Page:United States Statutes at Large Volume 114 Part 5.djvu/728

 114 STAT. 2763A-688 PUBLIC LAW 106-554—APPENDIX I "(i) IN GENERAL.—In carrying out functions described in paragraph (1)(C), a qualified State or local development company shall submit to the Administration a proposed workout plan. " (ii) ADMINISTRATION ACTION ON PLAN.— "(I) TIMING. — Not later than 15 business days after a workout plan is received by the Administration under clause (i), the Administration shall approve or reject the plan. "(II) NOTICE OF NO DECISION. —With respect to any workout plan that cannot be approved or denied within the 15-day period required by subclause (I), the Administration shall within such period provide in accordance with subparagraph (E) notice to the company that submitted the plan. "(D) COMPROMISE OF INDEBTEDNESS.— In carrying out functions described in paragraph (1)(A), a qualified State or local development company may— "(i) consider an offer made by an obligor to compromise the debt for less than the full amount owing; and "(ii) pursuant to such an offer, release any obligor or other party contingently liable, if the company secures the written approval of the Administration, "(E) CONTENTS OF NOTICE OF NO DECISION.— Any notice provided by the Administration under subparagraph (A)(ii)(II), (B)(ii)(II), or (C)(ii)(II)— "(i) shall be in writing; "(ii) shall state the specific reason for the Administration's inability to act on a plan or request; "(iii) shall include an estimate of the additional time required by the Administration to act on the plan or request; and "(iv) if the Administration cannot act because insufficient information or documentation was provided by the company submitting the plan or request, shall specify the nature of such additional information or documentation. "(3) CONFLICT OF INTEREST. —In carrying out functions described in paragraph (1), a qualified State or local development company shall take no action that would result in an actual or apparent conflict of interest between the company (or any employee of the company) and any third party lender, associate of a third party lender, or any other person participating in a liquidation, foreclosure, or loss mitigation action. "(d) SUSPENSION OR REVOCATION OF AUTHORITY. — The Administration may revoke or suspend a delegation of authority under this section to any qualified State or local development company, if the Administration determines that the company— "(1) does not meet the requirements of subsection (b)(1); "(2) has violated any applicable rule or regulation of the Administration or any other applicable law; or "(3) fails to comply with any reporting requirement that may be established by the Administration relating to carrying out of functions described in paragraph (1). " (e) REPORT. —

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