Page:United States Statutes at Large Volume 92 Part 2.djvu/220

 92 STAT. 1500 38 USC 1818.

PUBLIC LAW 95-476—OCT. 18, 1978 (b) The item relating to section 1818 in the table of sections at the beginning of clrapter 37 is amended to read as follows: "1818. Service after January 31, 1955, and prior to August 5, 1964, or after May 7, 1975.". MOBILE HOME AND MOBILE H O M E LOT LOANS

38 USC 1819.



38 USC 1802. •'

SEC. 107. (a) Subsections (a) and (b) of section 1819 are amended to read as follows: "(a)(1) Notwithstanding any other provision of this chapter, any loan to a veteran eligible for the benefits of this chapter, if made pursuant to the provisions of this section, may be guaranteed if such loan is for one of the following purposes: " (A) To purchase a lot on which to place a mobile home already owned by the veteran. "(B) To purchase a single-wide mobile home. "(C) To purchase a single-wide mobile home and a lot on which to place such home. " (D) To purchase a double-wide mobile home. " (E) To purchase a double-wide mobile home and a lot on which to place such home. "(2) A loan for any of the purposes described in paragraph (1) of this subsection may include an amount determined by the Administrator to be appropriate to cover the cost of necessary preparation of a lot already owned or to be acquired by the veteran, including the costs of installing utility connections and sanitary facilities, of paving, and of constructing a suitable pad for the mobile home. " (8) Any loan made for the purposes described in clause (C) or (E) of paragraph (1) of this subsection shall be considered as part of one loan. The transaction may be evidenced by a single loan instrument or by separate loan instruments for (A) that portion of the loan which finances the purchase of the mobile home, and (B) that portion of the loan which finances the purchase of the lot and the necessary preparation of such lot. "(b)(1) Use of entitlement under this section for the purchase of a mobile home unit shall preclude the use of remaining entitlement for the purchase of an additional mobile home unit until the unit which se/cured the loan has been disposed of by the vetemn or has been destroyed by fire or other natural hazard. " (2) The Administrator shall restore entitlement to all loan guaranty benefits under this chapter for the veteran when the conditions prescribed in section 1802(b) of this title have been met.". (b)(1) Paragraph (1) of siibsection (c) of such section is amended to read as follows: " (1) Ix)ans for any of the purposes authorized by subsection (a) of this section shall be submitted to the Administrator for approval prior to the closing of the loan, except that the Administrator may exempt any lender of a class listed in section 1802(d) of this title from compliance with such prior approval requirement if the Administrator determines that the experience of such lender or class of lenders in mobile home financing warrants such exemption.". (2) Paragraph (3) of such subsection is amended by striking out the first sentence and inserting in lieu thereof the following new sentences: "The Administrator's guaranty may not exceed the lesser of 50 per centum of the loan amount or the maximum loan guaranty entitlement available, not to exceed $17,500. Payment of a claim under

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