Section text and notes
Filing certified statement
Contents and form of statement
The certified statement required to be filed with the Corporation under subsection (a) shall be in such form and set forth such supporting information as the Board of Directors shall prescribe, and shall be certified by the president of the bank or any other officer designated by its board of directors that to the best of the person’s knowledge and belief the statement is true, correct, complete, and has been prepared in accordance with this part and all regulations issued thereunder.
Premium payments
In general
Except as provided in paragraph (2), each insured System bank shall pay to the Corporation the premium payments required under subsection (a), not more frequently than once in each calendar quarter, in such manner and at such 1 or more times as the Board of Directors shall prescribe.
Premium amount
The amount of the premium shall be established not later than 60 days after filing the certified statement specifying the amount of the premium.
Regulations
The Board of Directors shall prescribe all rules and regulations necessary for the enforcement of this section. The Board of Directors may limit the retroactive effect, if any, of any of its rules or regulations.
Pub. L. 92–181, title V, § 5Pub. L. 100–233, title III, § 302101 Stat. 1612 Pub. L. 100–399, title III, § 302(f)102 Stat. 994 Pub. L. 101–624, title XVIII, § 1835104 Stat. 3833 Pub. L. 104–105, title II, § 215(a)(2)(B)110 Stat. 176 Pub. L. 107–171, title V, § 5403(a)(2)(B)116 Stat. 351 Pub. L. 110–234, title V, § 5405122 Stat. 1157 Pub. L. 110–246, § 4(a)122 Stat. 1664 (.56, as added , , ; amended , , ; , , ; , , ; , , ; , , ; , title V, § 5405, , , 1919.)
Editorial Notes
Codification
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4(a) of Pub. L. 110–246 and made identical amendments to this section. The amendments by were repealed by .
Amendments
Pub. L. 110–246, § 5405(a)2008—Subsec. (a). , added subsec. (a) and struck out former subsec. (a) which related to the required annual filing of a certified statement from each insured System bank that became insured before the beginning of the year.
Pub. L. 110–246, § 5405(b)section 2277a–4 of this titleSubsec. (c). , added subsec. (c) and struck out former subsec. (c). Prior to amendment, text read as follows: “Each System bank shall pay to the Corporation the amount of the initial premium it is required to certify under subsection (a) of this section as soon as practicable after , based on the application of to the accruing loan volume of the bank for calendar year 1989.”
Pub. L. 110–246, § 5405(c)Subsecs. (d), (e). , redesignated subsec. (e) as (d) and struck out former subsec. (d). Prior to amendment, text read as follows: “The premium payments required from insured System banks under subsection (a) of this section shall be made not less frequently than annually in such manner and at such time or times as the Board of Directors shall prescribe, except that the amount of the premium shall be established not later than 60 days after filing the certified statement setting forth the amount of the premium.”
Pub. L. 107–171, § 5403(a)(2)(B)(i)section 2277a–4(a)(4) of this title2002—Subsec. (a)(1). , inserted “and Government Sponsored Enterprise-guaranteed loans (as defined in )” after “government-guaranteed loans”.
Pub. L. 107–171, § 5403(a)(2)(B)(ii)Subsec. (a)(4) to (6). , (iii), added par. (4) and redesignated former pars. (4) and (5) as (5) and (6), respectively.
Pub. L. 104–1051996—Subsec. (a)(2), (3). substituted “2277a–4(a)(3) of this title” for “2277a–4(a)(2) of this title”.
Pub. L. 101–6241990—Subsec. (a). amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Annually, on a date to be determined in the sole discretion of the Board of Directors, each insured System bank that became insured before the beginning of the year shall file with the Corporation a certified statement showing the annual average principal outstanding on loans made by the bank that are in accrual status, the annual average principal outstanding on loans that are in nonaccrual status, and the amount of the premium due the Corporation from the bank for such year.”
Pub. L. 100–3991988—Subsec. (a). substituted “of the year” for “of such year”.
Statutory Notes and Related Subsidiaries
Effective Date of 2008 Amendment
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4 of Pub. L. 110–246section 8701 of Title 7Amendment of this section and repeal of by effective , the date of enactment of , see , set out as an Effective Date note under , Agriculture.
Effective Date of 2002 Amendment
Pub. L. 107–171section 5403(b) of Pub. L. 107–171section 2020 of this titleAmendment by applicable with respect to determinations of premiums for calendar year 2002 and for any succeeding calendar year, and to certified statements with respect to such premiums, see , set out as a note under .
Effective Date of 1988 Amendment
Pub. L. 100–399Pub. L. 100–233section 1001(a) of Pub. L. 100–399section 2002 of this titleAmendment by effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .