Page:United States Statutes at Large Volume 114 Part 4.djvu/829

This page needs to be proofread.


PUBLIC LAW 106-553 —APPENDIX B 114 STAT. 2762A-129 (B) RESPONSE.— ^A department or agency consulted by the Board under subparagraph (A) shall provide the Board such expertise and assistance as the Board requires to carry out its functions under this Act. (3) APPROVAL BY MAJORITY VOTE.— The determination of the Board to approve a loan guarantee under this Act shall be by an affirmative vote of not less than 3 members of the Board. SEC. 1004. APPROVAL OF LOAN GUARANTEES. (a) AUTHORITY TO APPROVE LOAN GUARANTEES.— Subject to the provisions of this section and consistent with the purpose of this Act, the Board may approve loan guarantees under this Act. (b) REGULATIONS. — (1) REQUIREMENTS. —The Administrator (as defined in section 5), under the direction of and for approval by the Board, shall prescribe regulations to implement the provisions of this Act and shall do so not later than 120 days after funds authorized to be appropriated under section 11 have been appropriated in a bill signed into law. (2) ELEMENTS. —The regulations prescribed under paragraph (1) shall— (A) set forth the form of any application to be submitted to the Board under this Act; (B) set forth time periods for the review and consideration by the Board of applications to be submitted to the Board under this Act, and for any other action to be taken by the Board with respect to such applications; (C) provide appropriate safeguards against the evasion of the provisions of this Act; (D) set forth the circumstances in which an applicant, together with any afiRliate of an applicant, shall be treated as an applicant for a loan guarantee under this Act; (E) include requirements that appropriate parties submit to the Board any documents and assurances that are required for the administration of the provisions of this Act; and (F) include such other provisions consistent with the purpose of this Act as the Board considers appropriate. (3) CONSTRUCTION. — (A) Nothing in this Act shall be construed to prohibit the Board from requiring, to the extent and under circumstances considered appropriate by the Board, that affiliates of an applicant be subject to certain obligations of the applicant as a condition to the approval or maintenance of a loan guarantee under this Act. (B) If any provision of this Act or the application of such provision to any person or entity or circumstance is held to be invalid by a court of competent jurisdiction, the remainder of this Act, or the application of such provision to such person or entity or circumstance other than those as to which it is held invalid, shall not be affected thereby. (c) AUTHORITY LIMITED BY APPROPRIATIONS ACTS. —The Board may approve loan guarantees under this Act only to the extent provided for in advance in appropriations Acts, and the Board may accept credit risk premiums from a non-Federal source in order to cover the cost of a loan guarantee under this Act, to