Page:United States Statutes at Large Volume 95.djvu/1084

 95 STAT. 1058

PUBLIC LAW 97-72—NOV. 3, 1981

38 USC 1845

«§ 1845. Interest on loans "(a) Loans guaranteed under this subchapter shall bear interest not in excess of such rate as the Administrator may from time to time find the loan market demands. In establishing the rate of interest that shall be applicable to such loans, the Administrator shall consult with the Administrator of the Small Business Administration. "(b) The rate of interest on any direct loan made by the Administrator under this subchapter may not exceed the maximum rate in effect under subsection (a) of this section at the time the direct loan is made.

38 USC 1846.

"§ 1846. Maturity of loans "The maturity of a loan made or guaranteed under this subchapter that is used in whole or in part for the construction, conversion, or expansion of facilities or for acquisition of real property may not exceed twenty years plus such additional reasonable time as the Administrator may determine, at the time the loan is made, is required to complete the construction, acquisition, or expansion of such facilities. The maturity of any other loan made or guaranteed under this subchapter may not exceed ten years.

38 USC 1847.

"§ 1847. Eligible financial institutions "The Administrator may not guarantee under this subchapter a loan made by an entity not subject to examination and supervision by an agency of the United States or of a State.

38 USC 1848.

"§ 1848. Preference for disabled veterans "In the extension of financial assistance under this subchapter, the Administrator shall give preference, first, to veterans' small business concerns in which disabled veterans who have successfully completed a vocational rehabilitation program for self-employment in a small business enterprise under chapter 31 of this title have a significant ownership interest, and, second, to veterans' small business concerns in which other disabled veterans have a significant ownership interest. "§ 1849. Revolving fund "(a) There is established in the Treasury a revolving fund to be known as the 'Veterans' Administration Small Business Loan Revolving Fund' (hereinafter in this section referred to as the 'fund'). "(b) Amounts in the fund shall be available to the Administrator without fiscal year limitation for all loan guaranty and direct loan operations under this subchapter other than administrative expenses and may not be used for any other purpose. "(c)(1) Effective for fiscal year 1982 and fiscal years thereafter, ^^^^^ jg authorized to be appropriated to the fund a total of $25,000,000. "(2) There shall be deposited into the fund all amounts received by the Administrator derived from loan operations under this subchapter, including all collection of principal and interest and the proceeds from the use of property held or of property sold. "(d) The Administrator shall determine annually whether there has developed in the fund a surplus which, in the Administrator's judgment, is more than necessary to meet the needs of the fund. Any such surplus shall immediately be transferred into the general fund of the Treasury. "(e) Not later than two years after the termination of the authority of the Administrator to make new commitments for financial assist-

88 USC 1849.

Appropriation authorization.

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