Page:United States Statutes at Large Volume 118.djvu/3490

 118 STAT. 3460 PUBLIC LAW 108–447—DEC. 8, 2004 of the small business lending company or non Federally regulated lender, suspend the authority for a time certain, or terminate the suspension. ‘‘(3) The small business lending company or non Federally regulated lender must notify borrowers of a revocation and that a new entity has been appointed to service their loans. The Administrator or an employee of the Administration des ignated by the Administrator may provide such notice to the borrower. ‘‘(4) Any revocation or suspension under paragraph (1) shall be made by the Administrator except that the Administrator shall delegate to an administrative law judge as that term is used in section 3105 of title 5, United States Code, the authority to conduct any hearing required under subsection (f). The Administrator shall base the decision to revoke on the record of the hearing. ‘‘(e) CEASE AND DESIST ORDER.— ‘‘(1) Where a small business lending company, a non Feder ally regulated lender, or other person violates this Act or is engaging or is about to engage in any acts or practices which constitute or will constitute a violation of this Act, the Adminis trator may order, after the opportunity for hearing pursuant to subsection (f), the company, lender, or other person to cease and desist from such action or failure to act. The Administrator may delegate the authority under the preceding sentence only to the Deputy Administrator and only if the Administrator is unavailable to take such action. ‘‘(2) The Administrator, after finding extraordinary cir cumstances and in order to protect the financial or legal position of the United States, may issue a cease and desist order without conducting a hearing pursuant to subsection (f). If the Adminis trator issues a cease and desist order under the preceding sentence, the Administrator shall within two business days follow the procedures set forth in subsection (f). ‘‘(3) The Administrator may further order such small busi ness lending company or non Federally regulated lender or other person to take such action or to refrain from such action as the Administrator deems necessary to insure compliance with this Act. ‘‘(4) A cease and desist order under this subsection may also provide for the suspension of authority to lend in subsection (d). ‘‘(f) PROCEDURE FOR REVOCATION OR SUSPENSION OF LOAN AUTHORITY AND FOR CEASE AND DESIST ORDER.— ‘‘(1) Before revoking or suspending authority under sub section (d) or issuing a cease and desist order under subsection (e), the Administrator shall serve an order to show cause upon the small business lending company, non Federally regulated lender, or other person why an order revoking or suspending the authority or a cease and desist order should not be issued. The order to show cause shall contain a statement of the matters of fact and law asserted by the Administrator and the legal authority and jurisdiction under which a hearing is to be held, and shall set forth that a hearing will be held before an administrative law judge at a time and place stated in the order. Such hearing shall be conducted pursuant to the provisions of sections 554, 556, and 557 of title 5, United

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