124 STAT. 2577 PUBLIC LAW 111–240—SEPT. 27, 2010 (ii) shall provide assurances to the participating State that the loan has not been made in order to place under the protection of the approved State capital access program prior debt that is not covered under the approved State capital access program and that is or was owed by the borrower to the financial institu- tion lender or to an affiliate of the financial institution lender; (iii) shall not allow the enrollment of a loan to a borrower that is a refinancing of a loan previously made to that borrower by the financial institution lender or an affiliate of the financial institution lender; and (iv) may include additional restrictions on the eligi- bility of loans or borrowers that are not inconsistent with the provisions and purposes of this title, including compliance with all applicable Federal and State laws, regulations, ordinances, and Executive orders. (B) DEFINITIONS.—In this paragraph, the terms ‘‘execu- tive officer’’, ‘‘director’’, ‘‘principal shareholder’’, ‘‘immediate family’’, and ‘‘related interest’’ refer to the same relation- ship to a financial institution lender as the relationship described in part 215 of title 12 of the Code of Federal Regulations, or any successor to such part. (8) CAPITAL ACCESS FOR SMALL BUSINESSES IN UNDERSERVED COMMUNITIES.—At the time that a State applies to the Sec- retary to have the State capital access program approved as eligible for Federal contributions, the State shall deliver to the Secretary a report stating how the State plans to use the Federal contributions to the reserve fund to provide access to capital for small businesses in low- and moderate-income, minority, and other underserved communities, including women- and minority-owned small businesses. SEC. 3006. APPROVING COLLATERAL SUPPORT AND OTHER INNOVA - TIVE CREDIT ACCESS AND GUARANTEE INITIATIVES FOR SMALL BUSINESSES AND MANUFACTURERS. (a) APPLICATION.—A participating State that establishes a new, or has an existing, credit support program that meets the eligibility criteria in subsection (c) may apply to the Secretary to have the State other credit support program approved as eligible for Federal contributions to, or for the account of, the State program. (b) APPROVAL.—The Secretary shall approve such State other credit support program as eligible for Federal contributions to, or for the account of, the program if— (1) the Secretary determines that the State satisfies the requirements of paragraphs (1) through (3) of section 3005(b); (2) the Secretary determines that the State other credit support program meets the eligibility criteria in subsection (c); (3) the Secretary determines the State other credit support program to be eligible based on the additional considerations in subsection (d); and (4) within 9 months after the date of enactment of this Act, the State has filed with Treasury a complete application for Treasury approval. Deadline. 12 USC 5705.
