(a) The community based lending organization shall submit to the corporation annual reports and additional reports as requested at the discretion of the corporation stating:

(b) The corporation may conduct audits of the community based lending organization in order to ensure compliance with the statute, any regulations promulgated with respect thereto and agreements between the community based lending organization and the corporation of all aspects of the use of program funds and business loan transactions.

(c) In the event that the corporation finds substantive noncompliance, the corporation may terminate the community base lending organization's participation in the program.

(d) Upon termination of a community based lending organization's participation in the program, the community based lending organization shall return to the corporation, promptly after its demand thereof, all program fund proceeds held by the community based lending organization; and provide to the corporation, promptly after its demand thereof, an accounting of all program funds received by the community based lending organization, including all currently outstanding business loans that were made using program funds. Notwithstanding such termination, the community based lending organization shall remain liable to the corporation with respect to any unpaid amounts due from the community based lending organization pursuant to the terms of the corporation's loans to the community based lending organization.

(e) In the event that a community based lending organization's participation in the program is terminated, the corporation, in its discretion, can reassign all or part of the award made to such community based lending organization to one or more community based lending organizations that are already administering the program and that serve the same service area or portions thereof without an additional solicitation.