168
50 Stat. 5 22; 63 Stat. 413. 7 USC 1000; 42 u s e 144 1 note. 64 Stat. 76. 38 USC 6947 (b).
Prior e o m m i t ments.
Repayment.
Applicability.
Limitation. 68 Stat. 757. 38 USC 694/. 68 Stat. 757. 38 USC 694m(a). 68 Stat. 757. 38 USC 694m (c). 66 Stat. 64; 68 Stat. 757. 38 USC 694m(d),
Effective date.
PUBLIC LAW 8 8 - J U N E 21, 1955
[69
ST A T,
for ojiiaranteed liome loans a loan for such purpose for which he is qualified under section 501 of this title; and " (D) that he is unable to obtain a loan for such purpose from the Secretary of Agriculture under the Bankhead-Jones Farm Tenant Act, as amended, or under the Plousing Act of 1949." SEC. 2. (a) Subsection (b) of such section is hereby amended by striking out clauses (A) and (B) and inserting in lieu thereof the following: " (A) the original principal amount of any such loan shall not exceed an amount which bears the same ratio to $10,000 as the amount of guaranty to which the veteran is entitled under section 501 at the time the loan is made bears to $7,500; " (B) the guaranty entitlement of the veteran shall be charged with an amount which bears the same ratio to $7,500 as the amount of the loan bears to $10,000;". (b) The amendments made by this section shall not apply with respect to loans or commitments made under such section 512 prior to the date of enactment of this section. SEC. 3. Subsection (d) of such section is hereby amended by striking out "section 501(b) " and inserting in lieu thereof "section 501". SEC. 4. (a) Subsection (e) of such section is hereby amended to read as follows: "(e) Loans made under this section shall be repaid in monthly installments; except that in the case of loans made for any of the purposes described in clause (B), (C), or (D) of paragraph (1) of subsection (a), the Administrator may provide that such loans shall be repaid in quarterly, semianmial, or annual installments." (b) The amendment made by this section shall apply only with respect to direct loans held by the Administrator on the date of enactment of this Act and direct loans made by the Administrator on or after such date. SEC. 5. Such section is hereby further amended by adding at the end thereof the following: "(f) No veteran may obtain loans under this section aggregating more than $10,000." SEC. 6. (a) Clause (C) of subsection (b) of such section is hereby amended by striking out "June 30, 1955" and inserting in lieu thereof "elune 30, 1957". (b) Subsection (a) of section 513 of such Act is hereby amended by striking out "June 30, 1955" and inserting in lieu thereof "June 30, 1957". (c) Subsection (c) of such section 513 is hereby amended by striking out "June 30, 1956" and inserting in lieu thereof "June 30, 1958". (d) The first sentence of subsection (d) of such section 513 is hereby amended by striking out all beginning with "June 30, 1955" and inserting in lieu thereof "June 30, 1957, such additional sums (not in excess of $150,000,000 in any one fiscal year) as the Administrator may request, except that the aggregate so advanced in any one quarter annual period shall not exceed the sum of $50,000,000 less that amount which had been returned to the revolving fund during the preceding quarter annual period from the sale of loans pursuant to section 512(d) of this title.". (e) The amendments made by this section shall take effect as of June 30, 1955. Approved June 21, 1955.
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