Page:United States Statutes at Large Volume 95.djvu/804

 95 STAT. 778

Ante, p. 767. 15 USC 633. 15 USC 696. Ante, p. 767. Disaster loans. 15 USC 636.

PUBLIC LAW 97-35—AUG. 13, 1981 (B) the average term of loans before such extension or refinancing and the average term of such loans after such extension or refinancing; and (3) with respect to section 7(a)(6)(C) of the Small Business Act, the aggregate number, dollar value, and default rate of all loans refinanced pursuant to such provision. SEC. 1908. Section 4(c)(l)(B) of the Small Business Act is amended by deleting "7(e), 7(h), 7(i), 7(1),". SEC. 1909. Section 502 of the Small Business Investment Act of 1958 is amended by striking paragraphs (1) and (5) and by renumbering paragraphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively. SEC. 1910. Sections 7(a)(6)(C) and 7(a)(8) of the Small Business Act as enacted herein are repealed October 1, 1985. SEC. 1911. Sections 7(b)(1) and 7(b)(2) of the Small Business Act are amended to read as follows: "(b) The Administration also is empowered to the extent and in such amounts as provided in advance in appropriation Acts— "(1)(A) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred (guaranteed) basis) as the Administration may determine to be necessary or appropriate to repair, rehabilitate or replace property, real or personal, damaged or destroyed by or as a result of floods, riots or civil disorders, or other catastrophes: Provided, That such damage or destruction is not compensated for by insurance or otherwise; "(B) to refinance any mortgage or other lien against a totally destroyed or substantially damaged home or business concern: Provided, That no loan or guarantee shall be extended unless the Administration finds that (i) the applicant is not able to obtain credit elsewhere; (ii) such property is to be repaired, rehabilitated, or replaced; (iii) the amount refinanced shall not exceed the amount of physical loss sustained; and (iv) such amount shall be reduced to the extent such mortgage or lien is satisfied by insurance or otherwise; "(2) to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred (guaranteed) basis) as the Administration may determine to be necessary or appropriate to any small business concern located in an area affected by a disaster, if the Administration determines that the concern has suffered a substantial economic injury as a result of such disaster and if such disaster constitutes— "(A) a major disaster, as determined by the President under the Act entitled "An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes", approved September 30, 1950, as amended (42 U.S.C. 1855-1855g); or "(B) a natural disaster, as determined by the Secretary of Agriculture pursuant to the Consolidated Farmers Home .',;: Administration Act of 1961 (7 U.S.C. 1961); or "(C) a disaster, as determined by the Administrator of the Small Business Administration; or "(D) if no disaster declaration has been issued pursuant to subparagraph (A), (B), or (C), the Governor of a State in which a disaster has occurred may certify to the Small Business Administration that small business concerns (1) have suffered economic injury as a result of such disaster, and (2) are in need of financial assistance which is not

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