Page:United States Statutes at Large Volume 58 Part 1.djvu/313

 58 STAT.] 78TH CONG. , 2D SESS.-CH. 268 -JUNE 22, 1944 pursuing a gainful occupation (other than farming) may be approved y the Administrator of Veterans' Affairs if he finds- (1) that the proceeds of such loan will be used for payment for real or personal property purchased or to be purchased by the veteran and used by him in the bona fide pursuit of such gainful occupation; (2) that such property will be useful in and reasonably neces- sary for the efficient and successful pursuit of such occupation; (3) that the ability and experience of the veteran, and the con- ditions under which he proposes to pursue such occupation, are such that there is a reasonable likelihood that he will be successful in the pursuit of such occupation; and (4) that the purchase price paid or to be paid by the veteran for such property does not exceed the reasonable normal value thereof as determined by proper appraisal. SEC. 504. The Administrator of Veterans' Affairs is authorized to promulgate such rules and regulations as are deemed necessary and appropriate for carrying out the provisions of this title, and may delegate to a subordinate employee authority to approve loans subject to the provisions of this title and the rules promulgated thereunder. SEC. 505. (a) The Administrator shall designate such agency or agencies, if any, as he finds equipped to determine whether the guaranty of loan should be approved under this title. In any case wherein a principal loan, for any of the purposes stated in section 501, 502, or 503, is approved by a Federal agency to be made or guaranteed or insured by it pursuant to applicable law and regula- tions, and the veteran is in need of a second loan to cover the remainder of the purchase price or cost, or a part thereof, the Administrator, subject otherwise to the provisions of this title, including the limitation of $2,000 on the total amount which may be guaranteed, may guarantee the full amount of the second loan: Provided, That such second loan shall not exceed 20 per centum of the purchase price or cost and that the rate of interest thereon shall not exceed that on the principal loan by more than 1 per centum: And provided further, That regulations to be promulgated jointly by the Administrator and the head of such agency may provide for servicing of both loans by such agency and for refinancing of the principal loan to include any unpaid portion of the secondary loan with accrued interest, if any, after the curtailment thereon equals twice the amount of the secondary loan. (b) Any person who is found by the Administrator of Veterans' Affairs to be a veteran eligible for the benefits of this title, as pro- vided in section 500 hereof, and who is found by the Secretary of Agriculture, by reason of his ability and experience, including train- ing as a vocational trainee, to be likely to carry out successfully undertakings required of him under a loan which may be made under the Bankhead-Jones Farm Tenant Act, shall be eligible for the benefits of such Act to the same extent as if he were a farm tenant. TITLE IV 293 Use in pursuit of gainful occupation. Likelihood of succes. Reasonable price. Rules and regula- tions. Designation of de- termining agency. Second loans. Servicing of loans; refinancing of princi- pal loan. Eligibility under BankheadJonesFarm Tenant Act. 50 Stat. 522 . 7 U.S.. S. 1000- 1029; Supp. III, i 1011. CHAPTER VI-EMPLOYMENT OF VETERANS SEO. 600. (a) In the enactment of the provisions of this title Job counseling and Congress declares as its intent and purpose that there shall be an emnntlvt place- effective job counseling and employment placement service for vet- erans, and that, to this end, policies shall be promulgated and admin- istered, so as to provide for them the maximum of job opportunity

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