Page:United States Statutes at Large Volume 94 Part 2.djvu/370

 94 STAT. 1648 Ante, p. 164.

PUBLIC LAW 96-399—OCT. 8, 1980

Effective date.

(b) Section 511 of such Act is amended by redesignating subsection (b) as subsection (c) and by inserting after subsection (a) the following: ' '(b) For the purpose of this part— "(1) the term 'loan' includes all secured and unsecured loans, credit sales, forbearances, advances, renewals or other extensions of credit made by or to any person or organization for business or agricultural purposes; "(2) the term 'interest' includes any compensation, however denominated, for a loan; "(3) the term 'organization' means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, association, or other entity; and "(4) the term 'person' means a natural person or organization.". (c)(1) Section 512 of such Act is amended— (A) by inserting "(a)" after "SEC. 512."; and (B) by adding at the end thereof the following: "(b) A loan shall be deemed to be made during the period described in subsection (a) if such loan— "(1)(A) is funded or made in whole or in part during such period, regardless of whether pursuant to a commitment or other agreement therefor made prior to April 1, 1980; "(B) was made prior to or on April 1, 1980, and bears or provides for interest during such period on the outstanding amount thereof at a variable or fluctuating rate; or "(C) is a renewal, extension, or other modification during such period of any loan, if such renewal, extension, or other modification is made with the written consent of any person obligated to repay such loan; and "(2)(A) is an original principal amount of $25,000 or more ($1,000 or more on or after the date of enactment of the Housing and Community Development Act of 1980); or "(B) is part of a series of advances if the aggregate of all sums advanced or agreed or contemplated to be advanced pursuant to a commitment or other agreement therefor is $25,000 or more ($1,000 or more on or after the date of enactment of the Housing and Community Development Act of 1980).". (2) The amendments made by paragraph (1) take effect on April 1,

12 USC 86a note.

1980.

Ante, p. 164.

(d) Part B of title V of such Act, other than section 512(b), is amended by striking out "$25,000" wherever it appears and inserting in lieu thereof "$1,000". (e) Section 501(a)(l)(C)(vi) of such Act is amended by inserting before the period at the end thereof the following: ", and any individual who finances the sale or exchange of residential real property which such individual owns and which such individual occupies or has occupied as his principal residence".

Definitions.

Ante, p. 164.

Ante, p. 1614.

Ante, p. 161.

LIQUID, HIGHLY RATED CORPORATE DEBT OBLIGATIONS

Ante, p. 139,

SEC. 325. (a) The first sentence of section 5A(b)(l) of the Federal Home Loan Bank Act is amended— (1) by striking out "and" before "(E)"; (2) by redesignating clause (E) as subparagraph (E); (3) by striking out the period at the end of subparagraph (E) and inserting in lieu thereof a semicolon; and (4) by adding at the end thereof the following:

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