Page:United States Statutes at Large Volume 104 Part 5.djvu/672

 104 STAT. 3994 PUBLIC LAW 101-624—NOV. 28, 1990 Secretary shall revoke the approval of the eligible entity, obtain a refund in an amount equal to the amount of funds drawn out of the Federal line of credit issued to the eligible entity together with an appropriate amount of interest on such amount, as determined by the Secretary, and succeed to, or acquire the rights, privileges, and assets, investments of, and the payments due from such eligible entity, as described in section 2315(h). (m) ANNUAL REPORTS TO THE BOARD.— (1) IN GENERAL.— Each eligible entity that receives assistance under this chapter shall annually prepare and submit to the Board, at such time and in such form as the Board may require, a report describing the financial condition of the eligible entity, and the investments, cash revenues, income from investments, loans made, equity positions taken, guarantees issued, losses sustained or ts^en, any training, business, or technical Eissistance, or financial planning provided, operating expenses, loss rates, and such other matters as the Board determines appropriate concerning the eligible entity. (2) POST TERMINATION. —After the Board terminates under subsection (n), the reports required under paragraph (1) shall be submitted to the Secretary who shall stand in the same position as the Board. (n) TERMINATION OP BOARD.— The Investment Board established by section 2312(a) shall terminate on the last day of the 5th calendar year following the date of enactment of this chapter and on and after such date the Secretary shall act in place of such Board. 7 USC 2007e. SEC. 2315. COMPLIANCE AND ENFORCEMENT. (a) REVOCATION OR CANCELLATION OF LINE OF CREDIT AND REFUND.— (1) GROUNDS FOR REVOCATION. — The Board shall revoke or suspend a line of credit, and shall request a full or partial refund of the Federal investment, with an appropriate amount of interest— (A) for false statements knowingly made in any written statement required under this chapter, or under any regulation or Federal Register notice issued under this chapter; (B) if any written statement required under this chapter, or under any regulation or Federal Register notice issued under this chapter, fails to state a material fact necessary in order to make the statement not misleading in the light of the circumstances under which the statement was made; (C) for willful or repeated violation of, or willful or repeated failure to observe, any provision of this chapter; (D) for willful or repeated violation of, or willful or repeated failure to observe, any rule or regulation authorized under this chapter; or (E) for violation of, or failure to observe, any cease and desist order issued by the Board under this subsection. (2) CANCELLATION OF LINE OF CREDIT. — Notwithstanding any action taken under paragraph (1), the Board may cancel any prospective payments to be made from any approved line of credit under this chapter if the Board determines that the eligible entity participating in the program established under this chapter made an investment, or acted in a manner, that was inconsistent with any provision of this chapter.

�