12 U.S.C. § 5707 — Remedies for State program termination or failures
submitted 16 years ago by Pub. L. 111-240 to r/title-12-BANKS-AND-BANKING · 196 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
If any of the events listed in paragraph (2) occur, the Secretary*, in the Secretary’s discretion, may—
reduce the amount of Federal funds allocated to the State* under the Program*; or
terminate any further transfers of allocated amounts that have not yet been transferred to the State.
The events referred to in paragraph (1) are—
termination by a participating State* of its participation in the Program;
failure on the part of a participating State to submit complete reports under section 5706 of this title on a timely basis; or
noncompliance by the State with the terms of the allocation agreement between the Secretary and the State.
If, after 13 months, any portion of the amount of Federal funds allocated to a participating State is deemed by the Secretary to be no longer allocated to the State after actions taken by the Secretary under subsection (a)(1), the Secretary shall reallocate that portion among the participating States, excluding the State whose allocated funds were deemed to be no longer allocated, as provided in section 5702(b) of this title.
Source credit: (Pub. L. 111–240, title III, § 3008, Sept. 27, 2010, 124 Stat. 2580.)
- 2010Enacted · Pub. L. 111-240 · 124 Stat. 2580
A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-240 on 2010-09-27.
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