Sec. 18. PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN SANCTIONABLE ACTIVITIES WITH RESPECT TO IRAN
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## SEC. 18 PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN SANCTIONABLE ACTIVITIES WITH RESPECT TO IRAN **[**[12 U.S.C. 635 note](/us/usc/t12/s635)**]** ###
(a)Prohibition on Financing for Persons That Engage in Certain Sanctionable Activities ####
(1)In general Beginning on the date that is 180 days after the date of the enactment of this Act, the Board of Directors of the Export-Import Bank of the United States may not approve any transaction that is subject to approval by the Board with respect to the provision by the Bank of any guarantee, insurance, or extension of credit, or the participation by the Bank in any extension of credit, to a person in connection with the exportation of any good or service unless the person makes the certification described in paragraph (2). ####
(2)Certification described The certification described in this paragraph is a certification by a person— #####
(A)that neither the person nor any other person owned or controlled by the person— ######
(i)engages in any activity described in section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note) for which the person may be subject to sanctions under that Act; ######
(ii)exports sensitive technology, as defined in section 106 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8515), to Iran; or ######
(iii)engages in any activity prohibited by part 560 of title 31, Code of Federal Regulations (commonly known as the “Iranian Transactions Regulations”), unless the activity is disclosed to the Office of Foreign Assets Control of the Department of the Treasury when the activity is discovered; or #####
(B)if the person or any other person owned or controlled by the person has engaged in an activity described in subparagraph (A), that— ######
(i)in the case of an activity described in subparagraph (A)(i)— ######
(I)the President has waived the imposition of sanctions with respect to the person that engaged in that activity pursuant to section 4(c), 6(b)(5), or 9(c) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note); ######
(II)######
(aa)the President has invoked the special rule described in section 4(e)(3) of that Act with respect to the person that engaged in that activity; or ######
(bb)######
(AA)the person that engaged in that activity determines, based on its best knowledge and belief, that the person meets the criteria described in subparagraph
(A)of such section 4(e)(3) and has provided to the President the assurances described in subparagraph
(B)of that section; and ######
(BB)the Secretary of State has issued an advisory opinion to that person that the person meets such criteria and has provided to the President those assurances; or ######
(III)the President has determined that the criteria have been met for the exception provided for under section 5(a)(3)(C) of the Iran Sanctions Act of 1996 to apply with respect to the person that engaged in that activity; or ######
(ii)in the case of an activity described in subparagraph (A)(ii), the President has waived, pursuant to section 401(b)(1) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8551(b)(1)), the application of the prohibition under section 106(a) of that Act (22 U.S.C. 8515(a)) with respect to that person. ###
(b)Prohibition on Financing Beginning on the date that is 180 days after the date of the enactment of this Act, the Board of Directors of the Export-Import Bank of the United States may not approve any transaction that is subject to approval by the Board with respect to the provision by the Bank of any guarantee, insurance, or extension of credit, or the participation by the Bank in any extension of credit, in connection with a financing in which a person that is a borrower or controlling sponsor, or a person that is owned or controlled by such borrower or controlling sponsor, is subject to sanctions under section 5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note). ###
(c)Advisory Opinions ####
(1)Authority The Secretary of State is authorized to issue advisory opinions described in subsection (a)(2)(B)(i)(II). ####
(2)Notice to congress If the Secretary issues an advisory opinion pursuant to paragraph (1), the Secretary shall notify the appropriate congressional committees of the opinion not later than 30 days after issuing the opinion. ###
(d)Definitions In this section: ####
(1)Appropriate congressional committees; person The terms “appropriate congressional committees” and “person” have the meanings given those terms in section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note). ####
(2)Controlling sponsor The term “controlling sponsor” means a person providing controlling direct private equity investment (excluding investments made through publicly held investment funds, publicly held securities, public offerings, or similar public market vehicles) in connection with a financing.
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- Pub. L. 104-172
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Sec. 18
PROHIBITIONS ON FINANCING FOR CERTAIN PERSONS INVOLVED IN SANCTIONABLE ACTIVITIES WITH RESPECT TO IRAN
Pub. L.Pub. L. 104-172
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