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2 U.S.C. § 661fEffect on other laws

submitted 36 years ago by Pub. L. 93-344 to r/title-2-THE-CONGRESS · 177 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section makes the subchapter control over earlier inconsistent laws without setting credit limits. It directs how collections from older loans and guarantees are credited and transferred.

(a) Effect on other laws. This subchapter supersedes, changes, or repeals a law enacted before November 5, 1990, to the extent it conflicts with this subchapter. It does not create a credit limit for any Federal loan or guarantee program. (b) Crediting collections. Collections from direct loans obligated or guarantees committed before October 1, 1991, go to Federal agencies’ liquidating accounts. They remain available to the same extent as before November 5, 1990, to liquidate obligations from those loans and guarantees, including obligations held by Treasury or the Federal Financing Bank. Unobligated balances exceeding current needs must be transferred to the Treasury’s general fund from time to time, but at least once each year.
the actual law source: uscode.house.gov ↗public domain
(a) Effect on other laws

This subchapter shall supersede, modify, or repeal any provision of law enacted prior to November 5, 1990, to the extent such provision is inconsistent with this subchapter. Nothing in this subchapter shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.

(b) Crediting of collections

Collections resulting from direct loans obligated or loan guarantees committed prior to October 1, 1991, shall be credited to the liquidating accounts of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to November 5, 1990, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.

Source credit: (Pub. L. 93–344, title V, § 507, as added Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–614.)

history & why it existsrecord from the source credit
  • 1990Enacted · Pub. L. 93-344 · 104 Stat. 1388

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-344 on 1990-11-05.

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