---
kind: "section"
citation: "15 U.S.C. § 80a–61"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–61"
heading: "Loans"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80a-61"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter I — Investment Companies"
---

# §80a–61. Loans


Notwithstanding the exemption set forth in [section 80a–6(f) of this title](/usc/15/80a–6.md?p=f), [section 80a–21 of this title](/usc/15/80a–21.md) shall apply to a [business development company](/usc/15/80a–2.md?p=a-48) to the same extent as if it were a registered closed-end investment [company](/usc/15/80a–2.md?p=a-8), except that nothing in that section shall be deemed to prohibit—

- (1) any loan to a [director](/usc/15/80a–2.md?p=a-12), officer, or employee of, or general partner in, a [business development company](/usc/15/80a–2.md?p=a-48) for the purpose of purchasing [securities](/usc/15/80a–2.md?p=a-36) of such [company](/usc/15/80a–2.md?p=a-8) as part of an executive compensation plan, if such loan meets the requirements of [section 80a–56(j) of this title](/usc/15/80a–56.md?p=j); or
- (2) any loan to a [company](/usc/15/80a–2.md?p=a-8) controlled by a [business development company](/usc/15/80a–2.md?p=a-48), which [companies](/usc/15/80a–2.md?p=a-8) could be deemed to be under common [control](/usc/15/80a–2.md?p=a-9) solely because a third [person](/usc/15/80a–2.md?p=a-28) [controls](/usc/15/80a–2.md?p=a-9) such [business development company](/usc/15/80a–2.md?p=a-48).

## Source credit

(Aug. 22, 1940, ch. 686, title I, § 62, as added Pub. L. 96–477, title I, § 105, Oct. 21, 1980, 94 Stat. 2287.)