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15 U.S.C. § 636bDisaster loan interest rates

submitted 56 years ago by Pub. L. 91-606 to r/title-15-COMMERCE-AND-TRADE · 133 words · no verdicts yet

in plain englishAI-generated · not legal advice

Disaster loans may not exceed the current cost of repairing or replacing the disaster-related injury, loss, or damage under current codes and specifications. Their interest rate is set using Treasury market yields, may be reduced by up to 2 percentage points per year, and may never exceed 6 percent per year.

(a) Loan limit and interest rate. A loan made under sections 636a and 4452 may not be more than the current cost of repairing or replacing the disaster-related injury, loss, or damage under current codes and specifications. Loans made under the sections listed in this section bear interest at a rate set by the Secretary of the Treasury. The Secretary must consider the current average market yield on United States marketable obligations with 10 to 12 years remaining until maturity. The rate may be reduced by no more than 2 percentage points per year. In no event may a loan under this section have an interest rate above 6 percent per year.
the actual law source: uscode.house.gov ↗public domain

Any loan made under section 636a 1 of this title and section 4452 1 of title 42 shall not exceed the current cost of repairing or replacing the disaster injury, loss, or damage in conformity with current codes and specifications. Any loan made under sections 636a 1 and 636d of this title, and sections 3538 and 4452 1 of title 42 shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity of ten to twelve years reduced by not to exceed 2 per centum per annum. In no event shall any loan made under this section bear interest at a rate in excess of 6 per centum per annum.

Source credit: (Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754.)

history & why it existsrecord from the source credit
  • 1970Enacted · Pub. L. 91-606 · 84 Stat. 1754

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-606 on 1970-12-31.

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