{"identifier":"/us/usc/t12/s4742","title":12,"num":"\u00a7\u202f4742.","heading":"Definitions","text":"\u00a7\u202f4742.\nDefinitions\nFor purposes of this subchapter\u2014\n(1) the term \u201cFund\u201d means the Community Development Financial Institutions Fund established under\nsection 4703 of this title\n(2) the term \u201cappropriate Federal banking agency\u201d\u2014\n(A) has the same meaning as in\nsection 1813 of this title\n(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 [\n12 U.S.C. 1751\n(3) the term \u201cearly loan\u201d 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;\n(4) the term \u201cenrolled loan\u201d means a loan made by a participating financial institution that is enrolled by a participating State in accordance with this subchapter;\n(5) the term \u201cfinancial institution\u201d means any federally chartered or State-chartered commercial bank, savings association, savings bank, or credit union;\n(6) the term \u201cparticipating financial institution\u201d means any financial institution that has entered into a participation agreement with a participating State in accordance with\nsection 4744 of this title\n(7) the term \u201cparticipating State\u201d means any State that has been approved for participation in the Program in accordance with\nsection 4743 of this title\n(8) the term \u201cpassive real estate ownership\u201d means ownership of real estate for the purpose of deriving income from speculation, trade, or rental, except that such term shall not include\u2014\n(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\n(B) the ownership of real estate for the purpose of construction or renovation, until the completion of the construction or renovation phase;\n(9) the term \u201cProgram\u201d means the Small Business Capital Enhancement Program established under this subchapter;\n(10) the term \u201creserve fund\u201d means a fund, established by a participating State, earmarked for a particular participating financial institution, for the purposes of\u2014\n(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;\n(B) depositing contributions made by the participating State; and\n(C) covering losses on enrolled loans by disbursing accumulated funds; and\n(11) the term \u201cState\u201d means\u2014\n(A) a State of the United States;\n(B) the District of Columbia;\n(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\n(D) any other political subdivision of a State of the United States that the Fund determines has the capacity to participate in the program.\n1\n1 So in original. Probably should be capitalized.","url":"https://projectusc.org/usc/t12/s4742.html","content":[{"t":"sec","id":"/us/usc/t12/s4742","children":[{"t":"num","text":"\u00a7\u202f4742."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"For purposes of this subchapter\u2014"},{"t":"para","id":"/us/usc/t12/s4742/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the term \u201cFund\u201d means the Community Development Financial Institutions Fund established under ","children":[{"t":"ref","text":"section 4703 of this title","href":"/us/usc/t12/s4703","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/2","children":[{"t":"num","text":"(2)"},{"t":"chapeau","text":" the term \u201cappropriate Federal banking agency\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s4742/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has the same meaning as in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" 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 [","children":[{"t":"ref","text":"12 U.S.C. 1751","href":"/us/usc/t12/s1751","tail":" et seq.];"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the term \u201cearly loan\u201d 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;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" the term \u201cenrolled loan\u201d means a loan made by a participating financial institution that is enrolled by a participating State in accordance with this subchapter;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" the term \u201cfinancial institution\u201d means any federally chartered or State-chartered commercial bank, savings association, savings bank, or credit union;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/6","children":[{"t":"num","text":"(6)"},{"t":"content","text":" the term \u201cparticipating financial institution\u201d means any financial institution that has entered into a participation agreement with a participating State in accordance with ","children":[{"t":"ref","text":"section 4744 of this title","href":"/us/usc/t12/s4744","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/7","children":[{"t":"num","text":"(7)"},{"t":"content","text":" the term \u201cparticipating State\u201d means any State that has been approved for participation in the Program in accordance with ","children":[{"t":"ref","text":"section 4743 of this title","href":"/us/usc/t12/s4743","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/8","children":[{"t":"num","text":"(8)"},{"t":"chapeau","text":" the term \u201cpassive real estate ownership\u201d means ownership of real estate for the purpose of deriving income from speculation, trade, or rental, except that such term shall not include\u2014"},{"t":"subpara","id":"/us/usc/t12/s4742/8/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/8/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the ownership of real estate for the purpose of construction or renovation, until the completion of the construction or renovation phase;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/9","children":[{"t":"num","text":"(9)"},{"t":"content","text":" the term \u201cProgram\u201d means the Small Business Capital Enhancement Program established under this subchapter;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/10","children":[{"t":"num","text":"(10)"},{"t":"chapeau","text":" the term \u201creserve fund\u201d means a fund, established by a participating State, earmarked for a particular participating financial institution, for the purposes of\u2014"},{"t":"subpara","id":"/us/usc/t12/s4742/10/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" 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;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/10/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" depositing contributions made by the participating State; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/10/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" covering losses on enrolled loans by disbursing accumulated funds; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s4742/11","children":[{"t":"num","text":"(11)"},{"t":"chapeau","text":" the term \u201cState\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s4742/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a State of the United States;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/11/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the District of Columbia;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/11/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" 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","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s4742/11/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" any other political subdivision of a State of the United States that the Fund determines has the capacity to participate in the program.","children":[{"t":"ref","text":"1"},{"t":"num","text":"1","tail":"\u202fSo in original. Probably should be capitalized."},{"t":"text","text":"\u202fSo in original. Probably should be capitalized."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}