46 USC 53703 - Application Procedures
(a) Time for Decision.—
(1) In general.—The Secretary or Administrator shall approve or deny an application for a loan guarantee under this chapter within 270 days after the date on which the signed application is received by the Secretary or Administrator.
(2) Extension.—On request by an applicant, the Secretary or Administrator may extend the 270-day period in paragraph (1) to a date not later than 2 years after the date on which the signed application was received by the Secretary or Administrator.
(b) Certification of Review.—The Secretary or Administrator may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary or Administrator certifies that a full and fair consideration of all the regulatory requirements, including economic soundness and financial requirements applicable to the obligor and related parties, and a thorough assessment of the technical, economic, and financial aspects of the loan application, has been made.
(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1604; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), (2)(G), (b)(7), Jan. 6, 2006, 119 Stat. 3555, 3556; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.)
Historical and Revision Notes
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|
| 53703(a) |
46 App.:1274(n). |
June 29, 1936, ch. 858, title XI, §1104A(l), (n), as added Pub. L. 108–136, title XXXV, §§3523(b), 3525, Nov. 24, 2003, 117 Stat. 1800, 1801. |
| 53703(b) |
46 App.:1274(l). |
|
Sections: 53513 53514 53515 53516 53517 53701 53702 53703 53704 53705 53706 53707 53708 53709 53710
Last modified: October 26, 2015