123STA T . 1 6 1 PUBLIC LA W 111 –5—FE B.1 7, 2 0 0 9(vi)TheAdm i n i stra t o r sha l l esta b lish a p ro c ess to disb u rse and receive f unds to and from borro w ers under this section . ( C ) LIM I TA TI ONS ON U S E O F LOAN PR O C EE D S BYS YSTEMICA L LY I M P ORTANT SECONDARY M AR K ET B ROKER -D EALERS. — The Adminis- trator shall ensure that borrowers under this section are usin g funds provided under this section onl y for the purpose specified in subparagraph (B)(ii)(I). If the Administrator finds that such funds were used for any other purpose , the Administrator shall— (i) re q uire immediate repayment of outstanding loans
(ii) prohibit the borrower, its affiliates, or any future cor- porate manifestation of the borrower from using the Authority; and (iii) ta k e any other actions the Administrator, in consulta- tion with the Attorney G eneral of the U nited States, deemsappropriate. (d) R EPORT TO CON G RESS .—The Administrator shall submit a report to Congress not later than the third business day of each month containing a statement of each of the following
( 1 ) The aggregate loan amounts e x tended during the pre- ceding month under this section. ( 2 ) The aggregate loan amounts repaid under this section during the proceeding month. ( 3 ) The aggregate loan amount outstanding under this sec- tion. ( 4 ) The aggregate value of assets held as collateral under this section; ( 5 ) The amount of any defaults or delinquencies on loans made under this section. ( 6 ) The identity of any borrower found by the Administrator to misuse funds made available under this section. ( 7 ) Any other information the Administrator deems nec- essary to fully inform Congress of undue risk of financial loss to the United States in connection with loans made under this section. (e) DURATION.—The authority of this section shall remain in effect for a period of 2 years after the date of enactment of this section. (f) F EES.—The Administrator shall charge fees, up front, annual, or both at a specified percentage of the loan amount that is at such a rate that the cost of the program under the Federal Credit Reform Act of 1 9 9 0 ((title V of the Congressional Budget and Impoundment Control Act of 1974; 2 U.S.C. 661) shall be equal to z ero. (h) BUDGET TREATMENT.— N othing in this section shall be con- strued to exempt any activity of the Administrator under this section from the Federal Credit Reform Act of 1990 (title V of the Congressional Budget and Im poundment Control Act of 1974; 2 U.S.C. 661 and following). (i) E MERGENCY RULEMAKING AUT H ORITY.—The Administrator shall promulgate regulations under this section within 30 days after the date of enactment of enactment of this section. In promul- gating these regulations,the Administrator the notice requirements of section 553(b) of title 5 of the United States Code shall not apply. Deadlin e .
