12-U.S.C.-4742
§4742 – Definitions
Pathway
Title 12 > Chapter 47 > Subchapter II > Section 4742
Details
- Reference: Section 4742
- Legend: §4742 – Definitions
- USCode Year: 2013
Provision Content
For purposes of this subchapter—
(1) the term Fund means the Community Development Financial Institutions Fund established under section 4703 of this title;
(2) the term appropriate Federal banking agency—
(A) has the same meaning as in section 1813 of this title; and
(B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [12 U.S.C. 1751 et seq.];
(3) the term early loan means a loan enrolled at a time when the aggregate covered amount of loans previously enrolled under the Program by a particular participating financial institution is less than $5,000,000;
(4) the term enrolled loan means a loan made by a participating financial institution that is enrolled by a participating State in accordance with this subchapter;
(5) the term financial institution means any federally chartered or State-chartered commercial bank, savings association, savings bank, or credit union;
(6) the term participating financial institution means any financial institution that has entered into a participation agreement with a participating State in accordance with section 4744 of this title;
(7) the term participating State means any State that has been approved for participation in the Program in accordance with section 4743 of this title;
(8) the term passive real estate ownership means ownership of real estate for the purpose of deriving income from speculation, trade, or rental, except that such term shall not include—
(A) the ownership of that portion of real estate being used or intended to be used for the operation of the business of the owner of the real estate (other than the business of passive ownership of real estate); or
(B) the ownership of real estate for the purpose of construction or renovation, until the completion of the construction or renovation phase;
(9) the term Program means the Small Business Capital Enhancement Program established under this subchapter;
(10) the term reserve fund means a fund, established by a participating State, earmarked for a particular participating financial institution, for the purposes of—
(A) depositing all required premium charges paid by the participating financial institution and by each borrower receiving a loan under the Program from a participating financial institution;
(B) depositing contributions made by the participating State; and
(C) covering losses on enrolled loans by disbursing accumulated funds; and
(11) the term State means—
(A) a State of the United States;
(B) the District of Columbia;
(C) any political subdivision of a State of the United States, which subdivision has a population in excess of the population of the least populated State of the United States; and
(D) any other political subdivision of a State of the United States that the Fund determines has the capacity to participate in the program.
(Pub. L. 103–325, title II, §252, Sept. 23, 1994, 108 Stat. 2204.)
References in Text
The Federal Credit Union Act, referred to in par. (2)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is classified generally to chapter 14 (§1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-4718 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-4718, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-3354 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-3354, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
12-U.S.C.-93A in the Legal Encyclopedia: Business
In this entry about 12-U.S.C.-93A, find legal reference material, bibliographies and premiere content related to business in the American Encyclopedia of Law, presenting a comprehensive view of the United States business-specific issues, written by authorities in the field.
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