(a)Before July 16, October 16, January 16,
and April 16 of each year, the lender shall file a quarterly report with
the corporation indicating the number and total outstanding balances
of all enrolled loans for the period of the three (3) preceding calendar
months. A quarterly report is not required for a quarter that ends with
a balance in the reserve fund of zero (0), except that a year-end report
must be filed before July 16 for the preceding twelve (12) calendar
months ending June 30. In computing the total outstanding balance of
all enrolled loans, the balance of a loan may not be greater than the
covered amount of the loan as enrolled.
(b)If a year-end report filed under this section indicates that, for the
immediately preceding twelve (12) calendar month period ending June
30, the
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(a) Before July 16, October 16, January 16,
and April 16 of each year, the lender shall file a quarterly report with
the corporation indicating the number and total outstanding balances
of all enrolled loans for the period of the three (3) preceding calendar
months. A quarterly report is not required for a quarter that ends with
a balance in the reserve fund of zero (0), except that a year-end report
must be filed before July 16 for the preceding twelve (12) calendar
months ending June 30. In computing the total outstanding balance of
all enrolled loans, the balance of a loan may not be greater than the
covered amount of the loan as enrolled.
(b) If a year-end report filed under this section indicates that, for the
immediately preceding twelve (12) calendar month period ending June
30, the balance in the reserve fund continuously exceeded fifty percent
(50%) of the total outstanding balance of all enrolled loans, including
unfunded parts of enrolled loans that are lines of credit, the corporation
may make a withdrawal from the reserve fund. The amount of the
withdrawal may not be greater than the minimum amount of any excess
as continuously maintained over the immediately preceding twelve (12)
calendar month period ending June 30. Withdrawals of excess reserve
funds by the corporation under this section may be used for any
purpose.
(c) If a year-end report is not filed within thirty (30) days after the
original due date of the report, the corporation may make a withdrawal
from the reserve fund based on the corporation's determination from an
inspection of the lender's files that, for the immediately preceding
twelve (12) calendar month period ending June 30, the balance in the
reserve fund continuously exceeded fifty percent (50%) of the
aggregate outstanding balance of all enrolled loans, including unfunded
parts of enrolled loans that are lines of credit. The amount of the
withdrawal may not be greater than the minimum amount of any excess
as continuously maintained over the immediately preceding twelve (12)
calendar month period ending June 30. Withdrawals of excess reserve
funds by the corporation under this section may be used for any
purpose.
(d) The right of the corporation to make a withdrawal from the
reserve fund under subsection (b) or (c) is subject to the following
provisions:
(1) If a year-end report is filed by July 16 or not more than thirty
(30) days after July 16, the corporation has the right of withdrawal
for a period of ninety (90) days from the date of the filing of the
report with the corporation.
(2) If a year-end report is not filed by July 16 or not more than
thirty (30) days after July 16, the corporation has the right of
withdrawal for a period of ninety (90) days from the date the
corporation determines from an inspection of the lender's files
that the corporation is entitled to make a withdrawal from the
reserve fund under this section.