---
kind: "section"
citation: "45 U.S.C. § 722"
title: "45"
title_heading: "Railroads"
number: "722"
heading: "Records, audit, and examination"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/45/722"
units:
  - "Chapter 16 — Regional Rail Reorganization"
  - "Subchapter II — United States Railway Association"
---

# §722. Records, audit, and examination

- (a) **Records—** Each recipient of financial assistance under this subchapter, whether in the form of loans, obligations, or other arrangements, shall keep such records as the [Association](/usc/45/702.md?p=1) or the [Secretary](/usc/45/702.md?p=18) shall prescribe, including records which fully disclose the amount and disposition by such recipient of the proceeds of such assistance and such other records as will facilitate an effective audit.
- (b) **Audit and examination—** The [Association](/usc/45/702.md?p=1), the [Secretary](/usc/45/702.md?p=18), and the Comptroller General of the United States, or any of their duly authorized representatives shall, until the expiration of 3 years after the implementation of the [final system plan](/usc/45/702.md?p=8), have access for the purpose of audit and examination to any books, documents, papers, and records of such recipients which in the opinion of the [Association](/usc/45/702.md?p=1), the [Secretary](/usc/45/702.md?p=18), or the Comptroller General may be related or pertinent to the loans, obligations or other arrangements referred to in [subsection (a)](#a) of this section. The [Association](/usc/45/702.md?p=1) or any of its duly authorized representatives shall, until any financial assistance received under this subchapter has been repaid to the [Association](/usc/45/702.md?p=1), have access to any such materials which concern any matter that may bear upon—
  - (1) the ability of the recipient of such financial assistance to make repayment within the time fixed therefor;
  - (2) the effectiveness with which the proceeds of such assistance is used; and
  - (3) the implementation of the [final system plan](/usc/45/702.md?p=8) and the realization of the declaration of policy of this chapter.

## Source credit

(Pub. L. 93–236, title II, § 212, Jan. 2, 1974, 87 Stat. 1002.)

## Notes

### Statutory Notes and Related Subsidiaries

### Abolition of United States Railway Association and Transfer of Functions and Securities

See section 1341 of this title.