Page:United States Statutes at Large Volume 121.djvu/1786

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[121 STAT. 1765]
[121 STAT. 1765]
PUBLIC LAW 110-000—MMMM. DD, 2007

PUBLIC LAW 110–140—DEC. 19, 2007

121 STAT. 1765


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Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended by adding at the end the following: ‘‘(32) LOANS FOR ENERGY EFFICIENT TECHNOLOGIES.— ‘‘(A) DEFINITIONS.—In this paragraph— ‘‘(i) the term ‘cost’ has the meaning given that term in section 502 of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a); ‘‘(ii) the term ‘covered energy efficiency loan’ means a loan— ‘‘(I) made under this subsection; and ‘‘(II) the proceeds of which are used to purchase energy efficient designs, equipment, or fixtures, or to reduce the energy consumption of the borrower by 10 percent or more; and ‘‘(iii) the term ‘pilot program’ means the pilot program established under subparagraph (B) ‘‘(B) ESTABLISHMENT.—The Administrator shall establish and carry out a pilot program under which the Administrator shall reduce the fees for covered energy efficiency loans. ‘‘(C) DURATION.—The pilot program shall terminate at the end of the second full fiscal year after the date that the Administrator establishes the pilot program. ‘‘(D) MAXIMUM PARTICIPATION.—A covered energy efficiency loan shall include the maximum participation levels by the Administrator permitted for loans made under this subsection. ‘‘(E) FEES.— ‘‘(i) IN GENERAL.—The fee on a covered energy efficiency loan shall be equal to 50 percent of the fee otherwise applicable to that loan under paragraph (18). ‘‘(ii) WAIVER.—The Administrator may waive clause (i) for a fiscal year if— ‘‘(I) for the fiscal year before that fiscal year, the annual rate of default of covered energy efficiency loans exceeds that of loans made under this subsection that are not covered energy efficiency loans; ‘‘(II) the cost to the Administration of making loans under this subsection is greater than zero and such cost is directly attributable to the cost of making covered energy efficiency loans; and ‘‘(III) no additional sources of revenue authority are available to reduce the cost of making loans under this subsection to zero. ‘‘(iii) EFFECT OF WAIVER.—If the Administrator waives the reduction of fees under clause (ii), the Administrator— ‘‘(I) shall not assess or collect fees in an amount greater than necessary to ensure that the cost of the program under this subsection is not greater than zero; and

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