106 STAT. 1014 PUBLIC LAW 102-366 —SEPT. 4, 1992
- (c) The full faith and credit of the United States is pledged
to the payment of all amounts which may be required to be paid under any guarantee of such trust certificates issued by the Administration or its agent pursuant to this section. "(d) The Administration shall not collect a fee for any guarantee under this section: Provided, That nothing herein shall preclude any agent of the Administration from collecting a fee approved by the Administration for the functions described in subsection (1)(2) of this section. "(e)(1) In the event the Administration pays a claim under a guarantee issued under this section, it shall be subrogated fully to the rights satisfied by such payment. "(2) No State or local law, and no Federal law, shall preclude or limit the exercise by the Administration of its ownership rights in the debentures or participating securities residing in a trust or pool against which trust certificates are issued. (f)(1) The Administration shall provide for a central registration of all trust certificates sold pursuant to this section. Such central registration shall include with respect to each sale— "(A) identification of each small business investment company; "(B) the interest rate or prioritized payment rate paid by the small business investment company; "(C) commissions, fees, or discounts paid to brokers and dealers in trust certificates; "(D) identification of each purchaser of the trust certificate; "(E) the price paid by the purchaser for the trust certificate; "(F) the interest rate on the trust certificate; "(G) the fee of any agent for carrying out the functions described in paragraph (2); and "(H) such other information as the Administration deems appropriate. "(2) The Administrator shall contract with an agent or agents to carry out on behalf of the Administration the pooling and the central registration functions of this section including, notwithstanding any other provision of law, maintenance on behalf of and under the direction of the Administration, such commercial bank accounts as may be necessary to facilitate trusts or pools backed by debentures or participating securities guaranteed under this Act, and the issuance of trust certificates to facilitate such poolings. Such agent or agents shall provide a fidelity bond or insureuice in such amoiuits as the Administration determines to be necessary to fully protect the interests of the Government. "(3) Prior to any sale, the Administrator shall require the seller to (Usclose to a purchaser of a trust certificate issued pursuant to this section, information on the terms, conditions, and yield of such instrument. "(4) The Administrator is authorized to regulate brokers and dealers in trust certificates sold pursuant to this section.". SEC. 40S. AUTHORIZATIONS. Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended— (1) by striking in subsection (g)(3) "stock and $221,000,000 in guarantees of debentures" and inserting in lieu thereof the following: "securities, $221,000,000 in guarantees of debentures, of which $40,000,000 is authorized in guarantees of debentures
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