Summary: S.1223 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for S.1223. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/06/2015)

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The temporary program for rapid deployment of renewable energy and electric power transmission projects is repealed, and the unobligated balance of amounts available to implement it are rescinded.