(a)Reserve funds report
On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by the participating State during the previous calendar quarter. If the participating State has made contributions to one or more reserve funds during the previous quarter, the report shall—
(1)indicate the total amount of such contributions;
(2)indicate the amount of contributions which is subject to reimbursement, which shall be equal to the total amount of contributions, unless one of the limitations contained in section 4747 of this title is applicable; (3)if one of the limitations in section 4747 of this title is applicable, provide documentation of the applicability of such limitation for each loan for which the Free access — add to your briefcase to read the full text and ask questions with AI
(a) Reserve funds report
On or before the last day of each calendar quarter, a participating State shall submit to the Fund a report of contributions to reserve funds made by the participating State during the previous calendar quarter. If the participating State has made contributions to one or more reserve funds during the previous quarter, the report shall—
(1) indicate the total amount of such contributions;
(2) indicate the amount of contributions which is subject to reimbursement, which shall be equal to the total amount of contributions, unless one of the limitations contained in section
4747 of this title is applicable;
(3) if one of the limitations in section
4747 of this title is applicable, provide documentation of the applicability of such limitation for each loan for which the limitation applies; and
(4) include a certification by the participating State that—
(A) the information provided in accordance with paragraphs (1), (2), and (3) is accurate;
(B) funds in an amount meeting the minimum requirements of section
4743(b)(3) of this title continue to be available and legally committed to contributions by the State to reserve funds, less any amount that has been contributed by the State to reserve funds subsequent to the State being approved for participation in the Program;
(C) there has been no unapproved amendment to any participation agreement or the form of participation agreements; and
(D) the participating State is otherwise implementing the Program in accordance with this subchapter and regulations issued pursuant to section
4749 of this title.
(b) Annual data
Not later than March 31 of each year, each participating State shall submit to the Fund annual data indicating the number of borrowers financed under the Program, the total amount of covered loans, and breakdowns by industry type, loan size, annual sales, and number of employees of the borrowers financed.
(c) Form
The reports and data filed pursuant to subsections (a) and (b) shall be in such form as the Fund may require.