Page:United States Statutes at Large Volume 94 Part 1.djvu/788

 94 STAT. 738

12 USC I723g.

42 USC 8211.

12 USC I723g.

Ante, p. 719.

12 USC I723h.

PUBLIC LAW 96-294—JUNE 30, 1980 in order to advance the national program of energy conservation in residential buildings, the Board shall direct the Bank"; and (2) by striking out paragraph (2). (b) Section 315(b) of such Act is amended— (1) by striking out "Secretary" and "Association" and inserting in lieu thereof "Board" and "Bank", respectively; and (2) by striking out "which are insured under title I" and all that follows through the period at the end thereof and inserting in lieu thereof the following: ", including loans and advances made by public utilities in accordance with the requirements of title II of the National Energy Conservation Policy Act, which are made for the purpose of financing, in whole or in part, the purchase and installation of residential energy conserving improvements or solar energy systems in residential buildings.". (c) Section 315(c) of such Act is amended by striking out "Association" and "Association's" each time they appear and inserting in lieu thereof "Bank" and "Bank's", respectively. (d) Section 315(d) of such Act is amended— (1) by inserting "or advance of credit" after "loan" each time it appears; and (2) by striking out "Association" and inserting in lieu thereof "Bank^'. (e) Section 315(e) of such Act is amended by striking out "Association" and inserting in lieu thereof "Bank". (0 Section 315(f) of such Act is amended by striking out "Secretary" and inserting in lieu thereof "Board". (g) Section 315(g) of such Act is amended— (1) by striking out "and" at the end of paragraph (1); (2) by inserting "residential" before "energy conserving" in paragraph (2); (3) by inserting "or solar energy system" after "improvements" in paragraph (2); (4) by inserting ", in whole or in part," after "financed" in paragraph (2); (5) by striking out "of this section." in paragraph (2) and inserting in lieu thereof "of the Solar Energy and Energy Conservation Bank Act;" and; (6) by adding the following new paragraphs after paragraph (2): "(3) the term of repayment of such loan or advance of credit is not less than 5 years and not more than 15 years, except that there shall be no penalty imposed if the borrower repays the loan before the established repa3rment period; "(4) the interest rate charged and the security required with respect to such loan or advance of credit is acceptable to the Board; "(5) the amount of such loan or advance of credit does not exceed $15,000; "(6) the entity from which such loan or advance of credit is purchased agrees to loan or advance credit for the purpose specified in subsection (b) in an amount equal to the amount of the loan or advance of credit which is purchased; and "(7) such loan or advance of credit meets other requirements established by the Board as necessary to carry out this section in an efficient and effective manner.", (h) Section 315 of such Act is amended by adding the following new subsection at the end thereof: "(h) For purposes of this section and section 316—

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