Page:United States Statutes at Large Volume 124.djvu/2542

124 STAT. 2516 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(A) IN GENERAL.—The term ‘master servicer’ means any entity approved by the Secretary in accordance with subparagraph (B) to oversee the activities of servicers, as provided in subsection (f)(4). ‘‘(B) APPROVAL CRITERIA FOR MASTER SERVICERS.—The Secretary shall approve or deny any application to become a master servicer under the Program not later than 90 days after the date on which all required information is submitted to the Secretary, based on the capacity and experience of the applicant in— ‘‘(i) loan administration, servicing, and loan moni- toring; ‘‘(ii) managing regional or national loan intake, processing, or servicing operational systems and infra- structure; ‘‘(iii) managing regional or national originator communication systems and infrastructure; ‘‘(iv) developing and implementing training and other risk management strategies on a regional or national basis; and ‘‘(v) compliance monitoring, investor relations, and reporting. ‘‘(6) PROGRAM.—The term ‘Program’ means the guarantee Program for bonds and notes issued for eligible community or economic development purposes established under this sec- tion. ‘‘(7) PROGRAM ADMINISTRATOR.—The term ‘Program administrator’ means an entity designated by the issuer to perform administrative duties, as provided in subsection (f)(2). ‘‘(8) QUALIFIED ISSUER.— ‘‘(A) IN GENERAL.—The term ‘qualified issuer’ means a community development financial institution (or any entity designated to issue notes or bonds on behalf of such community development financial institution) that meets the qualification requirements of this paragraph. ‘‘(B) APPROVAL CRITERIA FOR QUALIFIED ISSUERS.— ‘‘(i) IN GENERAL.—The Secretary shall approve a qualified issuer for a guarantee under the Program in accordance with the requirements of this paragraph, and such additional requirements as the Secretary may establish, by regulation. ‘‘(ii) TERMS AND QUALIFICATIONS.—A qualified issuer shall— ‘‘(I) have appropriate expertise, capacity, and experience, or otherwise be qualified to make loans for eligible community or economic development purposes; ‘‘(II) provide to the Secretary— ‘‘(aa) an acceptable statement of the pro- posed sources and uses of the funds; and ‘‘(bb) a capital distribution plan that meets the requirements of subsection (c)(1); and ‘‘(III) certify to the Secretary that the bonds or notes to be guaranteed are to be used for eligible community or economic development purposes. ‘‘(C) DEPARTMENT OPINION; TIMING.— Deadlines. Certification. Deadline.