Page:United States Statutes at Large Volume 104 Part 2.djvu/756

 104 STAT. 1388-348 PUBLIC LAW 101-508—NOV. 5, 1990 Subtitle D—Housing and Loan Guaranty Assistance SEC. 8031. ELECTION OF CLAIM UNDER GUARANTY OF MANUFACTURED HOME LOANS. (a) IN GENERAL. — Paragraph (3) of section 1812(c) of title 38, United States Code, is amended to read as follows: "(3)(A) The Secretary's guaranty may not exceed the lesser of (i) the lesser of $20,000 or 40 percent of the loan, or (ii) the maximum amount of the guaranty entitlement available to the veteran as specified in paragraph (4) of this subsection. "(B) A claim under the Secretary's guaranty shall, at the election of the holder of a loan, be made by t];ie filing of an accounting with the Secretary— "(i) within a reasonable time after the receipt by such holder of an appraisal by the Secretary of the value of the security for the loan; or "(ii) after liquidation of the security for the loan. "(C) If the holder of a loan applies for payment of a claim under clause (i) of subparagraph (B) of this paragraph, the amount of such claim payable by the Secretary shall be the lesser of— "(i) the amount equal to the excess, if any, of the total indebtedness over the amount of the appraisal referred to in such clause; or "(ii) the amount equal to the guaranty under this section. "(D) If the holder of a loan files for payment of a claim under clause (ii) of subparagraph (B) this paragraph, the amount of such claim payable by the Secretary shall be the lesser of— "(i) the amount equal to the excess, if any, of the total indebtedness over the greater of the value of the property securing the loan, as determined by the Secretary, or the amount of the liquidation or resale proceeds; or "(ii) the amount equal to the guaranty under this section. "(E) In any accounting filed pursuant to subparagraph (B)(ii) of this subsection, the Secretary shall permit to be included therein accrued unpaid interest from the date of the first uncured default to such cutoff date as the Secretary may establish, and the Secretary shall allow the holder of the loan to charge Eigainst the liquidation or resale proceeds accrued interest from the cutoff date established to such further date as the Secretary may determine and such costs and expenses as the Secretary determines to be reasonable and proper. "(F) The liability of the United States under the guaranty provided for by this paragraph shall decrease or increase pro rata with any decrease or increase of the amount of the unpaid portion of the obligation.". 38 USC 1812 (b) EFFECTIVE DATE. —The amendment made by this section shall noteapply to claims filed with the Secretary of Veterans Affairs on or after the date of the enactment of this Act. SEC. 8032. LOAN FEE. Section 1829(a) of title 38, United States Code, is amended— (1) in paragraph (2), by striking out "The amount" and inserting in lieu thereof "Except as provided in paragraph (6) of this subsection, the amount"; and

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