Page:United States Statutes at Large Volume 120.djvu/1644

 PUBLIC LAW 109–304—OCT. 6, 2006

120 STAT. 1613

‘‘(3) issuing a commitment; ‘‘(4) providing services related to an escrow fund under section 53715 of this title; and ‘‘(5) inspecting property during construction, reconstruction, or reconditioning. ‘‘(b) TOTAL FEE LIMITATION.—The total fees under subsection (a) may not exceed 0.5 percent of the original principal amount of the obligations to be guaranteed. ‘‘(c) FEES FOR INDEPENDENT ANALYSIS.—The Secretary may charge and collect fees to cover the costs of independent analysis under section 53708(d) of this title. Notwithstanding section 3302 of title 31, any fee collected under this subsection shall— ‘‘(1) be credited as an offsetting collection to the account that finances the administration of the loan guarantee program; ‘‘(2) be available for expenditure only to pay the costs of activities and services for which the fee is imposed; and ‘‘(3) remain available until expended. ‘‘§ 53714. Guarantee fees ‘‘(a) REGULATIONS.—Subject to this section, the Secretary shall prescribe regulations to assess a fee for guaranteeing an obligation under this chapter. ‘‘(b) COMPUTATION OF FEE.— ‘‘(1) IN GENERAL.—The amount of the fee for a guarantee under this chapter shall be equal to the sum of the amounts determined under paragraph (2) for the years in which the guarantee is in effect. ‘‘(2) PRESENT VALUE FOR EACH YEAR.—The amount referred to in paragraph (1) for a year in which the guarantee is in effect is the present value of the amount calculated under paragraph (3). To determine the present value, the Secretary shall apply a discount rate determined by the Secretary of the Treasury, considering current market yields on outstanding obligations of the United States Government having periods to maturity comparable to the period to maturity for the guaranteed obligation. ‘‘(3) CALCULATION OF AMOUNT.—The amount referred to in paragraph (2) shall be calculated by multiplying— ‘‘(A) the estimated average unpaid principal amount of the obligation that will be outstanding during the year (excluding the average amount, other than interest, on deposit during the year in an escrow fund under section 53715 of this title); by ‘‘(B) the fee rate set under paragraph (4). ‘‘(4) SETTING FEE RATES.—To set the fee rate referred to in paragraph (3)(B), the Secretary shall establish a formula that— ‘‘(A) takes into account the security provided for the guaranteed obligation; and ‘‘(B) is a sliding scale based on the creditworthiness of the obligor, using— ‘‘(i) the lowest allowable rate under paragraph (5) for the most creditworthy obligors; and ‘‘(ii) the highest allowable rate under paragraph (5) for the least creditworthy obligors. ‘‘(5) PERMISSIBLE RANGE OF RATES.—The fee rate set under paragraph (4) shall be—

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