2018 US Code
Title 46 - Shipping
Subtitle V - Merchant Marine
Part C - Financial Assistance Programs
Chapter 537 - Loans and Guarantees
Subchapter I - General
Sec. 53714 - Guarantee fees
| 46 U.S.C. § 53714 (2018) | ||||||||||||||||||
| §53714. Guarantee fees | ||||||||||||||||||
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(a) Regulations.—Subject to this section, the Secretary or Administrator shall prescribe regulations to assess a fee for guaranteeing an obligation under this chapter. (b) Computation of Fee.— (1) In general.—The amount of the fee for a guarantee under this chapter shall be equal to the sum of the amounts determined under paragraph (2) for the years in which the guarantee is in effect. (2) Present value for each year.—The amount referred to in paragraph (1) for a year in which the guarantee is in effect is the present value of the amount calculated under paragraph (3). To determine the present value, the Secretary or Administrator shall apply a discount rate determined by the Secretary of the Treasury, considering current market yields on outstanding obligations of the United States Government having periods to maturity comparable to the period to maturity for the guaranteed obligation. (3) Calculation of amount.—The amount referred to in paragraph (2) shall be calculated by multiplying— (A) the estimated average unpaid principal amount of the obligation that will be outstanding during the year (excluding the average amount, other than interest, on deposit during the year in an escrow fund under section 53715 of this title); by (B) the fee rate set under paragraph (4). (4) Setting fee rates.—To set the fee rate referred to in paragraph (3)(B), the Secretary or Administrator shall establish a formula that— (A) takes into account the security provided for the guaranteed obligation; and (B) is a sliding scale based on the creditworthiness of the obligor, using— (i) the lowest allowable rate under paragraph (5) for the most creditworthy obligors; and (ii) the highest allowable rate under paragraph (5) for the least creditworthy obligors. (5) Permissible range of rates.—The fee rate set under paragraph (4) shall be— (A) for a delivered vessel or equipment, at least 0.5 percent and not more than 1 percent; and (B) for a vessel to be constructed, reconstructed, or reconditioned or equipment to be delivered, at least 0.25 percent and not more than 0.5 percent. (c) When Fee Collected.—A fee for the guarantee of an obligation under this chapter shall be collected not later than the date on which an amount is first paid on the obligation. (d) Financing the Fee.—A fee paid under this section is eligible to be financed under this chapter and shall be included in the actual cost of the obligation guaranteed. (e) Not Refundable.—A fee paid under this section is not refundable. However, an obligor shall receive credit for the amount paid for the remaining term of the obligation if the obligation is refinanced and guaranteed under this chapter after the refinancing. |
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(Pub. L. 109–304, §8(c), Oct. 6, 2006, 120 Stat. 1613; Pub. L. 109–163, div. C, title XXXV, §3507(a)(1)(D), Jan. 6, 2006, 119 Stat. 3555; Pub. L. 110–181, div. C, title XXXV, §3522(a)(10)(B), (b), Jan. 28, 2008, 122 Stat. 598.) |
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2008—Pub. L. 110–181, §3522(b), repealed Pub. L. 109–163, §3507(a)(1)(D). See 2006 Amendment note below. Subsecs. (a), (b)(2), (4). Pub. L. 110–181, §3522(a)(10)(B), incorporated the substance of the amendment by Pub. L. 109–163, §3507(a)(1)(D), into this section by inserting "or Administrator" after "Secretary", except the second place appearing in subsec. (b)(2). See 2006 Amendment note below and section 18(a) of Pub. L. 109–304, set out as a Legislative Purpose and Construction note preceding section 101 of this title. 2006—Pub. L. 109–163, §3507(a)(1)(D), which directed the amendment of section 1274(e) of the former Appendix to this title from which this section was derived, was repealed by Pub. L. 110–181, §3522(b). See 2008 Amendment note for subsecs. (a), (b)(2), (4) and Historical and Revision notes above. |
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| United States Code, 2018 Edition, Title 46 - SHIPPING | ||||||||||||||||||
| Bills and Statutes | ||||||||||||||||||
| United States Code | ||||||||||||||||||
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| Title 46 - SHIPPING Subtitle V - Merchant Marine Part C - Financial Assistance Programs CHAPTER 537 - LOANS AND GUARANTEES SUBCHAPTER I - GENERAL Sec. 53714 - Guarantee fees |
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| section 53714 | ||||||||||||||||||
| 2018 | ||||||||||||||||||
| January 14, 2019 | ||||||||||||||||||
| Yes | ||||||||||||||||||
| standard | ||||||||||||||||||
| 52 Stat. 970 53 Stat. 1187 64 Stat. 1078 67 Stat. 626 68 Stat. 1269 73 Stat. 269, 273 74 Stat. 216, 733 82 Stat. 180 84 Stat. 1035 86 Stat. 913 95 Stat. 166 98 Stat. 3131 104 Stat. 521 110 Stat. 3136 119 Stat. 3555 120 Stat. 1613 122 Stat. 598 |
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| Public Law 86-123, Public Law 86-127, Public Law 86-518, Public Law 86-685, Public Law 90-341, Public Law 91-469, Public Law 92-507, Public Law 97-31, Public Law 98-595, Public Law 101-380, Public Law 104-239, Public Law 109-163, Public Law 109-304, Public Law 110-181 |
