the facts of the case and the circumstances of such owner.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1213; Pub. L. 88-151, § 1, Oct. 17, 1963, 77 Stat. 271; Pub. L. 88-560, title VII, § 701(e)(1), Sept. 2, 1964, 78 Stat. 800; Pub. L. 89-625, Oct. 4, 1966, 80 Stat. 874; Pub. L. 89-769, § 3(c), Nov. 6, 1966, 80 Stat. 1316; Pub. L. 90-448, title VIII, § 807(h), Aug. 1, 1968, 82 Stat. 545; Pub. L. 91-606, title II, § 233, Dec. 31, 1970, 84 Stat. 1753; Pub. L. 92-328, title II, § 205, June 30, 1972, 86 Stat. 397; Pub. L. 93-288, title VI, § 602(1), May 22, 1974, 88 Stat. 164; Pub. L. 94-324, § 7(24)–(26), June 30, 1976, 90 Stat. 722; Pub. L. 95-117, title IV, § 403(a), Oct. 3, 1977, 91 Stat. 1066; Pub. L. 97-258, § 3(k)(3), Sept. 13, 1982, 96 Stat. 1065; Pub. L. 97-295, § 4(67), Oct. 12, 1982, 96 Stat. 1310.)

REFERENCES IN TEXT

The Disaster Relief Act of 1974 (42 U.S.C. 5121 et seq.), referred to in subsec. (f), is Pub. L. 93-288, May 22, 1974, 88 Stat. 143, as amended, which is classified principally to chapter 68 (§ 5121 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of Title 42 and Tables.

AMENDMENTS

1982-Subsec. (a)(6). Pub. L. 97-258 substituted "section 3302(b) of title 31" for "section 3617, Revised Statutes (31 U.S.C. 484)".

Subsec. (f). Pub. L. 97-295 added "(42 U.S.C. 5121 et seq.)" after "the Disaster Relief Act of 1974".

1977-Subsec. (a)(1). Pub. L. 95-117 added prohibition relating to garnishment or attachment against the Administrator, etc.

1976-Subsec. (a)(1). Pub. L. 94-324, § 7(24), substituted "the Administrator's" for "his".

Subsec. (a)(5). Pub. L. 94-324, § 7(24), substituted "the Administrator" for "he".

Subsec. (a)(6). Pub. L. 94-324, § 7(25), substituted "utilized by the Administrator" for "utilized by him". Subsec. (e)(1). Pub. L. 94-324, § 7(26), substituted "the Administrator determines" for "he determines", "by the Administrator" for "by him", "the Administrator shall periodically" for "he shall periodically", "set aside by the Administrator" for "set aside by him", "the Administrator's commitment" for "his commitment", and "to pay the Administrator's" for "to pay his".

Subsec. (e)(2). Pub. L. 94-324, § 7(26), substituted "as the Administrator determines" for "as he determines". 1974-Subsec. (f). Pub. L. 93-288 substituted "Disaster Relief Act of 1974" for "Disaster Assistance Act of 1970."

1972-Subsec. (a)(4). Pub. L. 92-328 struck out provisions relating to the authority to waive or release claims, including partial or total waiver of payment, following default and loss of property.

1970-Subsec. (a)(2). Pub. L. 91-606, § 233(1), substituted "a loan which has been guaranteed, insured, made or acquired under this chapter" for "a loan which has been guaranteed or insured under this chapter".

Subsec. (f). Pub. L. 91-606, § 233(2), directed the Administrator in major disaster areas to provide the owner of property lost, destroyed, or damaged as the result of a major disaster with counseling and other services, to inform him of disaster assistance available from other Federal, state, or local agencies and to extend such forbearance on an individual case basis as he determines to be warranted by the facts of the

case.

1968-Subsec. (e)(1). Pub. L. 90-448 substituted "Government National Mortgage Association" for "Federal National Mortgage Association" in three instances.

1966-Subsec. (a)(6). Pub. L. 89-625 authorized brokers utilized by the Administrator in connection with properties acquired or held pursuant to this chapter to deduct from rental collections amounts covering authorized fees, costs, and expenses incurred in connection with the management, repair, sale, or lease of the properties and to remit the net balances to the Administrator.

Subsec. (f). Pub. L. 89-769 added subsec. (f). 1964-Subsec. (e). Pub. L. 88-560 added subsec. (e). 1963-Subsec. (a)(4). Pub. L. 88-151 provided for waiver of indebtedness to the United States in certain cases arising out of default on loans guaranteed or made by the Veterans' Administration.

EFFECTIVE Date of 1977 AMENDMENT

Section 403(b) of Pub. L. 95-117 provided that: "The amendment made by subsection (a) of this section [amending subsec. (a)(1) of this section] shall be effective on the date of enactment of this Act [Oct. 3, 1977]."

EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

EFFECTIVE Date of 1974 AMENDMENT

Amendment by Pub. L. 93-288 effective Apr. 1, 1974, see section 605 of Pub. L. 93-288, set out as an Effective Date note under section 5121 of Title 42. The Public Health and Welfare.

EFFECTIVE Date of 1972 AMENDMENT Amendment by Pub. L. 92-328 effective June 30, 1972, see section 301(c) of Pub. L. 92-328, set out as a note under section 210 of this title.

EFFECTIVE Date of 1970 Amendment Amendment by Pub. L. 91-606 effective Dec. 31, 1970, see section 304 of Pub. L. 91-606, set out as a note under section 165 of Title 26, Internal Revenue Code.

EFFECTIVE DATE of 1968 AMENDMENT

Amendment by Pub. L. 90-448 effective from and after a date, no more than 120 days following Aug. 1, 1968, as established by the Secretary of Housing and Urban Development, see section 808 of Pub. L. 90-448, set out as an Effective Date note under section 1716b of Title 12, Banks and Banking.

EFFECTIVE DATE OF 1966 AMENDMENT Amendment of section by Pub. L. 89-769 applicable with respect to any major disaster occurring after Oct. 3, 1964, see section 14 of Pub. L. 89-769.

HOUSING SOLAR ENERGY AND WEATHERIZAtion Study; REPORT NOT LATER THAN MARCH 1, 1978

Pub. L. 95-202, title III, § 311, Nov. 23, 1977, 91 Stat. 1449, provided that the Administrator of Veterans' Affairs, in consultation with the Secretary of Energy and the Secretary of Housing and Urban Development, conduct a study to determine the most effective methods of using the programs carried out under, or amending the provisions of, this chapter in order to aid and encourage present and prospective veteran homeowners to install solar heating and cooling in their homes and to apply residential energy conservation measures and that a report on such study be submitted to Congress not later than Mar. 1, 1978.

WAIVER OF INDEBTEDNESS; REPORT TO CONGRESS Section 2 of Pub. L. 88-151 provided that: "The Administrator of Veterans' Affairs shall submit to the Committee on Labor and Public Welfare of the Senate and the Committee on Veterans' Affairs of the House

of Representatives, not later than December 31 of each year, a written report concerning each case in which a waiver of indebtedness has been made under the authority of the amendment made by the first section of this Act [amending subsec. (a)(4) of this section]. Such report shall include, together with such other information as the Administrator deems appropriate, the name and address of each person with respect to which a waiver of indebtedness has been made and the total amount of such waiver."

ADMINISTRATIon of Trusts bY FEDERAL NATIONAL MORTGAGE ASSOCIATION

Provision for participation sales and administration of trusts by Federal National Mortgage Association not to be construed as a repeal or modification of the provisions of subsection (e) of this section respecting the authority of the Administrator of Veterans' Affairs, see section 6(a) of Pub. L. 89-429, set out as a note under section 1717 of Title 12, Banks and Banking.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3301 of this title; title 28 section 2410.

§ 1821. Incontestability

Any evidence of guaranty or insurance issued by the Administrator shall be conclusive evidence of the eligibility of the loan for guaranty or insurance under the provisions of this chapter and of the amount of such guaranty or insurance. Nothing in this section shall preclude the Administrator from establishing, as against the original lender, defenses based on fraud or material misrepresentation. The Administrator shall not, by reason of anything contained in this section, be barred from establishing, by regulations in force at the date of such issuance or disbursement, whichever is the earlier, partial defenses to the amount payable on the guaranty or insurance.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1213.)

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1819 of this title.

[§ 1822. Repealed. Pub. L. 93–569, § 7(a), Dec. 31, 1974, 88 Stat. 1866]

Section, Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1214; Pub. L. 89-358, § 5(c), Mar. 3, 1966, 88 Stat. 26; Pub. L. 89-623, § 1, Oct. 4, 1966, 80 Stat. 873; Pub. L. 90-301, § 2(b), May 7, 1968, 82 Stat. 113, provided for the bringing of an action in the district court, by the veteran or the Attorney General, against one who knowingly participated in the sale of property to a veteran for consideration in excess of the reasonable value of the property.

EFFECTIVE DATE OF REPEAL

Repeal of section effective Dec. 31, 1974, see section 10 of Pub. L. 93-569, set out as an Effective Date of 1974 Amendment note under section 1802 of this title.

§ 1823. Direct loan revolving fund

(a) For the purposes of section 1811 of this title, the revolving fund heretofore established by section 513 of the Servicemen's Readjustment Act of 1944 is continued in effect. For the purposes of further augmenting the revolving fund, the Secretary of the Treasury is authorized and directed to advance to the Administra

tor from time to time after December 31, 1958, and until June 30, 1961, such sums (not in excess of $150,000,000 in any one fiscal year, including prior advancements in fiscal year 1959) 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 has been returned to the revolving fund during the preceding quarter annual period from the sale of loans pursuant to section 1811(g) of this title. In addition to the sums authorized in this subsection the Secretary of the Treasury shall also advance to the Administrator such additional sums, not in excess of $100,000,000, as the Administrator may request, and the sums so advanced shall be made available without regard to any limitation contained in this subsection with respect to the amount which may be advanced in any one quarter annual period. The Secretary of the Treasury shall also advance to the Administrator from time to time such additional sums as the Administrator may request, not in excess of $100,000,000 to be immediately available, plus an additional amount not in excess of $400,000,000 after June 30, 1961, plus $200,000,000 after June 30, 1962, plus $150,000,000 after June 30, 1963, plus $150,000,000 after June 30, 1964, plus $100,000,000 after June 30, 1965, plus $100,000,000 after June 30, 1966. Any such authorized advance which is not requested by the Administrator in the fiscal year in which the advance may be made shall be made thereafter when requested by the Administrator, except that no such request or advance may be made after June 30, 1967. Such authorized advances are not subject to the quarter annual limitation in the second sentence of this subsection, but the amount authorized to be advanced in any fiscal year after June 30, 1962, shall be reduced only by the amount which has been returned to the revolving fund during the preceding fiscal year from the sale of loans pursuant to section 1811(g) of this title. In addition the Secretary is authorized and directed to make available to the Administrator for this purpose from time to time as the Administrator may request the amount of any funds which may have been deposited to the credit of miscellaneous receipts under this subsection or subsection (c) of this section.

(b) On advances to such revolving fund by the Secretary of the Treasury, less those amounts deposited in miscellaneous receipts under subsections (a) and (c) the Administrator shall pay semiannually to the Treasurer of the United States interest at the rate or rates determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the advance. The Administrator shall not be required to pay interest on transfers made pursuant to the Act of February 13, 1962 (76 Stat. 8), from the capital of the "direct loans to veterans and reserves revolving fund" the "loan guaranty revolving fund" and adjustments shall be made for payments of interest on such transfers before February 29, 1964.

(c) In order to make advances to such revolving fund, as authorized by law to effectuate the purposes and functions authorized in section 1811 of this title, the Secretary of the Treasury may use, as a public debt transaction, the proceeds of the sale of any securities issued under chapter 31 of title 31, and the purposes for which securities may be issued under chapter 31 of title 31 include such purposes. Such sums, together with all receipts under this section and section 1811 of this title, shall be deposited with the Treasurer of the United States, in a special deposit account, and shall be available, respectively, for disbursement for the purposes of section 1811 of this title. Except as otherwise provided in subsection (a) of this section, the Administrator shall from time to time cause to be deposited into the Treasury of the United States, to the credit of miscellaneous receipts, such of the funds in such account as in the Administrator's judgment are not needed for the purposes for which they were provided, including the proceeds of the sale of any loans.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1214; Pub. L. 86-73, § 4, June 30, 1959, 73 Stat. 156; Pub. L. 86-665, § 4, July 14, 1960, 74 Stat. 532; Pub. L. 87-84, § 3, July 6, 1961, 75 Stat. 202; Pub. L. 88-274, Feb. 29, 1964, 78 Stat. 147; Pub. L. 88-560, title VII, § 701(e)(2), Sept. 2, 1964, 78 Stat. 801; Pub. L. 94-324, §§ 6, 7(27), June 30, 1976, 90 Stat. 721, 722; Pub. L. 97-295, § 4(68), Oct. 12, 1982, 96 Stat. 1310; Pub. L. 97-452, § 2(e)(2), Jan. 12, 1983, 96 Stat. 2479.)

REFERENCES IN TEXT

Section 513 of the Servicemen's Readjustment Act of 1944, referred to in subsec. (a), is section 513 of act June 22, 1944, ch. 268, 58 Stat. 284, as added by act Apr. 20, 1950, ch. 94, title III, § 301(h), 64 Stat. 75 which was not classified to the Code. The Servicemen's Readjustment Act of 1944 was repealed by Pub. L. 85-857, § 14(87), Sept. 2, 1958, 72 Stat. 1273, the first section of which enacted Title 38, Veterans' Benefits. Such of the provisions of section 513 as were restated in Title 38 by Pub. L. 85-857, are set out in sections 1823 and 1811(k) thereof.

The Act of February 13, 1962, referred to in subsec. (b), is act February 13, 1962, Pub. L. 87-404, 76 Stat. 8, which was an appropriations act and not classified to the Code.

AMENDMENTS

1983-Subsec. (c). Pub. L. 97-452 substituted "chapter 31 of title 31" for "the Second Liberty Bond Act" wherever appearing.

1982-Subsec. (b). Pub. L. 97-295 substituted "February 29, 1964" for "the date of enactment of this sentence".

1976 Subsec. (a). Pub. L. 94-324, §§ 6(1), 7(27), deleted provision directing the Administrator to deposit with the Treasurer of the United States, funds representing unexpended advances from the loan program under section 1811 of this title as well as funds derived from the repayment of the principal of direct home loans, and substituted "the Administrator may" for "he may".

Subsec. (c). Pub. L. 94-324, §§ 6(2), 7(27), deleted provision directing the Administrator to deposit in the special deposit account amounts received in repayment of outstanding obligations after June 30, 1976 and substituted "the Administrator's" for "his".

1964-Subsec. (a). Pub. L. 88-560, § 701(e)(2)(1), inserted ", and a reasonable reserve for meeting commitments pursuant to subsection 1820(e) of this title".

Subsec. (b). Pub. L. 88-274 provided that the Administrator shall not be required to pay interest on trans

fers pursuant to Act Feb. 13, 1962 (76 Stat. 8), from the "direct loans to veterans and reserves revolving fund" to the “loan guaranty revolving fund", and that adjustments shall be made for such payments made before this amendment.

Subsec. (c). Pub. L. 88-560, § 701(e)(2), inserted “and for the purposes of meeting commitments under subsection 1820(e) of this title".

1961-Subsec. (a). Pub. L. 87-84, § 3(a), substituted "1961" for "1962" in the second sentence, authorized the Secretary of the Treasury to advance sums to be available immediately and after June 30 in years 1961-1966, free of quarter annual limitation but subject to certain reduction after June 30, 1962, and deleted "except that no sums may be made available after July 25, 1962" following "miscellaneous receipts under this subsection or subsection (c) of this section". Subsec. (c). Pub. L. 87-84, § 3(b), substituted “1976” for "1963".

1960-Subsec. (a). Pub. L. 86-665, § 4(a), substituted "1962" for "1960" in two instances.

Subsec. (c). Pub. L. 86-665, § 4(b), substituted “1963” for "1961".

1959-Subsec. (a). Pub. L. 86-73 authorized an additional $100,000,000 for direct home loans to veterans.

EFFECTIVE DATE of 1976 AMENDMENT

Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

REDUCTION OF AMOUNT OF ADVANCES AFTER
JUNE 30, 1966

Pub. L. 89-555, title I, § 101, Sept. 6, 1966, 80 Stat. 679, provided in part that: "The amount authorized by section 1823(a) of title 38, United States Code, to be advanced after June 30, 1966, by the Secretary of the Treasury to the Administrator, for the purposes of the 'Direct loan revolving fund' is hereby reduced by the amount of $100,000,000."

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 806, 1811, 1820, 1827 of this title.

§ 1824. Loan guaranty revolving fund

(a) There is hereby established in the Treasury of the United States a revolving fund known as the Veterans' Administration Loan Guaranty Revolving Fund (hereinafter called the Fund).

(b) The Fund shall be available to the Administrator when so provided in appropriation Acts and within such limitations as may be included in such Acts, without fiscal year limitation, for all housing loan guaranty and insurance operations under this chapter, except administrative expenses.

(c) There shall be deposited in the Fund (1) by transfer from current and future appropriations for readjustment benefits such amounts as may be necessary to supplement the Fund in order to meet the requirements of the Fund, and (2) all amounts now held or hereafter received by the Administrator incident to housing loan guaranty and insurance operations under this chapter, including but not limited to all collections of principal and interest and the proceeds from the use of property held or the sale of property disposed of.

(d) The Administrator shall determine annually whether there has developed in such Fund a surplus which, in the Administrator's judgment, is more than necessary to meet the needs

of the Fund, and such surplus, if any, shall immediately be transferred into the general fund receipts of the Treasury.

(Added Pub. L. 86-665, § 7(a), July 14, 1960, 74 Stat. 532, and amended Pub. L. 94-324, § 7(28), June 30, 1976, 90 Stat. 722; Pub. L. 97-72, title III, § 303(j), Nov. 3, 1981, 95 Stat. 1060.)

PRIOR PROVISIONS

A prior section 1824 was renumbered 1825.

AMENDMENTS

1981-Subsec. (b). Pub. L. 97-72, § 303(j)(1), substituted "housing loan guaranty" for "loan guaranty". Subsec. (c). Pub. L. 97-72, § 303(j)(2), substituted "housing loan guaranty" for "loan guaranty". 1976-Subsec. (d). Pub. L. 94-324 substituted "the Administrator's" for "his".

EFFECTIVE DATE OF 1981 AMENDMENT

Amendment by Pub. L. 97-72 effective at the end of 180-day period beginning on Nov. 3, 1981, see section 305 of Pub. L. 97-72, set out as an Effective Date note under section 1841 of this title.

EFFECTIVE Date of 1976 AMENDMENT

Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

EFFECTIVE DATE

Section 7(c) of Pub. L. 86-665 provided that: "This section [enacting this section] shall become effective as of July 1, 1961."

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 806, 1820, 1827 of this title.

§ 1825. Waiver of discharge requirements for hospitalized persons

The benefits of this chapter may be afforded to any person who is hospitalized pending final discharge from active duty, if said person is qualified therefor in every respect except for discharge.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1215, § 1824, renumbered Pub. L. 86-665, § 7(a), July 14, 1960, 74 Stat. 532, and amended Pub. L. 94-324, § 7(29), June 30, 1976, 90 Stat. 722.)

AMENDMENTS

1976-Pub. L. 94-324 substituted "said person" for

"he".

EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

§ 1826. Withholding of payments, benefits, etc.

No officer, employee, department, or agency of the United States shall set off against, or otherwise withhold from, any veteran or the surviving spouse of any veteran any payments (other than benefit payments under any law adminstered by the Veterans' Administration) which such veteran or surviving spouse would otherwise be entitled to receive because of any liability to the Administrator allegedly arising out of any loan made to, assumed by, or guaranteed or insured on account of, such veteran

or surviving spouse under this chapter, unless (1) there is first received the consent in writing of such veteran or surviving spouse, as the case may be, or (2) such liability and the amount thereof was determined by a court of competent jurisdiction in a proceeding to which such veteran or surviving spouse was a party.

(Added Pub. L. 89-358, § 5(f)(1), Mar. 3, 1966, 80 Stat. 26, and amended Pub. L. 94-324, § 7(30), June 30, 1976, 90 Stat. 722; Pub. L. 97-66, title V, § 504, Aug. 17, 1981, 95 Stat. 1033.)

AMENDMENTS

1981-Pub. L. 97-66 struck out subsec. (a), which had provided that the Administrator could not, unless the Administrator had first obtained the consent in writing of an individual, set off against, or otherwise withhold from, such individual any benefits payable to such individual under any law administered by the Veterans' Administration because of liability allegedly arising out of any loan made to, assumed by, or guaranteed or insured on account of, such individual under this chapter, and struck out the letter designation "(b)" preceding "No officer, employee, department, or agency of the United States".

1976-Subsec. (a). Pub. L. 94-324 substituted "the Administrator" for "he".

Subsec. (b). Pub. L. 94-324 substituted "surviving spouse" for "widow" wherever appearing therein.

EFFECTIVE DATE OF 1981 Amendment

Amendment by Pub. L. 97-66 effective Oct. 17, 1980, see section 701(b)(3) of Pub. L. 97-66, set out as a note under section 314 of this title.

EFFECTIVE DATE OF 1976 AMENDMENT Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

§ 1827. Expenditures to correct or compensate for structural defects in mortgaged homes

(a) The Administrator is authorized, with respect to any property improved by a one- to four-family dwelling inspected during construction by the Veterans' Administration or the Federal Housing Administration which the Administrator finds to have structural defects seriously affecting the livability of the property, to make expenditures for (1) correcting such defects, (2) paying the claims of the owner of the property arising from such defects, or (3) acquiring title to the property; except that such authority of the Administrator shall exist only (A) if the owner requests assistance under this section not later than four years (or such shorter time as the Administrator may prescribe) after the mortgage loan was made, guaranteed, or insured, and (B) if the property is encumbered by a mortgage which is made, guaranteed, or insured under this chapter after the date of enactment of this section.

(b) The Administrator shall by regulation prescribe the terms and conditions under which expenditures and payments may be made under the provisions of this section, and the Administrator's decisions regarding such expenditures or payments, and the terms and conditions under which the same are approved or disapproved, shall be final and conclusive, and shall not be subject to judicial review.

(c) The Administrator is authorized to make expenditures for the purposes of this section from the funds established pursuant to sections 1823 and 1824 of this title, as applicable.

(Added Pub. L. 90-301, § 5(a), May 7, 1968, 82 Stat. 116, and amended Pub. L. 94-324, § 7(31), June 30, 1976, 90 Stat. 722.)

REFERENCES IN TEXT

Date of enactment of this section, referred to in subsec. (a), means the date of enactment of Pub. L. 90-301, which was approved May 7, 1968.

AMENDMENTS

1976-Subsec. (a). Pub. L. 94-324 substituted "the Administrator finds" for "he finds".

Subsec. (b). Pub. L. 94-324 substituted "the Administrator's" for "his".

EFFECTIVE DATE OF 1976 AmendmenT Amendment by Pub. L. 94-324 effective June 30, 1976, see section 9(a) of Pub. L. 94-324, set out as a note under section 1801 of this title.

§ 1828. Exemption from State anti-usury provisions

If, under any law of the United States, loans and mortgages insured under title I or title II of the National Housing Act are exempt from the application of the provisions of any State constitution or law (1) limiting the rate or amount of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders, (2) restricting the manner of calculating such interest (including prohibition of the charging of interest on interest), or (3) requiring a minimum amortization of principal, then loans guaranteed or insured under this chapter are also exempt from the application of such provisions.

(Added Pub. L. 96-128, title IV, § 401(a), Nov. 28, 1979, 93 Stat. 986, and amended Pub. L. 97-66, title V, § 501(b), Oct. 17, 1981, 95 Stat. 1032.)

REFERENCES IN TEXT

The National Housing Act, referred to in text, is act June 27, 1934, ch. 847, 48 Stat. 1246, as amended. Titles I and II of the Act are classified generally to subchapters I (§ 1702 et seq.) and II (§ 1707 et seq.), respectively, of chapter 13 of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.

AMENDMENTS

1981-Cl. (1). Pub. L. 97-66, § 501(b)(1), designated as cl. (1) existing provisions relating to the limiting of rates or amounts of interest, discount points, or other charges which may be charged, taken, received, or reserved by lenders.

Cls. (2), (3). Pub. L. 97-66, § 501(b)(2), added cls. (2) and (3).

EFFECTIVE DATE OF 1981 AMENDMENT Amendment by Pub. L. 97-66 effective Oct. 17, 1981, see section 701(b)(1) of Pub. L. 97-66, set out as a note under section 314 of this title.

EFFECTIVE DATE

Section effective Nov. 28, 1979, see section 601(b) of Pub. L. 96-128, set out as an Effective Date of 1979 Amendment note under section 314 of this title.

§ 1829. Loan fee

(a) Except as provided in subsection (b) of this section, a fee shall be collected from each veteran obtaining a housing loan guaranteed, made, or insured under this chapter, and no such loan may be guaranteed, made, or insured under this chapter until the fee payable with respect to such loan has been remitted to the Administrator. The amount of the fee shall be one-half of one percent of the total loan amount. The amount of the fee may be included in the loan to the veteran and paid from the proceeds thereof.

(b) A fee may not be collected under this section from a veteran who is receiving compensation (or who but for the receipt of retirement pay would be entitled to receive compensation) or from a surviving spouse described in section 1801(b)(2) of this title.

(c) Fees collected under this section shall be deposited into the Treasury of the United States as miscellaneous receipts.

(d) A fee may not be collected under this section with respect to any loan closed after September 30, 1985.

(Added Pub. L. 97-253, title IV, § 406(a)(1), Sept. 8, 1982, 96 Stat. 805.)

EFFECTIVE DATE

Section 406(b) of Pub. L. 97-253 provided that: "Section 1829 of title 38, United States Code, as added by subsection (a), shall apply only to loans closed after September 30, 1982."

SUBCHAPTER IV-SMALL BUSINESS LOANS

SUBCHAPTER REFERRED TO IN OTHER SECTIONS This subchapter is referred to in section 1517 of this title.

§ 1841. Definitions

For the purposes of this subchapter

(1) The term "disabled veteran" means (A) a veteran who is entitled to compensation under laws administered by the Veterans' Administration for a disability rated at 30 per centum or more, or (B) a veteran whose discharge or release from active duty was for a disability incurred or aggravated in line of duty.

(2) The term "veteran of the Vietnam era" means a person (A) who served on active duty for a period of more than one hundred and eighty days, any part of which occurred during the Vietnam era, and who was discharged or released therefrom with other than a dishonorable discharge, or (B) who was discharged or released from active duty for a service-connected disability if any part of such active duty was performed during the Vietnam era.

(Added Pub. L. 97-72, title III, § 302(a), Nov. 3, 1981, 95 Stat. 1055.)

EFFECTIVE DATE

Section 305 of Pub. L. 97-72 provided that: "The amendments made by this title [enacting this subchapter and amending sections 1517, 1801, 1802, 1803, 1807, 1815, 1817, 1818, 1819, and 1824 of this title]