Page:United States Statutes at Large Volume 124.djvu/2158

 124 STAT. 2132 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(A) may not be used by such institution to provide direct loans to consumers; ‘‘(B) may be used by such institution to help recapture a portion or all of a defaulted loan made under the small dollar loan program of such institution; and ‘‘(C) may be used to designate and utilize a fiscal agent for services normally provided by such an agent. ‘‘(4) TECHNICAL ASSISTANCE GRANTS.—The Fund shall make technical assistance grants to community development financial institutions or any partnership between or among such institu- tions to support and maintain a small dollar loan program. Any grant amounts received under this paragraph may be used for technology, staff support, and other costs associated with establishing a small dollar loan program. ‘‘(c) DEFINITIONS.—For purposes of this section— ‘‘(1) the term ‘consumer reporting agency that compiles and maintains files on consumers on a nationwide basis’ has the same meaning given such term in section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and ‘‘(2) the term ‘small dollar loan program’ means a loan program wherein a community development financial institu- tion or any partnership between or among such institutions offers loans to consumers that— ‘‘(A) are made in amounts not exceeding $2,500; ‘‘(B) must be repaid in installments; ‘‘(C) have no pre-payment penalty; ‘‘(D) the institution has to report payments regarding the loan to at least 1 of the consumer reporting agencies that compiles and maintains files on consumers on a nation- wide basis; and ‘‘(E) meet any other affordability requirements as may be established by the Administrator.’’. SEC. 1207. PROCEDURAL PROVISIONS. An eligible entity desiring to participate in a program or obtain a grant under this title shall submit an application to the Secretary, in such form and containing such information as the Secretary may require. SEC. 1208. AUTHORIZATION OF APPROPRIATIONS. (a) AUTHORIZATION TO THE SECRETARY.—There are authorized to be appropriated to the Secretary, such sums as are necessary to both administer and fund the programs and projects authorized by this title, to remain available until expended. (b) AUTHORIZATION TO THE FUND.—There is authorized to be appropriated to the Fund for each fiscal year beginning in fiscal year 2010, an amount equal to the amount of the administrative costs of the Fund for the operation of the grant program established under this title. SEC. 1209. REGULATIONS. (a) IN GENERAL.—The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this title. (b) REGULATORY AUTHORITY.—Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and excep- tions for any class of grant programs, undertakings, or eligible 12 USC 5627. 12 USC 5626. Application. 12 USC 5625.