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15 U.S. Code § 697e. Premier Certified Lenders Program
(a) Establishment
The Administration may establish a Premier Certified Lenders Program for certified development companies that meet the requirements of subsection (b).
(b) Requirements
(1) Application
To be eligible to participate in the Premier Certified Lenders Program established under subsection (a), a certified development company shall prepare and submit to the Administration an application at such time, in such manner, and containing such information as the Administration may require.
(2) DesignationThe Administration may designate a certified development company as a premier certified lender—
(A)
if the company is an active certified development company in good standing and has been an active participant in the accredited lenders program during the entire 12-month period preceding the date on which the company submits an application under paragraph (1), except that the Administration may waive this requirement if the company is qualified to participate in the accredited lenders program;
(B) if the company has a history of—
(i)
submitting to the Administration adequately analyzed debenture guarantee application packages; and
(ii)
of properly closing section 504 [15 U.S.C. 697a] loans and servicing its loan portfolio;
(C)
if the company agrees to assume and to reimburse the Administration for 10 percent of any loss sustained by the Administration as a result of default by the company in the payment of principal or interest on a debenture issued by such company and guaranteed by the Administration under this section (15 percent in the case of any such loss attributable to a debenture issued by the company during any period for which an election is in effect under subsection (c)(7) for such company); and
(D)
the [1] Administrator determines, with respect to the company, that the loss reserve established in accordance with subsection (c) is sufficient for the company to meet its obligations to protect the Federal Government from risk of loss.
(3) Applicability of criteria after designation
The Administrator may revoke the designation of a certified development company as a premier certified lender under this section at any time, if the Administrator determines that the certified development company does not meet any requirement described in subparagraphs (A) through (D) of paragraph (2).