7 USC 2009cc-10 - Reporting requirements

U.S Code last checked for updates: Nov 26, 2024

§ 2009cc–10.

Reporting requirements

(a)

Rural business investment companies

Each rural business investment company that participates in the program established under this subchapter shall provide to the Secretary such information as the Secretary may require, including—

(1)

information relating to the measurement criteria that the rural business investment company proposed in the program application of the rural business investment company; and

(2)

in each case in which the rural business investment company under this subchapter makes an investment in, or a loan or grant to, a business that is not located in a rural area, a report on the number and percentage of employees of the business who reside in those areas.

(b)

Public reports

(1)

In general

The Secretary shall prepare and make available to the public an annual report on the program established under this subchapter, including detailed information on—

(A)

the number of rural business investment companies licensed by the Secretary during the previous fiscal year;

(B)

the aggregate amount of leverage that rural business investment companies have received from the Federal Government during the previous fiscal year;

(C)

the aggregate number of each type of leveraged instruments used by rural business investment companies during the previous fiscal year and how each number compares to previous fiscal years;

(D)

the number of rural business investment company licenses surrendered and the number of rural business investment companies placed in liquidation during the previous fiscal year, identifying the amount of leverage each rural business investment company has received from the Federal Government and the type of leverage instruments each rural business investment company has used;

(E)

the amount of losses sustained by the Federal Government as a result of operations under this subchapter during the previous fiscal year and an estimate of the total losses that the Federal Government can reasonably expect to incur as a result of the operations during the current fiscal year;

(F)

actions taken by the Secretary to maximize recoupment of funds of the Federal Government expended to implement and administer the Rural Business Investment Program under this subchapter during the previous fiscal year and to ensure compliance with the requirements of this subchapter (including regulations);

(G)

the amount of Federal Government leverage that each licensee received in the previous fiscal year and the types of leverage instruments each licensee used;

(H)

for each type of financing instrument, the sizes, types of geographic locations, and other characteristics of the small business investment companies using the instrument during the previous fiscal year, including the extent to which the investment companies have used the leverage from each instrument to make loans or equity investments in rural areas; and

(I)

the actions of the Secretary to carry out this subchapter.

(2)

Prohibition

In compiling the report required under paragraph (1), the Secretary may not—

(A)

compile the report in a manner that permits identification of any particular type of investment by an individual rural business investment company or small business concern in which a rural business investment company invests; and

(B)

may not release any information that is prohibited under section 1905 of title 18.

(Pub. L. 87–128, title III, § 384K, as added Pub. L. 107–171, title VI, § 6029, May 13, 2002, 116 Stat. 398.)

cite as: 7 USC 2009cc-10