PUBLIC LAW 101-239—DEC. 19, 1989 103 STAT. 2349 (e) REPORTING REQUIREMENTS.— Section 6047 (relating to informa- tion reports relating to certain trusts or annuity plans) is amended by redesignating subsection (e) as subsection (f) and by inserting ^ter subsection (d) the following new subsection: "(e) EMPLOYEE STOCK OWNERSHIP PLANS.—The Secretary shall require— "(1) any employer maintaining, or the plan administrator (within the meaning of section 414(g)) of, an employee stock ownership plan— "(A) which acquired stock in a transaction to which section 133 applies, or "(B) which holds stock with respect to which section 404(k) applies to dividends paid on such stock, "(2) any person making or holding a loan to which section 133 applies, or "(3) both such employer or plan administrator and such person, to make returns and reports regarding such plan, transaction, or loan to the Secretary and to such other persons as the Secretary may prescribe. Such returns and reports shall be made in such form, shall be made at such time, and shall contain such information as the Secretary may prescribe." (f) EFFECTIVE DATES.— 26 USC 133 note. (1) IN GENERAL.— Except as provided in this subsection, the amendments made by this section shall apply to loans made after July 10, 1989. (2) BINDING COMMITMENT EXCEPTIONS. — (A) The amendments made by this section shall not apply to any loan— (i) which is made pursuant to a binding written commitment in effect on June 6, 1989, and at all times thereafter before such loan is made, or (ii) to the extent that the proceeds of such loan are used to acquire employer securities pursuant to a writ- ten binding contract (or tender offer registered with the Securities and Exchange Commission) in effect on June 6, 1989, and at all times thereafter before such securi- ties are acquired. (B) The amendments made by this section shall not apply to any loan to which subparagraph (A) does not apply which is made pursuant to a binding written commitment in effect
on July 10, 1989, and at all times thereafter before such loan is made. The preceding sentence shall only apply to the extent that the proceeds of such loan are used to acquire employer securities pursuant to a written binding contract (or tender offer registered with the Securities and Exchange Commission) in effect on July 10, 1989, and at all times thereafter before such securities are acquired. (C) The amendments made by this section shall not apply to any loan made on or before July 10, 1992, pursuant to a written agreement entered into on or before July 10, 1989, if such agreement evidences the intent of the borrower on a periodic basis to enter into securities acquisition loans de- scribed in section 133(b)(l)(B) of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of this Act). The preceding sentence shall apply
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