Page:United States Statutes at Large Volume 124.djvu/2543

 124 STAT. 2517 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(i) DEPARTMENT OPINION.—Not later than 30 days after the date of a request by a qualified issuer for approval of a guarantee under the Program, the Sec- retary shall provide an opinion regarding compliance by the issuer with the requirements of the Program under this section. ‘‘(ii) TIMING.—The Secretary shall approve or deny a guarantee under this section after consideration of the opinion provided to the Secretary under clause (i), and in no case later than 90 days after receipt of all required information by the Secretary with respect to a request for such guarantee. ‘‘(9) SECRETARY.—The term ‘Secretary’ means the Secretary of the Treasury. ‘‘(10) SERVICER.—The term ‘servicer’ means an entity des- ignated by the issuer to perform various servicing duties, as provided in subsection (f)(3). ‘‘(b) GUARANTEES AUTHORIZED.—The Secretary shall guarantee payments on bonds or notes issued by any qualified issuer, if the proceeds of the bonds or notes are used in accordance with this section to make loans to eligible community development finan- cial institutions— ‘‘(1) for eligible community or economic development pur- poses; or ‘‘(2) to refinance loans or notes issued for such purposes. ‘‘(c) GENERAL PROGRAM REQUIREMENTS.— ‘‘(1) IN GENERAL.—A capital distribution plan meets the requirements of this subsection, if not less than 90 percent of the principal amount of guaranteed bonds or notes (other than costs of issuance fees) are used to make loans for any eligible community or economic development purpose, measured annually, beginning at the end of the 1-year period beginning on the issuance date of such guaranteed bonds or notes. ‘‘(2) RELENDING ACCOUNT.—Not more than 10 percent of the principal amount of guaranteed bonds or notes, multiplied by an amount equal to the outstanding principal balance of issued notes or bonds, minus the risk-share pool amount under subsection (d), may be held in a relending account and may be made available for new eligible community or economic development purposes. ‘‘(3) LIMITATIONS ON UNPAID PRINCIPAL BALANCES.—The proceeds of guaranteed bonds or notes under the Program may not be used to pay fees (other than costs of issuance fees), and shall be held in— ‘‘(A) community or economic development loans; ‘‘(B) a relending account, to the extent authorized under paragraph (2); or ‘‘(C) a risk-share pool established under subsection (d). ‘‘(4) REPAYMENT.—If a qualified issuer fails to meet the requirements of paragraph (1) by the end of the 90-day period beginning at the end of the annual measurement period, repay- ment shall be made on that portion of bonds or notes necessary to bring the bonds or notes that remain outstanding after such repayment into compliance with the 90 percent require- ment of paragraph (1). ‘‘(5) PROHIBITED USES.—The Secretary shall, by regula- tion— Regulations.