PUBLIC LAW 95-194—NOV. 18, 1977
91 STAT. 1413
Public Law 95-194 95th Congress An Act To extend the provisions of the Fishermen's Protective Act of 1967, relating to the reimbursement of seized commercial fishermen, until October 1, 1978.
Nov. 18, 1977 [S. 1184]
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 7(e) Fishermen's of the Fishermen's Protective Act of 1967 (22 U.S.C. 1977(e)) is Protective Act of amended by striking out "October 1, 1977" and inserting in lieu thereof 1967, amendment. "October 1, 1978". SEC. 2. The Fishermen's Protective Act of 1967, as amended, is fur- Seized ther amended by adding the following new section at the end thereof: commercial "SEC. 10. (a) After July 1, 1977, the Secretary may make a loan to fishermen, the owner or operator of any vessel of the United States which is docu- reimbursement. Loans. mented or certified as a commercial fishing vessel if— "(1) he receives an application for a loan under this section Effective date. 22 USC 1980. after such date; "(2) he reasonably determines that such vessel, or its fishing gear, was lost, damaged, or destroyed by any vessel (or its crew or fishing gear) of a foreign nation operating within the fishery conservation zone established by sections 101 and 102 of the Fishery Conservation and Management Act of 1976 (16 U.S.C. 1811); 16 USC 1812. and "(3) the amount of such loss, damage, or destruction exceeds $2,000. Any such loan— "(A) may be for an amount not exceeding the value of such loss, damage, or destruction; "(B) shall be conditional upon assignment to the Secretary of any right to recover for such loss, damage, or destruction; "(C) shall bear interest at a rate not to exceed 3i/^ per centum Interest rate. per annum; and "(D) shall be subject to such terms and conditions as the Secretary deems necessary and appropriate for the purposes of this section. The Secretary shall use the Fishermen's Protective Fund created under section 9 for the amounts of any loan made under this section. 22 USC 1979. Loans may be made for any loss, damage, or destruction occurring after July 1, 1976 for which claims are not already substantially resolved. "(b) The Secretary, in conjunction with other agencies or depart- Investigation, ments, shall investigate each incident of loss, damage, or destruction eooperation. for which a loan was made under this section. If he determines that Loan repayment, the owner or operator who received the loan was not at fault, the cancellation. Secretary shall cancel repayment of such loan and refund to such owner or operator any principal and interest payments thereon made prior to the date of such cancellation. If he determines that the owner or operator who received the loan was at fault, the loan shall not continue for its term and shall be repaid within a reasonable time as determined by the Secretary.