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91st Congress, S. 408

June 6, 1969

An Act

83 STAT. 32 To liberalize the eligibility requirements governing the grant of assistance in acquiring specially adapted housing for certain service-coanected disabled veterans, to increase the amount of such grant, to raise the Hmit on the amount of direct housing loans made by the Veterans’ Administration, and for other purposes.

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Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 801 of Disabled vettitle 38, United States Code, is amended by substituting a comma and erans. the word “or” for the semicolon at the end of clause numbered (2) and Housing loans, adding “(3) due to the loss or loss of use of one lower extremity

increase

73 Stat. 472; together with residuals of organic disease or injury which so affect

. . the functions of balance or propulsion as to preclude locomotion with 78 Stat. 380. out resort to a wheelchair,".

SEC. 2. Section 802 of title 38, United States Code, is amended by 72 Stat, 1168. striking out “$10,000” and inserting in lieu thereof “$12,500".

Sec. 3. Section 1811 (d) of title 38, United States Code, is amended 80 Stat, 26; by striking out “$17,500” each place where it appears therein and 81 Stat. 190. inserting in lieu thereof in each such place "$21,000"

Sec. 4. Section 1803 (d) (3) of title 38, United States Code, be 72 Stat. 1205. amended to read as follows:

"(3) Any real estate loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan for the purchase or construction of a home is so secured, the Administrator may disregard a superior lien created by a duly recorded covenant running with the realty in favor of a private entity to secure an obligation to such entity for the homeowner's share of the costs of the management, operation, or maintenance of property, services or programs within and for the benefit of the development or community in which the veteran's realty is located, if he determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. In respect to any such superior lien to be created after the effective date of this amendment, the Administrator's determination must have been made prior to the recordation of the covenant. Any non-real-estate loan (other than for working or other capital, merchandise, goodwill, and other intangible assets) shall be secured by personalty to the extent legal and practicable.”

Approved June 6, 1969.

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LEGISLATIVE HISTORY:

HOUSE REPORT No. 91-242 Comm. on Veterans' Affairs).
SENATE REPORT No. 91-94 (Comm. on Banking & Currency).
CONGRESSIONAL RECORD, Vol. 115 (1969):

Mar. 17, May 23, 26: Considered and passed Senate,
May 19, 27: Considered and passed House,

Public Law 91-38
91st Congress, S. J. Res. 123

July 1, 1969

Joint Resolution

83 STAT. 43

To extend the time for the making of a final report by the Commission To Study

Mortgage Interest Rates.

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That section 4 (g) of the Act Mortgage interof May 7, 1968 (Public Law 90–301) is amended by striking out “The est rates study. Commission may make an interim report not later than April 1, 1969, Report, extenand shall make a final report of its study and recommendations not sion. later than July 1, 1969," and inserting in lieu thereof the following: Ante, p. 7. “The Commission shall make an interim report not later than July 1, 1969, and shall make a final report of its study and recommendations not later than August 1, 1969,".

Approved July 1, 1969.

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91st Congress, S. J. Res. 152

September 30, 1969

Joint Resolution

83 STAT. 125

To provide for the temporary extension of rural housing programs and Federal Housing Administration insurance authority, and to extend the period during which the Secretary of Housing and C'rban Development may establish maximum interest rates on insured loans.

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Resolred by the Senate and House of Representatives of the United States of America in Congress assembled, That sections 513, 515(b) (5),

Housing. and 517(a) (1) of the Housing Act of 1949 are amended respectively 79 Stat. 501, by striking out “October 1, 1969", wherever it appears in such sections, 80 Stat, 1282. and inserting in lieu thereof January 1, 1970“.

42 USC 1483, SEC. 2. (a) Section 2(a) of the National Housing Act is amended

1485, 1487.

79 Stat. 465. by striking out “October 1, 1969" in the first sentence and inserting in

12 USC 1703. lieu thereof “January 1, 1970".

(b) Section 217 of such Act is amended by striking out “October 1, 12 USC 1715h. 1969" and inserting in lieu thereof “January 1, 1970".

(c) Section 221 (f) of such Act is amended by striking out “October 79 Stat, 454, i, 1969" in the fifth sentence and inserting in lieu thereof “January 12 USC 17151. 1, 1970”.

(d) Section 809(f) of such Act is amended by striking out “October 79 Stat, 466. 1, 1969" in the second sentence and inserting in lieu thereof “January 12 USC 1748h-i. 1, 1970".

(e) Section 810(k) of such Act is amended by striking out “October 12 USC 1748h-2. 1, 1969" in the second sentence and inserting in lieu thereof “January 1, 1970”.

(f) Section 1002(a) of such Act is amended by striking out “October 79 Stat. 462. 1, 1969" in the second sentence and inserting in lieu thereof "January 12 USC 1749bb. 1, 1970".

(g) Section 1101(a) of such Act is amended by striking out “October 80 Stat. 1274. 1, 1969" in the second sentence and inserting in lieu thereof “January 12 USC 1749aaa. 1, 1970".

Sec. 3. Section 3(a) of the Act of May 7, 1968 (Public Law 90–301), 82 Stat. 113. is amended by striking out "October 1, 1969" and inserting in lieu 12 USC 1709-1. thereof“January 1, 1970”.

Approved September 30, 1969.

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91st Congress, s. 2577
December 23, 1969

An Act

To lower interest rates and fight inflation; to help housing, small business, and

employment; to increase the availability of mortgage credit; and for other purposes.

Be it enacted by the Senate and Ilouse of Representatives of the l'nited States of America in Congress assembled,

Interest rates and mortgage credit controls, Extension,

TITLE I-AMENDMENTS TO EXISTING ACTS

82 Stat. 856; Ante, p. 115. 12 USC 461 note.

83 STAT. 371 83 STAT. 372 Repeal.

SECTION 1. Section 7 of the Act of September 21, 1966 (Public Law 89-587; 80 Stat. 823) is amended to read: “Sec. 7. Effective March 22, 1971:

“(1) So much of section 19 (j) of the Federal Reserve Act (12 U.S.C. 371 (b)) as precedes the third sentence thereof is amended to read as it would without the amendment made by section 2(c) of this Act.

“(2) The second and third sentences of section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828 (g)) are amended to read as they would without the amendment made by section 3 of this Act.

“(3) The last three sentences of section 18(g) of the Federal Deposit Insurance Act (12 U'.S.C. 1828 (g)) are repealed.

“(4) Section 51 of the Federal Home Loan Bank Act (12 U.S.C. 1425b) is repealed." SEC. 2. (a) Section 18 g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended by adding at the end thereof the following new sentences: "The authority conferred by this subsection shall also apply to noninsured banks in any State if (1) the total amount of time and savings deposits held in all such banks in the State, plus the total amount of deposits, shares, and withdrawable accounts held in all building and loan, savings and loan, and homestead associations (including cooperative banks) in the State which are not members of a Federal home loan bank, is more than 20 per centum of the total amount of such deposits, shares, and withdrawable accounts held in all banks, and building and loan, savings and loan, ad homestead associations (including cooperative banks) in the State, and (2) there does not exist under the laws of such State a bank supervisory agency with authority comparable to that conferred by this subsection, including specifically the authority to regulate the rates of interest and dividends paid by such noninsured banks on time and savings deposits, or if such agency exists it has not issued regulations in the exercise of that authority. Such authority shall only be exercised by the Board of Directors with respect to such noninsured banks prior to July 31, 1970, to limit the rates of interest or dividends which such banks may pay on time and savings deposits to maximum rates not lower than 512 per centum per annum. Whenever it shall appear to the Board of Directors that any noninsured bank or any affiliate thereof is engaged or has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of the provisions of this subsection or of any regulations thereunder, the Board of Directors may, in its discretion, bring an action in the United States district court for the judicial district in which the principal office of the noninsured bank or affiliate thereof is located to enjoin such acts or practices, to enforce compliance with this subsection or any regulations thereunder, or for a combination of the foregoing, and such courts shall have jurisdiction of such actions, and, upon a proper showing, an injunction, restraining order, or other appropriate order may be granted without bond.”

64 Stat. 893.

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(182)

Rate ceilings, savings and loan associations. 80 Stat. 824; 82 Stat. 856. Supra.

83 STAT. 372 83 STAT. 373

64 Stat. 875.
12 USC 1811
note.
48 Stat. 1255;
80 Stat. 1055.
12 USC 1724.

(b) Section 5B of the Federal Home Loan Bank Act (12 U.S.C. 1425b) is amended to read as follows:

“Sec. 5B. (a) The Board may from time to time, after consulting with the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation, prescribe rules governing the payment and advertisement of interest or dividends on deposits, shares, or withdrawable accounts, including limitations on the rates of interest or dividends on deposits, shares, or withdrawable accounts that may be paid by members, other than those the deposits of which are insured in accordance with the provisions of the Federal Deposit Insurance Act, by institutions which are insured institutions as defined in section 401(a) of the National Housing Act, and by nonmember building and loan, savings and loan, and homestead associations, and cooperative banks. The Board may prescribe different rate limitations for different classes of deposits, shares, or withdrawable accounts, for deposits, shares, or withdrawable accounts of different amounts or with different maturities or subject to different conditions regarding withdrawal or repayment, according to the nature or location of such members, institutions, or nonmembers or their depositors, shareholders or withdrawable account holders, or according to such other reasonable bases as the Board may deem desirable in the public interest. The authority conferred by this subsection shall apply to nonmember building and loan, savings and loan, and homestead associations, and cooperative banks in any State if (1) the total amount of deposits, shares, and withdrawable accounts held in all such nonmember associations and banks in the State, plus the total amount of time and savings deposits held in all banks in the State which are not insured by the Federal Deposit Insurance Corporation, is more than 20 per centum of the total amount of such deposits, shares, and withdrawable accounts held in all banks, and building and loan, savings and loan, and homestead associations (including cooperative banks) in the State, and (2) there does not exist under the laws of such State a bank supervisory agency with authority comparable to that conferred by the first two sentences of this subsection, including specifically the authority to regulate the rates of interest and dividends paid by any such association or bank on deposits, shares, or withdrawable accounts, or if such agency exists it has not issued regulations in the exercise of that authority. Such authority shall only be exercised by the Board with respect to such nonmember associations and banks prior to July 31, 1970, to limit the rates of interest or dividends which such associations or banks may pay on deposits, shares, or withdrawable accounts to maximum rates not lower than 51/2 per centum per

“(b) In addition to any other penalty provided by this or any other law, any institution subject to this section which violates a rule promulgated pursuant to this section shall be subject to such civil penalties, which shall not exceed $100 for each violation, as may be prescribed by said Board by rule and such rule may provide with respect to any or all such violations that each day on which the violation continues shall constitute a separate violation. The Board may recover any such civil penalty for its own use, through action or otherwise, including recovery thereof in any other action or proceeding under this section. The Board may, at any time before collection of any such penalty, whether before or after the bringing of an action or other legal proceeding, the obtaining of any judgment or other recovery, or the issuance or levy of any execution or other legal process therefor, and with or without consideration, compromise, remit, or mitigate in whole or in part any such penalty or any such recovery.

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