Sec. 11605. PROGRAM ADMINISTRATION

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## SEC. 11605 PROGRAM ADMINISTRATION ###

(a)Application Processing Procedures Section 502(i) (45 U.S.C. 822(i)) is amended to read as follows: > > ### “(i) Application Processing Procedures > > > #### “(1) Application status notices > > Not later than 30 days after the date that the Secretary receives an application under this section, or additional information and material under paragraph (2)(B), the Secretary shall provide the applicant written notice as to whether the application is complete or incomplete. > > > #### “(2) Incomplete applications > > If the Secretary determines that an application is incomplete, the Secretary shall— > > > ##### “(A) > > provide the applicant with a description of all of the specific information or material that is needed to complete the application, including any information required by an independent financial analyst; and > > > ##### “(B) > > allow the applicant to resubmit the application with the information and material described under subparagraph

(A)to complete the application. > > > #### “(3) Application approvals and disapprovals > > > ##### “(A) In general > > 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. > > > ##### “(B) Actions by the office of management and budget > > In order to enable compliance with the time limit under subparagraph (A), the Office of Management and Budget shall take any action required with respect to the application within that 60-day period. > > > #### “(4) Expedited processing > > The Secretary shall implement procedures and measures to economize the time and cost involved in obtaining an approval or a disapproval of an application for a direct loan or loan guarantee under this title. > > > #### “(5) Dashboard > > The Secretary shall post on the Department of Transportation’s Internet Web site a monthly report that includes, for each application— > > > ##### “(A) > > the applicant type; > > > ##### “(B) > > the location of the project; > > > ##### “(C) > > a brief description of the project, including its purpose; > > > ##### “(D) > > the requested direct loan or loan guarantee amount; > > > ##### “(E) > > the date on which the Secretary provided application status notice under paragraph (1); and > > > ##### “(F) > > the date that the Secretary provided notice of approval or disapproval under paragraph (3).” > . ###

(b)Administration of Direct Loans and Loan Guarantees Section 503 (45 U.S.C. 823) is amended— ####

(1)in subsection

(a)by striking the period at the end and inserting “, including a program guide, a standard term sheet, and specific timetables.”; ####

(2)by redesignating subsections

(c)through

(l)as subsections

(d)through (m), respectively; ####

(3)by striking “(b) Assignment of Loan Guarantees.—” and inserting “(c) Assignment of Loan Guarantees.—”; ####

(4)in subsection (d), as so redesignated— #####

(A)in paragraph

(1)by striking “; and” and inserting a semicolon; #####

(B)in paragraph

(2)by striking the period at the end and inserting “; and”; and #####

(C)by adding at the end the following: > > #### “(3) > > the modification cost has been covered under section 502(f).” > ; and ####

(5)by striking subsection (l), as so redesignated, and inserting the following: > > ### “(l) Charges and Loan Servicing > > > #### “(1) Purposes > > The Secretary may collect from each applicant, obligor, or loan party a reasonable charge for— > > > ##### “(A) > > the cost of evaluating the application, amendments, modifications, and waivers, including for evaluating project viability, applicant creditworthiness, and the 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; > > > ##### “(B) > > the cost of award management and project management oversight; > > > ##### “(C) > > the cost of services from expert firms, including counsel, and independent financial advisors to assist in the underwriting, auditing, servicing, and exercise of rights with respect to direct loans and loan guarantees; and > > > ##### “(D) > > 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. > > > #### “(2) Standards > > The Secretary may charge different amounts under this subsection based on the different costs incurred under paragraph (1). > > > #### “(3) Servicer > > > ##### “(A) In general > > The Secretary may appoint a financial entity to assist the Secretary in servicing a direct loan or loan guarantee under this title. > > > ##### “(B) Duties > > A servicer appointed under subparagraph

(A)shall act as the agent of the Secretary in serving a direct loan or loan guarantee under this title. > > > ##### “(C) Fees > > A servicer appointed under subparagraph

(A)shall receive a servicing fee from the obligor or other loan party, subject to approval by the Secretary. > > > #### “(4) Safety and operations account > > Amounts collected under this subsection shall— > > > ##### “(A) > > be credited directly to the Safety and Operations account of the Federal Railroad Administration; and > > > ##### “(B) > > 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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Sec. 11605

PROGRAM ADMINISTRATION

Cite45 USC 822(i)

Cite45 USC 823

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