express lender
(31) Express loans.— (A) Definitions .— As used in this paragraph: (i) The term “disaster area” means the area for which the President has declared a major disaster, during the 5-year period beginning on the date of the declaration. (ii) The term “express lender” means any lender authorized by the Administration to participate in the Express Loan Program. (iii) The term “express loan” means any loan made pursuant to this paragraph in which a lender utilizes to the maximum extent practicable its own loan analyses, procedures, and documentation. (iv) The term “Express Loan Program” means the program for express loans established by the Administration under paragraph (25)(B), as in existence on April 5, 2004 , with a guarantee rate of not more than 50 percent. (B) Restriction to express lender .— The authority to make an express loan shall be limited to those lenders deemed qualified to make such loans by the Administration. Designation as an express lender for purposes of making an express loan shall not prohibit such lender from taking any other action authorized by the Administration for that lender pursuant to this subsection. (C) Grandfathering of existing lenders .— Any express lender shall retain such designation unless the Administration determines that the express lender has violated the law or regulations promulgated by the Administration or modifies the requirements to be an express lender and the lender no longer satisfies those requirements. (D) Maximum loan amount .— The maximum loan amount under the Express Loan Program is $500,000. (E) Option to participate .— Except as otherwise provided in this paragraph, the Administration shall take no regulatory, policy, or administrative action, without regard to whether such action requires notification pursuant to paragraph (24), that has the effect of requiring a lender to make an express loan pursuant to subparagraph (D). (F) Express loans for renewable energy and energy efficiency.— (i) Definitions .— In this subparagraph— (I) the term “biomass”— (aa) means any organic material that is available on a renewable or recurring basis, including— (AA) agricultural crops; (BB) trees grown for energy production; (CC) wood waste and wood residues; (DD) plants (including aquatic plants and grasses); (EE) residues; (FF) fibers; (GG) animal wastes and other waste materials; and (HH) fats, oils, and greases (including recycled fats, oils, and greases); and (bb) does not include— (AA) paper that is commonly recycled; or (BB) unsegregated solid waste; (II) the term “energy efficiency project” means the installation or upgrading of equipment that results in a significant reduction in energy usage; and (III) the term “renewable energy system” means a system of energy derived from— (aa) a wind, solar, biomass (including biodiesel), or geothermal source; or (bb) hydrogen derived from biomass or water using an energy source described in item (aa). (ii) Loans .— The Administrator may make a loan under the Express Loan Program for the purpose of— (I) purchasing a renewable energy system; or (II) carrying out an energy efficiency project for a small business concern. (G) Guarantee fee waiver for veterans.— (i) Guarantee fee waiver .— The Administrator may not collect a guarantee fee described in paragraph (18) in connection with a loan made under this paragraph to a veteran or spouse of a veteran on or after October 1, 2015 . (ii) Definition .— In this subparagraph, the term “veteran or spouse of a veteran” means— (I) a veteran, as defined in section 632(q)(4) of this title ; (II) an individual who is eligible to participate in the Transition Assistance Program established under section 1144 of title 10 ; (III) a member of a reserve component of the Armed Forces named in section 10101 of title 10 ; (IV) the spouse of an individual described in subclause (I), (II), or (III); or (V) the surviving spouse (as defined in section 101 of title 38 ) of an individual described in subclause (I), (II), or (III) who died while serving on active duty or as a result of a disability that is service-connected (as defined in such section). (H) Recovery opportunity loans.— (i) In general .— The Administrator may guarantee an express loan to a small business concern located in a disaster area in accordance with this subparagraph. (ii) Maximums .— For a loan guaranteed under clause (i)— (I) the maximum loan amount is $150,000; and (II) the guarantee rate shall be not more than 85 percent. (iii) Overall cap .— A loan guaranteed under clause (i) shall not be counted in determining the amount of loans made to a borrower for purposes of subparagraph (D). (iv) Operations .— A small business concern receiving a loan guaranteed under clause (i) shall certify that the small business concern was in operation on the date on which the applicable major disaster occurred as a condition of receiving the loan. (v) Repayment ability .— A loan guaranteed under clause (i) may only be made to a small business concern that demonstrates, to the satisfaction of the Administrator, sufficient capacity to repay the loan. (vi) Timing of payment of guarantees.— (I) In general .— Not later than 90 days after the date on which a request for purchase is filed with the Administrator, the Administrator shall determine whether to pay the guaranteed portion of the loan. (II) Recapture .— Notwithstanding any other provision of law, unless there is a subsequent finding of fraud by a court of competent jurisdiction relating to a loan guaranteed under clause (i), on and after the date that is 6 months after the date on which the Administrator determines to pay the guaranteed portion of the loan, the Administrator may not attempt to recapture the paid guarantee. (vii) Fees.— (I) In general .— Unless the Administrator has waived the guarantee fee that would otherwise be collected by the Administrator under paragraph (18) for a loan guaranteed under clause (i), and except as provided in subclause (II), the guarantee fee for the loan shall be equal to the guarantee fee that the Administrator would collect if the guarantee rate for the loan was 50 percent. (II) Exception .— Subclause (I) shall not apply if the cost of carrying out the program under this subsection in a fiscal year is more than zero and such cost is directly attributable to the cost of guaranteeing loans under clause (i). (viii) Rules .— Not later than 270 days after November 25, 2015 , the Administrator shall promulgate rules to carry out this subparagraph.