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Code · U.S. Code · Title 12 - BANKS AND BANKING · CHAPTER 54— STATE SMALL BUSINESS CREDIT INITIATIVE · § 5707

§ 5707. Remedies for State program termination or failures

208 words·~1 min read·/usc/title-12/section-5707

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Remedies
(1)In general If any of the events listed in paragraph
(2)occur, the Secretary, in the Secretary’s discretion, may—
(A)reduce the amount of Federal funds allocated to the State under the Program; or
(B)terminate any further transfers of allocated amounts that have not yet been transferred to the State.
(2)Causal events The events referred to in paragraph
(1)are—
(A)termination by a participating State of its participation in the Program;
(B)failure on the part of a participating State to submit complete reports under section 5706 of this title on a timely basis; or
(C)noncompliance by the State with the terms of the allocation agreement between the Secretary and the State.
(b)Deallocated amounts to be reallocated If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the participating States, excluding the State whose allocated funds were deemed to be no longer allocated, as provided in section 5702(b) of this title.
(Pub. L. 111–240, title III, § 3008, Sept. 27, 2010, 124 Stat. 2580.)
Connections2 cite this · traces to 2
2 references not yet in our index
  • Pub. L. 111–240, title III, § 3008
  • 124 Stat. 2580
Citation graph
cites case law
§ 5707
Remedies for State program termination or failures
Stat. Comp.×1
Stat.×1
Pub. L.Pub. L. 111–240, title III, § 3008
Stat.124 Stat. 2580
Cites 4Cited by 2 across 2 sources
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