Section 26-C2915. REPORTING REQUIREMENTS – LOAN PARTICIPATION PROGRAM

 

2915.1Each Eligible Lender and Eligible Recipient shall make the following reports:

 

(a) If an Enrolled Loan account becomes delinquent and falls sixty (60) days past its due date, the Eligible Lender shall notify DISB in writing within ten (10) business days of the delinquency. 

 

(b) The Eligible Lender shall submit to DISB annually, within thirty (30) days after the year-end, a report listing borrowers and outstanding balances of all Enrolled Loans as of the end of that preceding year. 

 

(1) In computing the aggregate outstanding balances of all Enrolled Loans, the balance of any loan shall be no greater than the covered amount of the loan as enrolled.

 

(2) For lines of credit, the outstanding balance shall be the enrolled line of credit amount. 

 

(3) The report shall include the following information, in addition to any other information DISB reasonably requests: 

 

(A)Name of Eligible Recipient;

 

(B)Amount of loan;

 

(C)Amount of Enrolled Loan;

 

(D)      Type of loan (Term or Line);

 

(E)Outstanding balance of loan;

 

(F)If a term loan, the enrollment date and the lesser of the outstanding balance or the Enrolled Loan amount;

 

(G)If a line of credit, the enrolled line of credit amount and the maturity date;

 

(H)Payment history related to Enrolled Loan; and

 

(I)Lender’s most recently completed internal loan review and quality rating for an Eligible Recipient.

 

(c)Each Eligible Recipient shall submit the following information to DISB within sixty (60) days after the year-end and at any other time DISB reasonably requests:

 

(1)The Eligible Recipient’s annual revenues in the prior fiscal year;

 

(2)The number of the Eligible Recipient’s full-time and part-time equivalent employees, including those who are District residents by ward, and number of jobs created and retained as a result of the loan for the Eligible Recipient; and

 

(3)Any additional documentation and information DISB reasonably requires.

 

2915.2Failure to file a complete annual report or comply with any required covenants under §§ 2910 – 2915 of this chapter may result in a fine of twenty-five dollars ($25.00) per day for each violation.  This fine shall not exceed one percent (1%) of the Enrolled Loan for each violation.  It shall be payable by the Eligible Recipient and any owner of the Eligible Recipient who owns at least twenty percent (20%) interest in the Eligible Recipient.

 

2915.3  DISB may terminate its obligation to enroll loans under the Loan Participation Program. The termination shall apply on the effective date specified in the notice of termination, except that the termination shall not apply to any Enrolled Loan that is made on or before the date on which the Eligible Lender receives the notice of termination.

 

 

authority

Section 105(c) of the 21st Century Financial Modernization Act of 2000, effective June 9, 2001 (D.C. Law 13-308; D.C. Official Code § 26-551.05(c) (2012 Repl.)).

source

Final Rulemaking published at 61 DCR 9181 (September 5, 2014).