Page:United States Statutes at Large Volume 122.djvu/2204

 12 2 STA T . 21 8 1 PUBLIC LA W 11 0– 2 46—J U NE 18, 2008 anylo an m a det oanel ig i b le s mall b u siness c once r n located in a disaster area and to an eligible indi v idual .‘ ‘ (3)USEOFL O AN S. —A loan guaranteed by t h e Adminis - trator under this subsection may be used f or any p urpose authori z ed under subsection (b). ‘‘( 4 ) O NL I NEA P PLI C A T IONS.— ‘‘(A) E STA B LIS HM ENT.— T he Administrator may estab- lish , directly or through an agreement w ith another entity, an online application process for loans guaranteed under this subsection. ‘‘( B ) OTHE R FE D ERAL ASSISTANCE.—The Administrator may coordinate with the head of any other appropriate F ederal agency so that any application submitted through an online application process established under this para- graph may be considered for any other Federal assistance program for disaster relief. ‘‘( C ) CONS U LTATION.— I n establishing an online applica- tion process under this paragraph, the Administrator shall consult with appropriate persons from the public and pri- vate sectors, including private lenders. ‘‘( 5 ) M A X IMUM AMOUNTS.— ‘‘(A) G UARANTEE PERCENTA G E.—The Administrator may guarantee not more than 8 5 percent of a loan under this subsection. ‘‘(B) L OAN AMOUNT.—The ma x imum amount of a loan guaranteed under this subsection shall be $2 , 0 00,000. ‘‘( 6 ) TERMS AND CONDITIONS.—A loan guaranteed under this subsection shall be made under the same terms and condi- tions as a loan under subsection (b). ‘‘( 7 ) LENDERS.— ‘‘(A) IN GENERAL.—A loan guaranteed under this sub- section made to— ‘‘(i) a q ualified individual may be made by a pre- ferred lender and ‘‘(ii) a qualified small business concern may be made by a qualified private lender or by a preferred lender that also ma k es loans to qualified individuals. ‘‘(B) COMPLIANCE.—If the Administrator determines that a preferred lender knowingly failed to comply with the underwriting standards for loans guaranteed under this subsection or violated the terms of the standard oper- ating procedure agreement between that preferred lender and the Administration, the Administrator shall do 1 or more of the following

‘‘(i) Exclude the preferred lender from participating in the program under this subsection. ‘‘(ii) Exclude the preferred lender from partici- pating in the P referred Lender Program for a period of not more than 5 years. ‘‘(8) FEES.— ‘‘(A) IN GENERAL.—The Administrator may not collect a guarantee fee under this subsection. ‘‘(B) ORIGINATION FEE.—The Administrator may pay a qualified private lender or preferred lender an origination fee for a loan guaranteed under this subsection in an amount agreed upon in advance between the qualified pri- vate lender or preferred lender and the Administrator.

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