Page:United States Statutes at Large Volume 105 Part 1.djvu/295

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PUBLIC LAW 102-54 —JUNE 13, 1991 105 STAT. 267 Public Law 102-54 102d Congress An Act To amend title 38, United States Code, with respect to veterans programs for housing June 13, 1991 and memorial affairs, and for other purposes. [H.R. 232] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. NOTIFICATION REQUIREMENT. Section 1832(a)(4) of title 38, United States Code, is amended by striking out subparagraph (C). SEC. 2. PROPERTY MANAGEMENT. (a) VENDEE LOANS.—Section 1833(a) of title 38, United States Code, is amended by striking out paragraphs (2) and (3) and inserting in lieu thereof the following: "(2) After September 30, 1990, the percentage limitations described in paragraph (1) of this subsection shall have no effect. "(3) The Secretary may, beginning on October 1, 1990, sell any note evidencing a loan referred to in paragraph (1)— "(A) with recourse; or "(B) without recourse, but only if the amount received is equal to an amount which is not less than the unpaid balance of such loan. ". (b) REPEAL OF TERMINATION DATE. —Section 1833(a) of such title is amended— (1) by striking out paragraph (6); and (2) by redesignating paragraph (7) as paragraph (6). SEC. 3. EXTENSIONS OF PROVISIONS RELATING TO DEFAULT PROCE- DURES AND APPRAISALS. (a) DEFAULT PROCEDURES. — Section 1832(c)(ll) of title 38, United States Code, is amended by striking out "October 1, 1991" and inserting in lieu thereof "December 31, 1992". (b) APPRAISALS.— Section 1831(fK3) of such title is amended by striking out "October 1, 1990" and inserting in lieu thereof "December 31, 1992". (c) REPORT RELATING TO APPRAISAL REVIEW.— Section 1831(f) of such title is further amended by adding at the end the following new paragraphs: "(4) Not later than April 30 of each year following a year in which the Secretary authorizes lenders to determine reasonable value of property under this subsection, the Secretary shall submit to the Committees on Veterans' Affairs of the Senate and the House of Representatives a report relating to the exercise of that authority during the year in which the authority was exercised. "(5) A report submitted pursuant to paragraph (4) of this subsection shall include, for the period covered by each report— "(A) the number and value of loans made by lenders exercising the authority of this subsection;