Sec. 5. Program administration

488 words·~2 min read·/bill/114/s/797/is/section-5·

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Section 502(i) ( 45 U.S.C. 822(i) ) is amended to read as follows: Not later than 30 days after the date that the Secretary receives an application under this section, the Secretary shall provide the applicant written notice as to whether the application is complete or incomplete. If the Secretary determines that an application is incomplete, the Secretary shall— provide the applicant with a description of all of the specific information or material that is needed to complete the application; and allow the applicant to resubmit the information and material described under subparagraph

(A)to complete the application without prejudice. Not later than 60 days after the date the Secretary notifies an applicant that an application is complete under paragraph (1), the Secretary shall provide the applicant written notice as to whether the Secretary has approved or disapproved the application. The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of credit assistance under this title. . Section 503 ( 45 U.S.C. 823 ) is amended— in subsection (a), by striking the period at the end and inserting , including a program guide and standard term sheet, application deadlines, and specific timetables. ; by redesignating subsections

(c)through

(l)as subsections

(d)through (m), respectively; by striking

(b)and inserting Assignment of loan guarantees .—

(c); Assignment of loan guarantees .— in subsection (d), as redesignated— in paragraph (1), by striking ; and and inserting a semicolon; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: the modification cost has been covered under section 502(f). ; and by amending subsection (l), as redesignated, to read as follows: The Secretary may collect from each applicant a reasonable charge for— the cost of evaluating the application, amendments, modifications, and waivers, including appraisal of the value of the equipment or facilities for which the direct loan or loan guarantee is sought, and for making necessary determinations and findings; the cost of award management and project management oversight; the cost of services from expert firms, including counsel, in the field of railroad, municipal, and project finance, to assist in the underwriting, auditing, servicing, and exercise of rights with respect to direct loans and loan guarantees; and the cost of all other expenses incurred as a result of a breach of any term or condition or any event of default on a direct loan or loan guarantee. The Secretary shall prescribe standards for applying a charge under this subsection to ensure that it does not prevent an applicant from having adequate access to direct loans and loan guarantees under this title. Amounts collected under this subsection shall be credited directly to the Safety and Operations account of the Federal Railroad Administration, and shall remain available until expended to pay for the costs described in this subsection. .

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45 USC 822(i)
45 USC 823

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cites case law

Sec. 5

Program administration

Cite45 USC 822(i)

Cite45 USC 823

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