Page:United States Statutes at Large Volume 114 Part 5.djvu/729

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PUBLIC LAW 106-554—APPENDIX I 114 STAT. 2763A-689 "(1) IN GENERAL.— Based on information provided by qualified State and local development companies and the Administration, the Administration shall annually submit to the Committees on Small Business of the House of Representatives and of the Senate a report on the results of delegation of authority under this section. "(2) CONTENTS. — Each report submitted under paragraph (1) shall include the following information: "(A) With respect to each loan foreclosed or liquidated by a qualified State or local development company under this section, or for which losses were otherwise mitigated by the company pursuant to a workout plan under this section— "(i) the total cost of the project financed with the loan; "(ii) the total original dollar amount guaranteed by the Administration; "(iii) the total dollar amount of the loan at the time of liquidation, foreclosure, or mitigation of loss; "(iv) the total dollar losses resulting from the liquidation, foreclosure, or mitigation of loss; and "(v) the total recoveries resulting from the liquidation, foreclosure, or mitigation of loss, both as a percentage of the amount guaranteed and the total cost of the project financed. "(B) With respect to each qualified State or local development company to which authority is delegated under this section, the totals of each of the amounts described in clauses (i) through (v) of subparagraph (A). "(C) With respect to all loans subject to foreclosure, liquidation, or mitigation under this section, the totals of each of the amounts described in clauses (i) through (v) of subparagraph (A). "(D) A comparison between— "(i) the information provided under subparagraph (C) with respect to the 12-month period preceding the date on which the report is submitted; and "(ii) the same information with respect to loans foreclosed and liquidated, or otherwise treated, by the Administration during the same period. "(E) The number of times that the Administration has failed to approve or reject a liquidation plan in accordance with subparagraph (A)(i), a workout plan in accordance with subparagraph (C)(i), or to approve or deny a request for purchase of indebtedness under subparagraph (B)(i), including specific information regarding the reasons for the Administration's failure and any delays that resulted.". (b) REGULATIONS.— (1) IN GENERAL.— Not later than 150 days after the date of the enactment of this Act, the Administrator shall issue such regulations as may be necessary to carry out section 510 of the Small Business Investment Act of 1958, as added by subsection (a) of this section. (2) TERMINATION OF PILOT PROGRAM.—Beginning on the date on which final regulations are issued under paragraph (1), section 204 of the Small Business Programs Improvement Act of 1996 (15 U.S.C. 695 note) shall cease to have effect.