15 U.S.C. § 636b — Disaster loan interest rates
submitted 56 years ago by Pub. L. 91-606 to r/title-15-COMMERCE-AND-TRADE · 133 words · no verdicts yet
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.
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.)
- 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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