---
type: "LegalText"
title: "15 U.S.C. § 80a–59"
description: "Functions and activities of business development companies"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 15
title_name: "COMMERCE AND TRADE"
chapter_number: "2D"
chapter_name: "INVESTMENT COMPANIES AND ADVISERS"
section: "80a–59"
citation: "15 U.S.C. § 80a–59"
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/s80a–59"
source_file: "data/legal/raw/us/code/title-15/usc15.xml"
source_hash: "23fe1f5baeec86bd390df66f3cd232b4e8733b00fbb58e42c1d53fc7b403d7ef"
raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
text_hash: "6d76ebcc7444d82d9c9f52ba324ecd313c94ec45fdfe018db78679b80fa76e82"
retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---

# 15 U.S.C. § 80a–59 - Functions and activities of business development companies

## Text

Notwithstanding the exemption set forth in section 80a–6(f) of this title, section 80a–12 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that the Commission shall not prescribe any rule, regulation, or order pursuant to section 80a–12(a)(1) of this title governing the circumstances in which a business development company may borrow from a bank in order to purchase any security.

(Aug. 22, 1940, ch. 686, title I, § 60, as added Pub. L. 96–477, title I, § 105, Oct. 21, 1980, 94 Stat. 2285.)