sept. 30, 1996, 110 Stat. 3009–735, 3009–736; Pub. L. 105–135, title II, § 222, Dec. 2, 1997, 111 Stat. 2604; Pub. L. 106–554, § 1(a)(9) [title III, § 304], Dec. 21, 2000, 114 Stat. 2763, 2763A–684; Pub. L. 107–100, § 6(b), Dec. 21, 2001, 115 Stat. 971; Pub. L. 108–199, div. B, title VI, § 631, Jan. 23, 2004, 118 Stat. 100; Pub. L. 108–205, § 2, Mar. 15, 2004, 118 Stat. 553; Pub. L. 108–217, § 2, Apr. 5, 2004, 118 Stat. 591; Pub. L. 108–306, § 2, Sept. 24, 2004, 118 Stat. 1131; Pub. L. 108–447, div. B, title V, div. K, title II, § 204, Dec. 8, 2004, 118 Stat. 2911, 3466.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsecs. (b)(7)(A)(ii) and (g), see References in Text note set out under section 661 of this title.
+
+Amendments2004—Subsec. (f). Pub. L. 108–447, § 204, struck out “, but shall not apply to financings approved by the Administration on or after October 1, 2005” before period at end. Pub. L. 108–447, title V, substituted “October 1, 2005” for “October 1, 2004”. Pub. L. 108–217 substituted “October 1, 2004” for “May 21, 2004”. Pub. L. 108–205, as amended by Pub. L. 108–306, substituted “May 21, 2004” for “March 15, 2004”. Pub. L. 108–199 substituted “March 15, 2004” for “October 1, 2003” before period at end. 2001—Subsec. (b)(7)(A). Pub. L. 107–100, § 6(b)(1), designated existing provisions following “not exceed” as cl. (i), redesignated former cls. (i) and (ii) as subcls. (I) and (II), respectively, of cl. (i), realigned margins, and added cl. (ii). Subsec. (i). Pub. L. 107–100, § 6(b)(2), added subsec. (i). 2000—Subsec. (f). Pub. L. 106–554 amended heading and text of subsec. (f) generally. Prior to amendment, text read as follows: “The fees authorized by subsections (b) and (c) of this section shall apply to financings approved by the Administration on or after October 1, 1996, but shall not apply to financings approved by the Administration on or after October 1, 2000.” 1997—Subsec. (b)(7)(A). Pub. L. 105–135, § 222(1), added subpar. (A) and struck out former subpar. (A) which read as follows: “assesses and collects a fee, which shall be payable by the borrower, in an amount equal to the lesser of— “(i) 0.9375 percent per year of the outstanding balance of the loan; or “(ii) such percentage per year of the outstanding balance of the loan as the Administrator may determine to be necessary to reduce the cost (as that term is defined in section 661a of title 2) to the Administration of purchasing and guaranteeing debentures under this chapter to an amount that, taking into consideration any available appropriated funds, would permit the Administration to purchase or guarantee $2,000,000,000 of debentures in fiscal year 1997; and”. Subsec. (f). Pub. L. 105–135, § 222(2), substituted “2000” for “1997”. 1996—Subsec. (b)(7)(A). Pub. L. 104–208, § 202(b), substituted “equal to the lesser of—” for “equal to 0.125 percent per year of the outstanding balance of the loan” and added cls. (i) and (ii). Subsec. (d). Pub. L. 104–208, § 202(c), inserted heading and amended text of subsec. (d) generally. Prior to amendment, text read as follows: “The Administration may impose an additional charge for administrative expenses with respect to each debenture for which payment of principal and interest is guaranteed under subsection (a) of this section.” Subsec. (f). Pub. L. 104–208, § 202(d), added subsec. (f). Subsec. (g). Pub. L. 104–208, § 202(e), added subsec. (g). Subsec. (h). Pub. L. 104–208, § 203, added subsec. (h). 1995—Subsec. (b)(7). Pub. L. 104–36 added par. (7). 1994—Subsec. (c) to (e). Pub. L. 103–403 made technical amendment to Pub. L. 100–590, § 112(c). See 1988 Amendment note below. 1990—Subsec. (e)(3). Pub. L. 101–515 added par. (3). 1988—Subsec. (a)(2). Pub. L. 100–590, § 114, inserted two provisos that Administration not decline to issue such guarantee when ownership interests of small business concern and of property to be financed with loan are not identical, and that Administrator has determined on case-by-case basis that such ownership interest, guarantee, and loan, will substantially benefit small business concern. Subsec. (c). Pub. L. 100–590, § 112(c)(B), formerly § 112(c)(1)(B), as amended by Pub. L. 103–403, added subsec. (c). Former subsec. (c) redesignated (d). Subsec. (d). Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403, redesignated subsec. (c) as (d). Former subsec. (d) redesignated (e). Subsec. (e). Pub. L. 100–590, § 117, which directed substitution of “(1) For purposes of” for “For purposes of”, redesignated former pars. (1) to (3) as subpars. (A) to (C), respectively, and added par. (2), was executed to subsec. (e) to reflect the probable intent of Congress and the intervening redesignation of subsec. (d) as (e) by Pub. L. 100–590, § 112(c)(1). Pub. L. 100–590, § 112(c)(A), formerly § 112(c)(1)(A), as amended by Pub. L. 103–403, redesignated former subsec. (d) as (e).
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2004 AmendmentPub. L. 108–306, § 2, Sept. 24, 2004, 118 Stat. 1131, provided in part that: “The amendment made by the preceding sentence [amending section 2 of Pub. L. 108–205, which amended this section] shall take effect as if included in the enactment of the section to which it relates.”
+
+Effective Date of 2001 Amendment; Use of FundsPub. L. 107–100, § 6(d), (e), Dec. 21, 2001, 115 Stat. 972, provided that: “(d) Use of Funds.—The amendments made by this section to section 503 of the Small Business Investment Act of 1958 [15 U.S.C. 697], shall be effective only to the extent that funds are made available under appropriations Acts, which funds shall be utilized by the Administrator to offset the cost (as such term is defined in section 502 of the Federal Credit Reform Act of 1990 [2 U.S.C. 661a]) of such amendments. “(e) Effective Date.—The amendments made by this section [amending this section and section 636 of this title] shall become effective on October 1, 2002.”
+
+Effective Date of 1997 AmendmentAmendment by Pub. L. 105–135 effective Oct. 1, 1997, see section 3 of Pub. L. 105–135, set out as a note under section 631 of this title.
+
+Effective Date of 1996 AmendmentAmendment by Pub. L. 104–208 effective Oct. 1, 1996, see section 3 of Pub. L. 104–208, set out as a note under section 633 of this title.
+
+Effective Date of 1995 AmendmentAmendment by Pub. L. 104–36 inapplicable to loans made or guaranteed under Small Business Act or Small Business Investment Act of 1958 before Oct. 12, 1995, unless such loans are refinanced, extended, restructured, or renewed on or after Oct. 12, 1995, see section 8 of Pub. L. 104–36, set out as a note under section 634 of this title.
+
+Termination Date of 1988 AmendmentPub. L. 100–590, title I, § 112(c), Nov. 3, 1988, 102 Stat. 2996, as amended by Pub. L. 101–515, title V, § 3, Nov. 5, 1990, 104 Stat. 2140; Pub. L. 103–317, title IV, Aug. 26, 1994, 108 Stat. 1755, which provided that the amendment made by paragraph (1), amending this section, was to be repealed on Oct. 1, 1997, was repealed by Pub. L. 103–403, title II, § 213(2), Oct. 22, 1994, 108 Stat. 4184.
+
+Effective DateSection effective Oct. 1, 1980, see section 507 of Pub. L. 96–302, set out as an Effective Date of 1980 Amendment note under section 631 of this title.
+
+Temporary Fee Elimination for the 504 Loan ProgramPub. L. 116–260, div. N, title III, § 327(b), Dec. 27, 2020, 134 Stat. 2037, provided that: “(1) In general.—During the period beginning on the date of enactment of this Act [Dec. 27, 2020] and ending on September 30, 2021, and to the extent the cost of such elimination in fees is offset by appropriations, with respect to each project or loan guaranteed by the Administrator [of the Small Business Administration] pursuant to title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et seq.) for which an application is approved or pending approval on or after the date of enactment of this Act—“(A) the Administrator shall, in lieu of the fee otherwise applicable under section 503(d)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 697(d)(2)), collect no fee; and “(B) a development company shall, in lieu of the processing fee under section 120.971(a)(1) of title 13, Code of Federal Regulations (relating to fees paid by borrowers), or any successor regulation, collect no fee. “(2) Reimbursement for waived fees.—“(A) In general.—To the extent that the cost of such payments is offset by appropriations, the Administrator shall reimburse each development company that does not collect a processing fee pursuant to paragraph (1)(B). “(B) Amount.—The payment to a development company under clause (i) shall be in an amount equal to 1.5 percent of the net debenture proceeds for which the development company does not collect a processing fee pursuant to paragraph (1)(B).”

legal/us/code/title-15/chapter-14b/section-697a.md

@@ -0,0 +1,61 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697a"
+description: "Private debenture sales"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697a"
+citation: "15 U.S.C. § 697a"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697a"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "7878d2c756344dc0cf468bb306ef8efb1db966df309f5f9b78e366ddb89a49d6"
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+text_hash: "28853adc8bc175cc1c5c4ac96a5983f0a4080fcd54ad407f693190dfb9736ac3"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697a - Private debenture sales
+
+## Text
+
+(a) Notwithstanding any other law, rule, or regulation, the Administration shall sell to investors, either publicly or by private placement, debentures pursuant to section 697 of this title as follows:
+
+(1) Of the program levels otherwise authorized by law for fiscal year 1986, an amount not to exceed $200,000,000.
+
+(2) Of the program levels otherwise authorized by law for each of fiscal years 1987 and 1988, an amount not to exceed $425,000,000.
+
+(3) All of the program levels authorized for fiscal year 1989 and subsequent fiscal years.
+
+(b) Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire—
+
+(1) any obligation the payment of principal or interest on which at any time has been guaranteed in whole or in part under section 697 of this title and which is being sold pursuant to the provisions of the program authorized in this section;
+
+(2) any obligation which is an interest in any obligation described in paragraph (1); or
+
+(3) any obligation which is secured by, or substantially all of the value of which is attributable to, any obligation described in paragraph (1) or (2).
+
+(Pub. L. 85–699, title V, § 504, as added Pub. L. 99–272, title XVIII, § 18008(a), Apr. 7, 1986, 100 Stat. 366; amended Pub. L. 100–72, § 2 July 11, 1987, 101 Stat. 477; Pub. L. 100–590, title I, § 112(a), Nov. 3, 1988, 102 Stat. 2996.)
+
+## Notes
+
+Editorial Notes
+
+Amendments1988—Pub. L. 100–590 inserted “Private debenture sales” as section catchline and amended text generally. Prior to amendment, text read as follows: “(a) Notwithstanding any other law, rule, or regulation, the Administration shall conduct a pilot program involving the sale to investors, either publicly or by private placement, of debentures guaranteed pursuant to section 697 of this title as follows— “(1) of the program levels otherwise authorized by law for fiscal year 1986, an amount not to exceed $200,000,000; “(2) of the program levels otherwise authorized by law for fiscal year 1987, an amount not to exceed $425,000,000; and “(3) of the program levels otherwise authorized by law for fiscal year 1988, an amount not to exceed $425,000,000. “(b) Nothing in any provision of law shall be construed to authorize the Federal Financing Bank to acquire— “(1) any obligation the payment of principal or interest on which at any time has been guaranteed in whole or in part under section 697 of this title and which is being sold pursuant to the provisions of the pilot program authorized in this section, “(2) any obligation which is an interest in any obligation described in paragraph (1), or “(3) any obligation which is secured by, or substantially all of the value of which is attributable to, any obligation described in paragraph (1) or (2).” 1987—Subsec. (a). Pub. L. 100–72 struck out “and” at end of par. (1), substituted “$425,000,000; and” for “$295,000,000.” in par. (2), and added par. (3).
+
+Statutory Notes and Related Subsidiaries
+
+RegulationsSmall Business Administration to promulgate final rules and regulations to implement this section within 60 days of Apr. 7, 1986, see section 18008(d)(2) of Pub. L. 99–272, set out as a note under section 697b of this title.
+
+Pilot Program ReportPub. L. 99–272, title XVIII, § 18008(b), Apr. 7, 1986, 100 Stat. 367, required the Small Business Administration to report to the President and Congress on the pilot program under former 15 U.S.C. 697a involving debenture sales to investors not later than 90 days after the date of the last debenture sale in each fiscal year, and unless a report was made by Oct. 1 of 1986 and 1987, the Administration was to make an interim report by such dates.

legal/us/code/title-15/chapter-14b/section-697b.md

@@ -0,0 +1,71 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697b"
+description: "Pooling of debentures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697b"
+citation: "15 U.S.C. § 697b"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697b"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "831e76332c7727350e4c806d9b7b04b336d04c708bcfd16a55282f4c76a18e3c"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "2e52cf70f88d965aa8036d5df564500a71f234e0e1d3c3f6c5e5624452c335a7"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697b - Pooling of debentures
+
+## Text
+
+(a) Issuance; debentures composing trust or pool The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of debentures issued by State or local development companies and guaranteed by the Administration under this chapter: Provided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of guaranteed debentures.
+
+(b) Terms and conditions of guarantee; payment of principal and interest The Administration is authorized, upon such terms and conditions as are deemed appropriate, to guarantee the timely payment of the principal of and interest on trust certificates issued by the Administration or its agent for purposes of this section. Such guarantee shall be limited to the extent of principal and interest on the guaranteed debentures which compose the trust or pool. In the event that a debenture in such trust or pool is prepaid, either voluntarily or in the event of default, the guarantee of timely payment of principal and interest on the trust certificates shall be reduced in proportion to the amount of principal and interest such prepaid debenture represents in the trust or pool. Interest on prepaid or defaulted debentures shall accrue and be guaranteed by the Administration only through the date of payment on the guarantee. During the term of the trust certificate, it may be called for redemption due to prepayment or default of all debentures constituting the pool.
+
+(c) Full faith and credit of United States The full faith and credit of the United States is pledged to the payment of all amounts which may be required to be paid under any guarantee of such trust certificates issued by the Administration or its agent pursuant to this section.
+
+(d) Collection of fees The Administration shall not collect any fee for any guarantee under this section: Provided, That nothing herein shall preclude any agent of the Administration from collecting a fee approved by the Administration for the functions described in subsection (f)(2) of this section.
+
+(e) Subrogation rights; ownership rights in debentures (1) In the event the Administration pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment.
+
+(2) No State or local law, and no Federal law, shall preclude or limit the exercise by the Administration of its ownership rights in the debentures constituting the trust or pool against which the trust certificates are issued.
+
+(f) Central registration requirements; regulation of brokers and dealers; electronic registration (1) The Administration shall—
+
+(A) provide for a central registration of all trust certificates sold pursuant to this section;
+
+(B) contract with an agent to carry out on behalf of the Administration the central registration functions of this section and the issuance of trust certificates to facilitate poolings; such agent shall provide a fidelity bond or insurance in such amounts as the Administration determines to be necessary to fully protect the interests of the Government;
+
+(C) prior to any sale, require the seller to disclose to a purchaser of a trust certificate issued pursuant to this section, information on the terms, conditions, and yield of such instrument; and
+
+(D) have the authority to regulate brokers and dealers in trust certificates sold pursuant to this section.
+
+(2) Nothing in this subsection shall prohibit the utilization of a book-entry or other electronic form of registration for trust certificates.
+
+(Pub. L. 85–699, title V, § 505, as added Pub. L. 99–272, title XVIII, § 18008(c), Apr. 7, 1986, 100 Stat. 367; amended Pub. L. 100–590, title I, § 111(d)(1), (2), Nov. 3, 1988, 102 Stat. 2995; Pub. L. 104–208, div. D, title II, § 205(c), Sept. 30, 1996, 110 Stat. 3009–738.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.
+
+Amendments1996—Subsec. (f). Pub. L. 104–208 designated existing provisions as par. (1), redesignated former pars. (1) to (4) as subpars. (A) to (D), respectively, of par. (1), in subpar. (A) substituted “provide for a central registration of all trust certificates sold pursuant to this section;” for “provide for a central registration of all trust certificates sold pursuant to this section; such central registration shall include with respect to each sale, identification of each development company; the interest rate paid by the development company; commissions, fees, or discounts paid to brokers and dealers in trust certificates; identification of each purchaser of the trust certificate; the price paid by the purchaser for the trust certificate; the interest rate paid on the trust certificate; the fees of any agent for carrying out the functions described in paragraph (2); and such other information as the Administration deems appropriate;”, and added par. (2). 1988—Pub. L. 100–590, § 111(d)(2), inserted “Pooling of debentures” as section catchline. Subsec. (a). Pub. L. 100–590, § 111(d)(1), substituted “all or a” for “all of a”.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 1996 AmendmentAmendment by Pub. L. 104–208 effective Oct. 1, 1996, see section 3 of Pub. L. 104–208, set out as a note under section 633 of this title.
+
+Rules and Regulations for Implementation of Central Registration, Pilot Program and Trust Certificate Provisions; ConsultationPub. L. 99–272, title XVIII, § 18008(d), Apr. 7, 1986, 100 Stat. 368, provided that: “(1) Notwithstanding any law, rule, or regulation, within 60 days after the date of enactment of this Act [Apr. 7, 1986], the Small Business Administration shall develop and promulgate final rules and regulations to implement the central registration provisions provided for in section 505(f)(1) of the Small Business Investment Act [15 U.S.C. 697b(f)(1)], and shall contract with an agent for an initial period of not to exceed two years to carry out the functions provided for in section 505(f)(2) of such Act. “(2) Notwithstanding any law, rule or regulation, within 60 days after the date of enactment of this Act [Apr. 7, 1986], the Small Business Administration also shall consult with representatives of appropriate Federal and State agencies and officials, the securities industry, financial institutions and lenders, and small business persons, and shall develop and promulgate final rules and regulations to implement sections 504 and 505 of the Small Business Investment Act [15 U.S.C. 697a, 697b].”

legal/us/code/title-15/chapter-14b/section-697c.md

@@ -0,0 +1,35 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697c"
+description: "Restrictions on development company assistance"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697c"
+citation: "15 U.S.C. § 697c"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697c"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "f291342e709326d0e4709f7fe7fed535cdc8219fb25dd11e06b9d577bbaee792"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "384bcd9e99d876b350268bbe71b5276ce5d27da11c5c35e403e4be76bad00614"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697c - Restrictions on development company assistance
+
+## Text
+
+Notwithstanding Any Other Provision of Law: (1) on or after May 1, 1991, no development company may accept funding from any source, including but not limited to any department or agency of the United States Government, if such funding includes any conditions, priorities or restrictions upon the types of small businesses to which they may provide financial assistance under this subchapter or if it includes any conditions or imposes any requirements, directly or indirectly, upon any recipient of assistance under this subchapter; and (2) before such date, no department or agency of the United States Government which provides funding to any development company shall impose any condition, priority or restriction upon the type of small business which receives financing under this subchapter nor shall it include any condition or impose any requirement, directly or indirectly, upon any recipient of assistance under this subchapter: Provided, That the foregoing shall not affect any such conditions, priorities or restrictions if the department or agency also provides all of the financial assistance to be delivered by the development company to the small business and such conditions, priorities or restrictions are limited solely to the financial assistance so provided.
+
+(Pub. L. 85–699, title V, § 506, as added Pub. L. 100–590, title I, § 117(b), Nov. 3, 1988, 102 Stat. 2998.)

legal/us/code/title-15/chapter-14b/section-697d.md

@@ -0,0 +1,75 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697d"
+description: "Accredited Lenders Program"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697d"
+citation: "15 U.S.C. § 697d"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697d"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "5bdaf579bd23a19e1bc3af10698545d160ebc98c102c9a5f6145b69eb3e38221"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "6f11633ea5e4d5ffccfec3b88f23803694d29a76dcb461c1adb71526395c3590"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697d - Accredited Lenders Program
+
+## Text
+
+(a) Establishment 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) Requirements 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) Expedited processing of loan applications 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) Suspension or revocation of designation (1) In general 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) Effect A suspension or revocation under paragraph (1) shall not affect any outstanding debenture guarantee.
+
+(e) Definition In this section, the term “qualified State or local development company” has the meaning given the term in section 697(e) of this title.
+
+(Pub. L. 85–699, title V, § 507, as added Pub. L. 103–403, title II, § 212(a), Oct. 22, 1994, 108 Stat. 4183; amended Pub. L. 116–260, div. N, title III, § 328(b), Dec. 27, 2020, 134 Stat. 2040.)
+
+## Notes
+
+Editorial Notes
+
+Amendments2020—Subsecs. (e), (f). Pub. L. 116–260, § 328(b)(2), added subsec. (e) and struck out former subsec. (e) which related to express loan authority of a local development company designated as an accredited lender, and subsec. (f) which defined terms “accredited lender certified company”, “covered loan”, and “qualified State or local development company” in this section. Pub. L. 116–260, § 328(b)(1), added subsecs. (e) and (f) and struck out former subsec. (e) which defined “qualified State or local development company” for purposes of this section.
+
+Statutory Notes and Related Subsidiaries
+
+Effective Date of 2020 AmendmentPub. L. 116–260, div. N, title III, § 328(b)(2), Dec. 27, 2020, 134 Stat. 2040, provided in part that the amendment made by section 328(b)(2) is effective on Sept. 30, 2023. Except as otherwise provided, amendment by Pub. L. 116–260 effective on Dec. 27, 2020, and applicable to loans and grants made on or after Dec. 27, 2020, see section 348 of Pub. L. 116–260, set out as a note under section 636 of this title.
+
+RegulationsPub. L. 103–403, title II, § 212(b), Oct. 22, 1994, 108 Stat. 4184, provided that: “Not later than 120 days after the date of enactment of this Act [Oct. 22, 1994], the Administration shall promulgate final regulations to carry out this section [enacting this section and provisions set out below].”
+
+Report on Implementation of ProgramPub. L. 103–403, title II, § 212(c), Oct. 22, 1994, 108 Stat. 4184, provided that: “Not later than 1 year after the effective date of regulations promulgated under subsection (b) [set out above], and biennially thereafter, the Administration shall report to the Committees on Small Business of the Senate and the House of Representatives [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate] on the implementation of this section [enacting this section and provisions set out above]. Such report shall include data on the number of development companies designated as accredited lenders, their debenture guarantee volume, their loss rates, the average processing time on their guarantee applications, and such other information as the Administration deems appropriate.”

legal/us/code/title-15/chapter-14b/section-697f.md

@@ -0,0 +1,113 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697f"
+description: "Prepayment of development company debentures"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697f"
+citation: "15 U.S.C. § 697f"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697f"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "a6a87fc4e088a3fc2101a78c4c8a52e07c802099686e3a6b284723fb2edc81c2"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "c596f1036a88c9a47c36af78e9775cf3cd7f9be17cae794667ac4d069dedafeb"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697f - Prepayment of development company debentures
+
+## Text
+
+(a) In general (1) Prepayment authorized Subject to the requirements set forth in subsection (b), an issuer of a debenture purchased by the Federal Financing Bank and guaranteed by the Administration under this chapter may, at the election of the borrower (in the case of a loan under section 697 of this title) or the issuer (in the case of a small business investment company) and with the approval of the Administration, prepay such debenture in accordance with the provisions of this section.
+
+(2) Procedure (A) In general In making a prepayment under paragraph (1)—
+
+(i) the borrower (in the case of a loan under section 697 of this title) or the issuer (in the case of a small business investment company) shall pay to the Federal Financing Bank an amount that is equal to the sum of the unpaid principal balance due on the debenture as of the date of the prepayment (plus accrued interest at the coupon rate on the debenture) and the amount of the repurchase premium described in subparagraph (B); and
+
+(ii) the Administration shall pay to the Federal Financing Bank the difference between the repurchase premium paid by the borrower under this subsection and the repurchase premium that the Federal Financing Bank would otherwise have received.
+
+(B) Repurchase premium (i) In general For purposes of subparagraph (A)(i), the repurchase premium is the amount equal to the product of—
+
+(I) the unpaid principal balance due on the debenture on the date of prepayment; and
+
+(II) the applicable percentage rate, as determined in accordance with clauses (ii) and (iii).
+
+(ii) Applicable percentage rate For purposes of clause (i)(II), the applicable percentage rate means—
+
+(I) with respect to a 10-year term loan, 8.5 percent;
+
+(II) with respect to a 15-year term loan, 9.5 percent;
+
+(III) with respect to a 20-year term loan, 10.5 percent; and
+
+(IV) with respect to a 25-year term loan, 11.5 percent.
+
+(iii) Adjustments to applicable percentage rate The percentage rates described in clause (ii) shall be increased or decreased by the Administration by a factor not to exceed one-third, if the same factor is applied in each case and if the Administration determines that an adjustment is necessary, based on the number of borrowers having given notice of their intent to participate, in order to make the program (including the amounts appropriated for this purpose under Public Law 103–317) result in no substantial net gain or loss of revenue to the Federal Financing Bank or to the Administration. Amounts collected in excess of the amount necessary to ensure revenue neutrality shall be refunded to the borrowers.
+
+(b) Requirements For purposes of subsection (a), the requirements of this subsection are that—
+
+(1) the debenture is outstanding and neither the loan that secures the debenture, if any, nor the debenture is in default on the date on which the prepayment is made;
+
+(2) State, local, or personal funds, or the proceeds of a refinancing in accordance with subsection (d) under the programs authorized by this subchapter, are used to prepay or roll over the debenture; and
+
+(3) with respect to a debenture issued under section 697 of this title, the issuer certifies that the benefits, net of fees and expenses authorized herein, associated with prepayment of the debenture are entirely passed through to the borrower.
+
+(c) No prepayment fees or penalties No fees or penalties other than those specified in this section may be imposed on the issuer, the borrower, the Administration, or any fund or account administered by the Administration as the result of a prepayment under this section.
+
+(d) Refinancing limitations (1) In general The refinancing of a debenture under sections 697a and 697b of this title, in accordance with subsection (b)(2)—
+
+(A) shall not exceed the amount necessary to prepay existing debentures, including all costs associated with the refinancing and any applicable prepayment penalty or repurchase premium; and
+
+(B) except as provided in paragraphs (2) and (3), shall be subject to the provisions of sections 697a and 697b of this title and the rules and regulations promulgated thereunder, including rules and regulations governing payment of authorized expenses, commissions, fees, and discounts to brokers and dealers in trust certificates issued pursuant to section 697b of this title.
+
+(2) Job creation An applicant for refinancing under section 697a of this title of a loan made pursuant to section 697 of this title shall not be required to demonstrate that a requisite number of jobs will be created with the proceeds of a refinancing.
+
+(3) Loan processing fee To cover the cost of loan packaging, processing, and other administrative functions, a development company that provides refinancing under subsection (b)(2) may impose a one-time loan processing fee, not to exceed 0.5 percent of the principal amount of the loan.
+
+(4) New debentures Issuers of debentures under subchapter III may issue new debentures in accordance with such subchapter in order to prepay existing debentures as authorized in this section.
+
+(5) Preliminary notice (A) In general The Administration shall use certified mail and other reasonable means to notify each eligible borrower of the prepayment program provided in this subchapter. Each preliminary notice shall specify the range and dollar amount of repurchase premiums which could be required of that borrower in order to participate in the program. In carrying out this program, the Administration shall provide a period of not less than 45 days following the receipt of such notice by the borrower during which the borrower must notify the Administration of the borrower’s intent to participate in the program. The Administration shall require that a borrower who gives notice of its intent to participate to make an earnest money deposit of $1,000 which shall not be refundable but which shall be credited toward the final repurchase premium.
+
+(B) “Borrower” defined For purposes of this paragraph, the term “borrower”, in the case of a small business investment company or a specialized small business investment company, means “issuer”.
+
+(6) Final notice Based upon the response to the preliminary notice under paragraph (5), the Administration shall make a final computation of the necessary prepayment premiums and shall notify each qualified respondent of the results of such computation. Each qualified respondent shall be afforded not less than 4 months to complete the prepayment.
+
+(e) Definitions For purposes of this section—
+
+(1) the term “issuer” means—
+
+(A) the qualified State or local development company that issued a debenture pursuant to section 697 of this title, which has been purchased by the Federal Financing Bank; and
+
+(B) a small business investment company licensed pursuant to section 681 of this title; or
+
+(2) the term “borrower” means a small business concern whose loan secures a debenture issued pursuant to section 697 of this title.
+
+(f) Regulations Not later than 30 days after October 22, 1994, the Administration shall promulgate such regulations as may be necessary to carry out this section.
+
+(g) Authorization There are authorized to be appropriated $30,000,000 to carry out the provisions of The Small Business Prepayment Penalty Relief Act of 1994.
+
+(Pub. L. 85–699, title V, § 509, as added Pub. L. 103–403, title V, § 503, Oct. 22, 1994, 108 Stat. 4199; amended Pub. L. 104–208, div. D, title II, § 208(h)(1)(H), Sept. 30, 1996, 110 Stat. 3009–747.)
+
+## Notes
+
+Editorial Notes
+
+References in TextFor definition of “this chapter”, referred to in subsec. (a)(1), see References in Text note set out under section 661 of this title. Public Law 103–317, referred to in subsec. (a)(2)(B)(iii), is Pub. L. 103–317, Aug. 26, 1994, 108 Stat. 1724, known as the Departments of Commerce, Justice, and State, The Judiciary, and Related Agencies Appropriations Act, 1995. For complete classification of this Act to the Code, see Tables. The Small Business Prepayment Penalty Relief Act of 1994, referred to in subsec. (g), is title V of Pub. L. 103–403, Oct. 22, 1994, 108 Stat. 4198, which enacted this section and provisions set out as notes under this section and section 661 of this title. For complete classification of this Act to the Code, see Short Title of 1994 Amendment note set out under section 661 of this title and Tables.
+
+Amendments1996—Subsec. (a)(1). Pub. L. 104–208, § 208(h)(1)(H)(i), struck out at end “A small business investment company operating under the authority of section 681(d) of this title that has issued a debenture that was purchased by and is held by the Administration, may, under the same terms and conditions, prepay such debenture, and the penalty as provided in this section, and shall thereafter be immediately eligible to apply for additional assistance from the Administration.” Subsec. (e)(1)(B). Pub. L. 104–208, § 208(h)(1)(H)(ii), substituted “section 681 of this title” for “subsection (c) or (d) of section 681 of this title”.
+
+Statutory Notes and Related Subsidiaries
+
+Intention of CongressPub. L. 103–403, title V, § 502, Oct. 22, 1994, 108 Stat. 4198, provided that: “(a) In General.—The Small Business Administration shall fully utilize the $30,000,000 appropriated in Public Law 103–317 [108 Stat. 1724] to reduce, in accordance with this title [enacting this section and provisions set out as a note under section 661 of this title] and the amendments made by this title, prepayment penalties imposed in connection with debentures issued under—“(1) section 303 or 503 of the Small Business Investment Act of 1958 [15 U.S.C. 683, 697], which have been purchased by the Federal Financing Bank; and “(2) title III [probably means title III of Pub. L. 85–699, which is classified to section 681 et seq. of this title] to companies operating under section 301(d) of such Act [15 U.S.C. 681(d)], which have been purchased by the Small Business Administration. “(b) Equal Opportunity.—In order to provide an equal opportunity to participate in the program authorized under this title, the Small Business Administration shall afford each borrower or issuer of a debenture subject to this title, not less than 45 days to elect to participate and to provide an earnest money deposit. The Administration shall subsequently allow a period of not less than 4 months, during which those borrowers or issuers that elect to participate shall be allowed to complete the prepayment process. “(c) Restrictions on Participation.—In no event shall the Small Business Administration—“(1) allow any borrower or issuer to participate in the program if the borrower or issuer fails to—“(A) make a timely election and provide the deposit on a timely basis; or “(B) complete the prepayment process within the required time; or “(2) allow any borrower or issuer to participate in the program at a percentage rate other than the rate finally determined to be applicable to all other borrowers or issuers with similar terms of years.”

legal/us/code/title-15/chapter-14b/section-697g.md

@@ -0,0 +1,159 @@
+---
+type: "LegalText"
+title: "15 U.S.C. § 697g"
+description: "Foreclosure and liquidation of loans"
+jurisdiction: "us"
+corpus: "united_states_code"
+kind: "code_section"
+title_number: 15
+title_name: "COMMERCE AND TRADE"
+chapter_number: "14B"
+chapter_name: "SMALL BUSINESS INVESTMENT PROGRAM"
+section: "697g"
+citation: "15 U.S.C. § 697g"
+status: "current"
+release_point: "119-100"
+release_date: "2026-06-26"
+source: "official"
+source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
+source_identifier: "/us/usc/t15/s697g"
+source_file: "data/legal/raw/us/code/title-15/usc15.xml"
+source_hash: "ec345bce830db7f5f5d143c3f39cf0cb037742303679dc84e346cf3737f0683c"
+raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
+text_hash: "24d23e18878652ab3cc399a89fcc02a5278b4e134a43a03fdc1fbd812b0b3d0d"
+retrieved_at: "2026-07-04"
+confidence: "official"
+tags: ["legal", "us-code"]
+---
+
+# 15 U.S.C. § 697g - Foreclosure and liquidation of loans
+
+## Text
+
+(a) Delegation of authority In accordance with this section, the Administration shall delegate to any qualified State or local development company (as defined in section 697(e) of this title) that meets the eligibility requirements of subsection (b)(1) the authority to foreclose and liquidate, or to otherwise treat in accordance with this section, defaulted loans in its portfolio that are funded with the proceeds of debentures guaranteed by the Administration under section 697 of this title.
+
+(b) Eligibility for delegation (1) Requirements A qualified State or local development company shall be eligible for a delegation of authority under subsection (a) if—
+
+(A) the company—
+
+(i) has participated in the loan liquidation pilot program established by the Small Business Programs Improvement Act of 1996 (15 U.S.C. 695 note), as in effect on the day before promulgation of final regulations by the Administration implementing this section;
+
+(ii) is participating in the Premier Certified Lenders Program under section 697e of this title; or
+
+(iii) during the 3 fiscal years immediately prior to seeking such a delegation, has made an average of not less than 10 loans per year that are funded with the proceeds of debentures guaranteed under section 697 of this title; and
+
+(B) the company—
+
+(i) has one or more employees—
+
+(I) with not less than 2 years of substantive, decision-making experience in administering the liquidation and workout of problem loans secured in a manner substantially similar to loans funded with the proceeds of debentures guaranteed under section 697 of this title; and
+
+(II) who have completed a training program on loan liquidation developed by the Administration in conjunction with qualified State and local development companies that meet the requirements of this paragraph; or
+
+(ii) submits to the Administration documentation demonstrating that the company has contracted with a qualified third-party to perform any liquidation activities and secures the approval of the contract by the Administration with respect to the qualifications of the contractor and the terms and conditions of liquidation activities.
+
+(2) Confirmation On request the Administration shall examine the qualifications of any company described in subsection (a) to determine if such company is eligible for the delegation of authority under this section. If the Administration determines that a company is not eligible, the Administration shall provide the company with the reasons for such ineligibility.
+
+(c) Scope of delegated authority (1) In general Each qualified State or local development company to which the Administration delegates authority under section 11 So in original. Probably should be “subsection”. (a) may with respect to any loan described in subsection (a)—
+
+(A) perform all liquidation and foreclosure functions, including the purchase in accordance with this subsection of any other indebtedness secured by the property securing the loan, in a reasonable and sound manner according to commercially accepted practices, pursuant to a liquidation plan approved in advance by the Administration under paragraph (2)(A);
+
+(B) litigate any matter relating to the performance of the functions described in subparagraph (A), except that the Administration may—
+
+(i) defend or bring any claim if—
+
+(I) the outcome of the litigation may adversely affect the Administration’s management of the loan program established under section 696 of this title; or
+
+(II) the Administration is entitled to legal remedies not available to a qualified State or local development company and such remedies will benefit either the Administration or the qualified State or local development company; or
+
+(ii) oversee the conduct of any such litigation; and
+
+(C) take other appropriate actions to mitigate loan losses in lieu of total liquidation or foreclosures, including the restructuring of a loan in accordance with prudent loan servicing practices and pursuant to a workout plan approved in advance by the Administration under paragraph (2)(C).
+
+(2) Administration approval (A) Liquidation plan (i) In general Before carrying out functions described in paragraph (1)(A), a qualified State or local development company shall submit to the Administration a proposed liquidation plan.
+
+(ii) Administration action on plan (I) Timing Not later than 15 business days after a liquidation plan is received by the Administration under clause (i), the Administration shall approve or reject the plan.
+
+(II) Notice of no decision With respect to any plan that cannot be approved or denied within the 15-day period required by subclause (I), the Administration shall within such period provide in accordance with subparagraph (E) notice to the company that submitted the plan.
+
+(iii) Routine actions In carrying out functions described in paragraph (1)(A), a qualified State or local development company may undertake routine actions not addressed in a liquidation plan without obtaining additional approval from the Administration.
+
+(B) Purchase of indebtedness (i) In general In carrying out functions described in paragraph (1)(A), a qualified State or local development company shall submit to the Administration a request for written approval before committing the Administration to the purchase of any other indebtedness secured by the property securing a defaulted loan.
+
+(ii) Administration action on request (I) Timing Not later than 15 business days after receiving a request under clause (i), the Administration shall approve or deny the request.
+
+(II) Notice of no decision With respect to any request that cannot be approved or denied within the 15-day period required by subclause (I), the Administration shall within such period provide in accordance with subparagraph (E) notice to the company that submitted the request.
+
+(C) Workout plan (i) In general In carrying out functions described in paragraph (1)(C), a qualified State or local development company shall submit to the Administration a proposed workout plan.
+
+(ii) Administration action on plan (I) Timing Not later than 15 business days after a workout plan is received by the Administration under clause (i), the Administration shall approve or reject the plan.
+
+(II) Notice of no decision With respect to any workout plan that cannot be approved or denied within the 15-day period required by subclause (I), the Administration shall within such period provide in accordance with subparagraph (E) notice to the company that submitted the plan.
+
+(D) Compromise of indebtedness In carrying out functions described in paragraph (1)(A), a qualified State or local development company may—
+
+(i) consider an offer made by an obligor to compromise the debt for less than the full amount owing; and
+
+(ii) pursuant to such an offer, release any obligor or other party contingently liable, if the company secures the written approval of the Administration.
+
+(E) Contents of notice of no decision Any notice provided by the Administration under subparagraph (A)(ii)(II), (B)(ii)(II), or (C)(ii)(II)—
+
+(i) shall be in writing;
+
+(ii) shall state the specific reason for the Administration’s inability to act on a plan or request;
+
+(iii) shall include an estimate of the additional time required by the Administration to act on the plan or request; and
+
+(iv) if the Administration cannot act because insufficient information or documentation was provided by the company submitting the plan or request, shall specify the nature of such additional information or documentation.
+
+(3) Conflict of interest In carrying out functions described in paragraph (1), a qualified State or local development company shall take no action that would result in an actual or apparent conflict of interest between the company (or any employee of the company) and any third party lender, associate of a third party lender, or any other person participating in a liquidation, foreclosure, or loss mitigation action.
+
+(d) Suspension or revocation of authority The Administration may revoke or suspend a delegation of authority under this section to any qualified State or local development company, if the Administration determines that the company—
+
+(1) does not meet the requirements of subsection (b)(1);
+
+(2) has violated any applicable rule or regulation of the Administration or any other applicable law; or
+
+(3) fails to comply with any reporting requirement that may be established by the Administration relating to carrying out of functions described in paragraph (1).
+
+(e) Report (1) In general Based on information provided by qualified State and local development companies and the Administration, the Administration shall annually submit to the Committees on Small Business of the House of Representatives and of the Senate a report on the results of delegation of authority under this section.
+
+(2) Contents Each report submitted under paragraph (1) shall include the following information:
+
+(A) With respect to each loan foreclosed or liquidated by a qualified State or local development company under this section, or for which losses were otherwise mitigated by the company pursuant to a workout plan under this section—
+
+(i) the total cost of the project financed with the loan;
+
+(ii) the total original dollar amount guaranteed by the Administration;
+
+(iii) the total dollar amount of the loan at the time of liquidation, foreclosure, or mitigation of loss;
+
+(iv) the total dollar losses resulting from the liquidation, foreclosure, or mitigation of loss; and
+
+(v) the total recoveries resulting from the liquidation, foreclosure, or mitigation of loss, both as a percentage of the amount guaranteed and the total cost of the project financed.
+
+(B) With respect to each qualified State or local development company to which authority is delegated under this section, the totals of each of the amounts described in clauses (i) through (v) of subparagraph (A).
+
+(C) With respect to all loans subject to foreclosure, liquidation, or mitigation under this section, the totals of each of the amounts described in clauses (i) through (v) of subparagraph (A).
+
+(D) A comparison between—
+
+(i) the information provided under subparagraph (C) with respect to the 12-month period preceding the date on which the report is submitted; and
+
+(ii) the same information with respect to loans foreclosed and liquidated, or otherwise treated, by the Administration during the same period.
+
+(E) The number of times that the Administration has failed to approve or reject a liquidation plan in accordance with subparagraph (A)(i), a workout plan in accordance with subparagraph (C)(i), or to approve or deny a request for purchase of indebtedness under subparagraph (B)(i), including specific information regarding the reasons for the Administration’s failure and any delays that resulted.
+
+(Pub. L. 85–699, title V, § 510, as added Pub. L. 106–554, § 1(a)(9) [title III, § 307(a)], Dec. 21, 2000, 114 Stat. 2763, 2763A–685.)
+
+## Notes
+
+Editorial Notes
+
+References in TextThe Small Business Programs Improvement Act of 1996, referred to in subsec. (b)(1)(A)(i), is Pub. L. 104–208, div. D, Sept. 30, 1996, 110 Stat. 3009–724. Provisions relating to loan liquidation pilot program are contained in section 204 of title II of div. D of Pub. L. 104–208, which is set out as a note under section 695 of this title. For complete classification of this Act to the Code, see Short Title of 1996 Amendment note set out under section 631 of this title and Tables.
+
+Statutory Notes and Related Subsidiaries
+
+Change of Name Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress, June 29, 2001.
+
+RegulationsPub. L. 106–554, § 1(a)(9) [title III, § 307(b)], Dec. 21, 2000, 114 Stat. 2763, 2763A–689, provided that: “(1) In general.—Not later than 150 days after the date of the enactment of this Act [Dec. 21, 2000], the Administrator shall issue such regulations as may be necessary to carry out section 510 of the Small Business Investment Act of 1958 [15 U.S.C. 697g], as added by subsection (a) of this section. “(2) Termination of pilot program.—Beginning on the date on which final regulations are issued under paragraph (1), section 204 of the Small Business Programs Improvement Act of 1996 [Pub. L. 104–208, div. D] (15 U.S.C. 695 note) shall cease to have effect.”