Page:United States Statutes at Large Volume 84 Part 1.djvu/1166

 1108

PUBLIC LAW 91-506-OCT. 23, 1970

[84

STAT.

Public Law 91-506 October 23, 1970 [ H. R. 16710]

Veterans ' Housing Act of 1970. 75 Stat. 2 0 1. 81 Stat. 190.

Expired loan entitlement, r e s toration.

72 Stat. 1205.

Post,

p. 1110.

80 Stat. 2 5.

72 Stat. 1207.

AN ACT To amend chapter 37 of title 38, United States Code, to authorize guaranteed and direct loans to eligible veterans for mobile homes and lots therefor if used as permanent dwellings, to remove the time limitation on the use of entitlement to benefits under such chapter, and to restore such entitlements which have lapsed prior to use or expiration, to eliminate the guaranteed and direct loan fee collected under such chapter, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled.) That this Act may be cited as the "Veterans' Housing Act of 1970". SEC. 2. (a) Section 1802(b) of title 38, United States Code, is amended b_^ striking out the last sentence thereof. (b) Section 1803 of such title is amended by striking out subsection (a) and inserting in lieu thereof the following: " (a)(1) Any loan to a World W a r II or Korean conflict veterah, if made for any of the purposes, and in complianqe with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 per centum of the loan if the loan is made for any of the purposes specified in section 1810 of this title and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title. "(2) Any unused entitlement of World War II or Korean conflict veterans which expired under provisions of law in effect prior to the date of enactment of the Veterans' Housing Act of 1970 is hereby restored and shall not expire until used." (c) Section 1803 of such title is amended—• (1) by striking out "1810 and 1811" in subsection (b) and inserting in lieu thereof "1810, 1811, and 1819"; and (2) by inserting immediately after "years" in the first sentence of subsection (d)(1) the following: "except as provided in section 1819 of this title". (d) Subsection (b) of section 1804 of such title is amended by striking out "The" and inserting in lieu thereof "Subject^to notice and opportunity for a hearing, the"; and subsection (d) of such section is amended by striking out "Whenever" and inserting in lieu thereof "Subject to notice and opportunity for a hearing, whenever". (e) Section 1818 of such title is amended by striking out subsections (c), (d), and (e) and inserting in lieu thereof the following: "(c) Notwithstanding the exception in subsection (a) of this section, entitlement derived under such subsection (a) shall include eligibility for any of the purposes specified in sections 1813 and 1815, and business loans under section 1814 of this title, if (1) the veteran previously derived entitlement to the benefits of this chapter based on service during World W a r II or the Korean conflict, and (2) he has not used any of his entitlement derived from such service. " (d) Any entitlement to the benefits of this section which had not expired as of the date of enactment of the Veterans' Housing Act of 1970 and any entitlement to such benefits accruing after such date shall not expire until used." SEC. 3. Section 1810 of title 38, United States Code, is amended by(1) adding the following new clause after clause (4) of subsection (a): " (5) To refinance existing mortgage loans or other liens which are secured of record on a dwelling or farm residence owned and occupied by him as his home. Nothing in this chapter shall preclude a veteran from paying to a lender any discount required by such lender in connection with such refinancing."; and

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