U.S. Code > Title 46 Shipping > Subtitle V—Merchant Marine (§§ 50101—58109) > Part C—Financial Assistance Programs (§§ 53101—54101) > CHAPTER 537—LOANS AND GUARANTEES (§§ 53701—53735) > SUBCHAPTER I—GENERAL (§§ 53701—53718) > § 53703. Application procedures

§ 53703. Application procedures

(a) Time for Decision.—
(1) In general.— The Secretary or Administrator shall approve or deny an application for a loan guarantee under this chapter within 270 days after the date on which the signed application is received by the Secretary or Administrator.
(2) Extension.— On request by an applicant, the Secretary or Administrator may extend the 270-day period in paragraph (1) to a date not later than 2 years after the date on which the signed application was received by the Secretary or Administrator.
(b) Certification of Review.— The Secretary or Administrator may not guarantee or make a commitment to guarantee an obligation under this chapter unless the Secretary or Administrator certifies that a full and fair consideration of all the regulatory requirements, including economic soundness and financial requirements applicable to the obligor and related parties, and a thorough assessment of the technical, economic, and financial aspects of the loan application, has been made.