12 U.S.C. § 4107

OVERSIGHT AND AUDITS.

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“(a)Inspector General Oversight.—The Inspector General of the Department of the Treasury shall conduct, supervise, and coordinate audits and investigations of the Program through the Office of Small Business Lending Fund Program Oversight established under subsection (b).“(b)Office of Small Business Lending Fund Program Oversight.—“(1)Establishment.—There is hereby established within the Office of the Inspector General of the Department of the Treasury a new office to be named the ‘Office of Small Business Lending Fund Program Oversight’ to provide oversight of the Program.“(2)Leadership.—The Inspector General shall appoint a Special Deputy Inspector General for SBLF Program Oversight to lead the Office, with commensurate staff, who shall report directly to the Inspector General and who shall be responsible for the performance of all auditing and investigative activities relating to the Program.“(3)Reporting.—“(A)In general.—The Inspector General shall issue a report no less than two times a year to the Congress and the Secretary devoted to the oversight provided by the Office, including any recommendations for improvements to the Program.“(B)Recommendations.—With respect to any deficiencies identified in a report under subparagraph (A), the Secretary shall either—“(i) take actions to address such deficiencies; or“(ii) certify to the appropriate committees of Congress that no action is necessary or appropriate.“(4)Coordination.—The Inspector General, in maximizing the effectiveness of the Office, shall work with other Offices of Inspector General, as appropriate, to minimize duplication of effort and ensure comprehensive oversight of the Program.“(5)Termination.—The Office shall terminate at the end of the 6-month period beginning on the date on which all capital investments are repaid under the Program or the date on which the Secretary determines that any remaining capital investments will not be repaid.“(6)Definitions.—For purposes of this subsection:“(A)Office.—The term ‘Office’ means the Office of Small Business Lending Fund Program Oversight established under paragraph (1).“(B)Inspector general.—The term ‘Inspector General’ means the Inspector General of the Department of the Treasury.“(c)Required Certifications.—“(1)Eligible institution certification.—Each eligible institution that participates in the Program must certify that such institution is in compliance with the requirements of section 103.121 of title 31, Code of Federal Regulations, a regulation that, at a minimum, requires financial institutions, as that term is defined in 31 U.S.C. 5312(a)(2) and (c)(1)(A), to implement reasonable procedures to verify the identity of any person seeking to open an account, to the extent reasonable and practicable, maintain records of the information used to verify the person’s identity, and determine whether the person appears on any lists of known or suspected terrorists or terrorist organizations provided to the financial institution by any government agency.“(2)Loan recipients.—With respect to funds received by an eligible institution under the Program, any business receiving a loan from the eligible institution using such funds after the date of the enactment of this Act [Sept. 27, 2010] shall certify to such eligible institution that the principals of such business have not been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act (42 U.S.C. 16911) [now 34 U.S.C. 20911]).“(d)Prohibition on Pornography.—None of the funds made available under this subtitle may be used to pay the salary of any individual engaged in activities related to the Program who has been officially disciplined for violations of subpart G of the Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornography, including child pornography, on a Federal Government computer or while performing official Federal Government duties.

Notes of Decisions

Cited in 6 cases, 1995–2013 · leading case: Cienega Gardens v. United States, 503 F.3d 1266 (Fed. Cir. 2007).

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Cienega Gardens v. United States, 503 F.3d 1266 (Fed. Cir. 2007). · cites it 6× “See 12 U.S.C. §§ 4107 , 4110 (2000). With respect to the first option, the owners here do not dispute that the opportunity for a fair market value sale would eliminate any takings claim.”

Cienega Gardens v. United States, 38 Fed. Cl. 64 (Fed. Cl. 1997). · cites it 6× “12 U.S.C. § 4107 . When passing upon prepayment requests, HUD applies a test that granted such requests as long as prepayment would not materially increase economic hardships on existing tenants, involuntarily displace such tenants, or decrease the availability of decent, safe,…”

Fredericksburg Non-Profit Hous. Corp. v. United States, 113 Fed. Cl. 244 (Fed. Cl. 2013). “” 12 U.S.C. § 4107 . Sections 4109(b) and 4110 of Title 12 define the financial incentives available to induce an owner to extend low-income use of the property through sale.”

Cienega Gardens v. United States, 33 Fed. Cl. 196 (Fed. Cl. 1995). “12 U.S.C. § 4107 . HUD must approve or disapprove a P.”

Anaheim Gardens v. United States, 33 Fed. Cl. 24 (Fed. Cl. 1995). · cites it 2× “12 U.S.C. § 4107 . HUD must approve or disapprove a P.”

Cienega Gardens v. United States, 265 F.3d 1237 (Fed. Cir. 2001). “12 U.S.C. § 4107 . LIHPRHA further provides that HUD may approve a request for termination of affordability restrictions through prepayment of the mortgage only upon its making a written finding that implementing the plan will not materially increase “economic hardships” on…”

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