Section 1 Short title
This Act may be cited as the “Energy Loan Program Improvement Act of 2015”.
Energy Loan Program Improvement Act of 2015
A BILL
To amend the Energy Policy Act of 2005 to improve the loan guarantee program for innovative technologies, and for other purposes.
Sec. 2 Borrower payment of subsidy cost
Section 1702 of the Energy Policy Act of 2005 (42 U.S.C. 16512) is amended by striking subsection (b) and inserting the following:
“(b) Borrower payment of subsidy cost—No guarantee shall be made under subsection (a) unless the Secretary has received from the borrower a payment in full for the cost of the guarantee and deposited the payment into the Treasury.”
Sec. 3 Prohibition on subordination of debt
Section 1702(d)(3) of the Energy Policy Act of 2005 (42 U.S.C. 16512(d)(3)) is amended by striking “is not subordinate” and inserting “(including any reorganization, restructuring, or termination of the obligation) shall not at any time be subordinate”.
Sec. 4 Loan program transparency
Section 1703 of the Energy Policy Act of 2005 (42 U.S.C. 16513) is amended by adding at the end the following:
“(f) Loan status
“(1) Request—If the Secretary does not make a final decision on an application for a loan guarantee under this section by the date that is 270 days after receipt of the application by the Secretary, on that date and every 90 days thereafter until the final decision is made, the applicant may request that the Secretary provide to the applicant a description of the status of the application.
“(2) Response—Not later than 10 days after receiving a request from an applicant under paragraph (1), the Secretary shall provide to the applicant a response that includes—
“(A) a summary of any factors that are delaying a final decision on the application; and
“(B) an estimate of when review of the application will be completed.”
Sec. 5 Temporary program for rapid deployment of renewable energy and electric power transmission projects
Repeal— Section 1705 of the Energy Policy Act of 2005 (42 U.S.C. 16516) is repealed.
Rescission— There is rescinded the unobligated balance of amounts made available to carry out the loan guarantee program established under section 1705 of the Energy Policy Act of 2005 (42 U.S.C. 16516) (before the amendment made by subsection (a)).
Management— The Secretary of Energy shall ensure rigorous continued management and oversight of all outstanding loans guaranteed under the program described in subsection (b) until those loans have been repaid in full.