Page:United States Statutes at Large Volume 108 Part 3.djvu/460

 108 STAT. 2212 PUBLIC LAW 103-325—SEPT. 23, 1994 resulting in the enrollment of loans under the Program that are likely to have been made without assistance provided under this subtitle, the Fund may notify the participating State that henceforth, the Fund will only make reimbursements to the State under section 257 with respect to a loan if the participation agreement between the participating State and each participating financial institution has been amended to conform with this section, without exercise of the special authority granted by this subsection. 12 USC 4746. SEC. 256. REPORTS. (a) RESERVE FUNDS REPORT.— On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by the participating State during the previous calendar quarter. If the participating State has made contributions to one or more reserve funds during the previous quarter, the report shall— (1) indicate the total amount of such contributions; (2) indicate the amount of contributions which is subject to reimbursement, which shall be equal to the total amount of contributions, unless one of the limitations contained in section 257 is applicable; (3) if one of the limitations in section 257 is applicable, provide documentation of the applicability of such limitation for each loan for which the limitation applies; and (4) include a certification by the participating State that— (A) the information provided in accordance with paragraphs (1), (2), and (3) is accurate; (B) funds in an amount meeting the minimum requirements of section 253(b)(3) continue to be available and legally committed to contributions by the State to reserve funds, less any amount that has been contributed by the State to reserve funds subsequent to the State being approved for participation in the Program; (C) there has been no unapproved amendment to any participation agreement or the form of participation agreements; and (D) the participating State is otherwise implementing the Program in accordance with this subtitle and regulations issued pursuant to section 259. (b) ANNUAL DATA.— Not later than March 31 of each year, each participating State shall submit to the Fund annual data indicating the number of borrowers financed under the Program, the total amount of covered loans, and breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers financed. (c) FORM.— The reports and data filed pursuant to subsections (a) and (b) shall be in such form as the Fund may require. 12 USC 4747. SEC. 257. REIMBURSEMENT BY THE FUND. (a) REIMBURSEMENTS.— Not later than 30 calendar days after receiving a report filed in compliance with section 256, the Fund shall reimburse the participating State in an amount equal to 50 percent of the amount of contributions by the participating State to the reserve funds that are subject to reimbursement by the Fund pursuant to section 256 and this section. The Fund shall reimburse participating States, as it receives reports pursuant to section 256(a), until available funds are expended.

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