(D) needs which the State method be completely positioned, within 90 days of the Condition's execution of your allocation agreement Along with the Secretary, to act on offering the sort of credit assist which the Point out plan was founded to provide; and
A Condition could possibly be authorized being a participating Point out, and be qualified for an allocation of Federal funds less than This system, In case the Condition has contractual preparations for the implementation and administration of its Point out system with—
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(A) if privately owned, 51 % is owned by one or more socially and economically disadvantaged people;
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With this paragraph, the terms "govt officer", "director", "principal shareholder", "immediate spouse and children", and "relevant desire" consult with precisely the same partnership to your economic institution lender as the connection described in part 215 of title 12 on the Code of Federal Polices, or any successor to this sort of section.
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The allocation settlement amongst the Secretary as well as the participating Point out shall give which the Secretary shall recoup any allocated Federal money transferred to your collaborating State if the outcomes from the an audit contain a locating that there was an intentional or reckless misuse of transferred resources via the Point out.
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