Page:United States Statutes at Large Volume 93.djvu/1018

 93 STAT. 986

PUBLIC LAW 96-128—NOV. 28, 1979 AUTHORITY FOR HIGHER INTEREST RATES FOR AMOUNTS PAYABLE TO BENEFICIARIES

38 USC 726.

SEC. 302. (a) Subchapter I of chapter 19 is amended by adding at the end thereof the following new section: "§ 726. Authority for higher interest rates for amounts payable to beneficiaries "Notwithstanding sections 702, 723, and 725 of this title, if the beneficiary of an insurance policy receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in the appropriate section of this subchapter. The Administrator may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound for the program of insurance concerned. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.". (b) The table of sections at the beginning of such chapter is amended by inserting after the item relating to section 725 the following new item: "726. Authority for higher interest rates for amounts payable to beneficiaries.".

38 USC 761.

SEC. 303. (a) Subchapter II of chapter 19 is amended by adding at the end thereof the following new section: "§761. Authority for higher interest rates for amounts payable to beneHciaries "Notwithstanding section 7440t)) of this title, if the beneficiary of an insurance policy issued under the provisions of this subchapter receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in such section. The Administrator may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.". (b) The table of sections at the beginning of such chapter is amended by inserting after the item relating to section 760 the following new item: "761. Authority for higher interest rates for amounts payable to beneficiaries.". TECHNICAL AMENDMENTS

38 USC 718,753.

SEC. 304. Sections 718(b) and 753 are amended by striking out "his" and inserting in lieu thereof "such person's". TITLE IV—EXEMPTION OF VETERANS' ADMINISTRATION HOME LOANS FROM STATE ANTI-USURY PROVISIONS

38 USC 1828.

SEC. 401. (a) Chapter 37 is amended by adding at the end thereof the following new section: "If, under any law of the United States, loans and mortgages insured under title I or title II of the National Housing Act are
 * § 1828. Exemption from State anti-usury provisions

�