15 U.S.C. § 642 — Requirements for loans
submitted 68 years ago by Pub. L. 85-536 to r/title-15-COMMERCE-AND-TRADE · 207 words · no verdicts yet
A business cannot receive a loan, equipment, facilities, or services from the Administration unless its owners, partners, or officers disclose paid helpers, agree not to hire certain Administration personnel for two years, and disclose refused loan applications.
The Administration* may not make a loan or provide equipment, facilities, or services under this chapter to a business enterprise unless the enterprise’s owners, partners, or officers—
(1) certify to the Administration the names of attorneys, agents, or other people hired by or for the enterprise to speed up an application for any Administration assistance, and the fees paid or to be paid to them;
(2) sign an agreement binding the enterprise for two years after the Administration provides assistance. During that period, the enterprise must not employ, offer an office or job to, or retain for professional services any person who, on the date the assistance or any part of it was provided, or during the previous year, served as an Administration officer, attorney, agent, or employee in a position or activity that the Administration determined involved discretion over granting assistance under this chapter; and
(3) provide the names of lending institutions from which the enterprise sought loans, the dates, amounts, and terms of those requests, and proof that the institutions refused them.
No loan shall be made or equipment, facilities, or services furnished by the Administration* under this chapter to any business enterprise unless the owners, partners, or officers of such business enterprise (1) certify to the Administration the names of any attorneys, agents, or other persons engaged by or on behalf of such business enterprise for the purpose of expediting applications made to the Administration for assistance of any sort, and the fees paid or to be paid to any such persons; (2) execute an agreement binding any such business enterprise for a period of two years after any assistance is rendered by the Administration to such business enterprise, to refrain from employing, tendering any office or employment to, or retaining for professional services, any person who, on the date such assistance or any part thereof was rendered, or within one year prior thereto, shall have served as an officer, attorney, agent, or employee of the Administration occupying a position or engaging in activities which the Administration shall have determined involve discretion with respect to the granting of assistance under this chapter; and (3) furnish the names of lending institutions to which such business enterprise has applied for loans together with dates, amounts, terms, and proof of refusal.
Source credit: (Pub. L. 85–536, § 2[13], July 18, 1958, 72 Stat. 394.)
- 1958Enacted · Pub. L. 85-536 · 72 Stat. 394
A history note hasn’t been published yet. The record shows enactment by Pub. L. 85-536 on 1958-07-18.
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