summary
Introduced
05/06/2015
05/06/2015
In Committee
05/06/2015
05/06/2015
Crossed Over
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Energy Loan Program Improvement Act of 2015 This bill amends the Energy Policy Act of 2005 to repeal the condition of a full appropriation under which the Department of Energy (DOE) may make loan guarantees intended to serve as incentives for innovative technologies, but retains as the sole condition for the making of a guarantee that DOE has received from the borrower payment in full for the cost of the guarantee, and has deposited such payment into the Treasury. Any reorganization, restructuring, or termination of a debt obligation, as well as the debt obligation itself (as under current law), may not be subordinate to other financing. If DOE has not made a final decision 270 days after receipt of the loan application, the applicant may submit a loan status request, and may repeat such request every 90 days thereafter until the final decision is made. DOE must respond to such a request within 10 days after receiving it, summarizing any delaying factors and estimating the date the application review will be completed. The temporary program for rapid deployment of renewable energy and electric power transmission projects is repealed, and the unobligated balance of amounts available to implement it are rescinded.
AI Summary
This bill, the Energy Loan Program Improvement Act of 2015, makes several changes to the Department of Energy's (DOE) loan guarantee program, which provides incentives for innovative energy technologies. It removes the requirement for full congressional appropriation before the DOE can issue loan guarantees, instead making the sole condition that the borrower pays the full cost of the guarantee to the DOE, which is then deposited into the Treasury. The bill also clarifies that any debt obligations, including any reorganizations or restructurings, cannot be subordinate to other financing. To improve transparency and efficiency, if the DOE has not made a final decision on a loan application within 270 days, the applicant can request a status update every 90 days thereafter, and the DOE must respond within 10 days, explaining any delays and providing an estimated completion date for the review. Finally, the bill repeals a temporary program for the rapid deployment of renewable energy and electric power transmission projects and rescinds any remaining funds allocated for it, while ensuring continued oversight of existing loans under that program.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
Committee on Energy and Natural Resources. Hearings held. (on 06/09/2015)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/114th-congress/senate-bill/1223/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-114s1223is/pdf/BILLS-114s1223is.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-114s1223is/pdf/BILLS-114s1223is.pdf.pdf |
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