Page:United States Statutes at Large Volume 72 Part 1.djvu/117

 72 S T A T. ]

77

PUBLIC LAW 86-364-APR. 1, 1968

(2) Subsection (c) of such section is amended by striking out "June 30, 1958" and inserting "June 30, 1961". (3) Subsection (d) of such section 513 is amended by striking out "1957" and inserting "1960". (c)(1) The fourth sentence of subsection (a) of section 500 of such Act (38 IJ. S. C, sec. 694) is amended by striking out all that follows "in this title," and inserting "is automatically guaranteed by the Government by this title in an amount not exceeding 60 per centum of the loan if the loan is made for any of the purposes specified in section 501 of this title and not exceeding 50 per centum of the loan if made for any of the purposes specified in section 502, 503, or 507 of this title: Provided, That unless the loan is made for one of the purposes specified in section 501 of this title the aggregate amount guaranteed shall not exceed $2,000 in the case of non-real-estate loans, nor $4,000 in the case of real-estate loans, or a prorated portion thereof on loans of both types or combination thereof.". (2) Subsection (b) of section 501 of such Act (38 U.S.C. sec. 694a) is amended by striking out all that follows " (b) " to the colon immediately preceding the first proviso and inserting: "Any loan made to a veteran for any of the purposes specified in subsection (a) or subsection (c) of this section 501 is automatically guaranteed, if otherwise made pursuant to the provisions of this title, in an amount not exceeding 60 per centum of the loan". (3) Subsection (c) of such section 501 is amended by striking out "may be guaranteed" and inserting "is automatically guaranteed^'. (d)(1) Section 500(a) of the Servicemen's Keadjustment Act of 1944 (38 U.S.C. 694) is amended by striking out "eleven" and inserting in lieu thereof "thirteen". (2) Subsection (g) of such section is amended to read as follows: " (g) Notwithstanding any other provision of this title, if a loan report or an application for loan guaranty relating to a loan under this title has been received by the Administrator on or oefore July 25, 1960, such loan may be guaranteed or insured under the provisions of this title on or before July 25, 1961." (3) Section 507 of such Act (38 U.S.C. 694h) is amended by striking out "eleven" and inserting in lieu thereof "thirteen". (e)(1) Section 500(b) of the Servicemen's Readjustment Act of 1944 is amended by striking out the last proviso and inserting in lieu thereof the following: "And provided further, That the Administrator, with the approval of the Secretary of the Treasury, may prescribe by regulation from time to time such rate of interest as he may find the loan market demands, but the rate of interest so prescribed by the Administrator shall not exceed at any time the rate of interest (exclusive of premium charges for insurance, and service charges if any), established by the Federal Housing Commissioner under section 203 (b)(5) of the National Housing Act, less one-half of 1 per centum per annum; except that such rate shall in no event exceed 4 % per centum per annum." (2) The provisions of the Servicemen's Readjustment Act of 1944 with respect to the interest chargeable on loans made or guaranteed under such Act which were in effect prior to the date of enactment of this Act shall, notwithstanding the amendment made by this subsection, continue to be applicable (1) to any loan made or guaranteed prior to such date of enactment, and (2) to any loan with respect to which a commitment to ^ a r a n t e e has oeen entered into by the Veterans' Administration prior to such date. SEC. 6. Section 605 oi the Housing Act of 1957 is hereby repealed-. Approved April 1, 1958.

Loans guaranty.

69 Stat. 162.

69 Stat. 161. 70 Stat. 9113.

70 Stat. 914.

70 Stat. 914. Interest. 67 Stat. 136. 38 USC 694.

68 Stat. 5 9 1. 12 USC 1709.

Interest rate applicable^

Repeal.

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