10 U.S.C. § 4971 — Establishment of loan guarantee program
submitted 30 years ago by Pub. L. 104-106 to r/title-10-ARMED-FORCES · 252 words · no verdicts yet
The Secretary of Defense must establish a program that may guarantee lenders against specified losses from financing defense-related sales or long-term leases to listed countries. Guarantees are limited to appropriated amounts.
(a) To meet section 4811(a) national-security objectives, the Secretary of Defense must establish a program that may guarantee lenders against loss of principal, interest, or both, from financing sales or long-term leases of defense articles, defense services*, or design and construction services* to countries in (b). (b) Covered countries are (1) NATO members; (2) countries designated on March 31, 1995, as major non-NATO allies under section 2350a(i)(3) as then in effect; (3) Central European countries that the Secretary of State determines changed from nondemocratic to democratic government since October 1, 1989, or are changing; and (4) noncommunist APEC members as of October 31, 1993. (c) A guarantee may be issued only to the extent and in amounts provided in advance by appropriations Acts.
In order to meet the national security objectives in section 4811(a) of this title, the Secretary of Defense shall establish a program under which the Secretary may issue guarantees assuring a lender against losses of principal or interest, or both principal and interest, arising out of the financing of the sale or long-term lease of defense articles, defense services*, or design and construction services* to a country referred to in subsection (b).
The authority under subsection (a) applies with respect to the following countries:
A member nation of the North Atlantic Treaty Organization (NATO).
A country designated as of March 31, 1995, as a major non-NATO ally pursuant to section 2350a(i)(3) of this title, as in effect on that date.
A country in Central Europe that, as determined by the Secretary of State—
has changed its form of national government from a nondemocratic form of government to a democratic form of government since October 1, 1989; or
is in the process of changing its form of national government from a nondemocratic form of government to a democratic form of government.
A noncommunist country that was a member nation of the Asia Pacific Economic Cooperation (APEC) as of October 31, 1993.
The Secretary may guarantee a loan under this subchapter only to such extent or in such amounts as may be provided in advance in appropriations Acts.
Source credit: (Added Pub. L. 104–106, div. A, title XIII, § 1321(a)(1), Feb. 10, 1996, 110 Stat. 475, § 2540; amended Pub. L. 108–375, div. A, title X, § 1084(d)(21), Oct. 28, 2004, 118 Stat. 2062; renumbered § 4971 and amended Pub. L. 116–283, div. A, title XVIII, §§ 1873(b), (c)(1), 1883(b)(2), Jan. 1, 2021, 134 Stat. 4290, 4294.)
- 1996Enacted · Pub. L. 104-106 · 110 Stat. 475
- 2004Amended · Pub. L. 108-375 · 118 Stat. 2062
- 2021Amended · Pub. L. 116-283 · 134 Stat. 4290, 4294
A history note hasn’t been published yet. The record shows enactment by Pub. L. 104-106 on 1996-02-10.
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