12 USC 5701 - Definitions

Editorial Notes

References in Text

The Federal Credit Union Act, referred to in par. (2)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally 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.

Section 308(span) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in par. (17), is section 308(span) of Puspan. L. 101–73, which is set out in a note under section 1463 of this title.

Amendments

2021—Par. (10)(E). Puspan. L. 117–2, § 3301(e), added subpar. (E).

Pars. (15) to (19). Puspan. L. 117–2, § 3301(f), added pars. (15) to (19).

Statutory Notes and Related Subsidiaries

Effective Date of 2021 Amendment

Puspan. L. 117–2, title III, § 3301(g), Mar. 11, 2021, 135 Stat. 72, provided that: “The amendments made by this section [amending this section and sections 5702 to 5706, 5708, and 5710 of this title and enacting provisions set out as a note below] shall apply with respect to funds appropriated under this section and funds appropriated on and after the date of enactment of this section [Mar. 11, 2021].”

Short Title

Puspan. L. 111–240, title III, § 3001, Sept. 27, 2010, 124 Stat. 2568, provided that: “This title [enacting this chapter] may be cited as the ‘State Small Business Credit Initiative Act of 2010’.”

Appropriation

Puspan. L. 117–2, title III, § 3301(a)(2), Mar. 11, 2021, 135 Stat. 69, provided that:

“(A)In general.—In addition to amounts otherwise available, there is hereby appropriated to the Secretary of the Treasury for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $10,000,000,000, to remain available until expended, to provide support to small businesses responding to and recovering from the economic effects of the COVID–19 pandemic, ensure business enterprises owned and controlled by socially and economically disadvantaged individuals have access to credit and investments, provide technical assistance to help small businesses applying for various support programs, and to pay reasonable costs of administering such Initiative.

“(B)Rescission.—With respect to amounts appropriated under subparagraph (A)—

“(i) the Secretary of the Treasury shall complete all disbursements and remaining obligations before September 30, 2030; and

“(ii) any amounts that remain unexpended (whether obligated or unobligated) on September 30, 2030, shall be rescinded and deposited into the general fund of the Treasury.”