38 U.S.C. § 3743 — Liability on loans
submitted 45 years ago by Pub. L. 97-72 to r/title-38-VETERANS-BENEFITS · 85 words · no verdicts yet
This section addresses Liability on loans. It states the requirements, powers, limits, or procedures set out in the section.
Each individual who has an ownership interest in a veterans’ small business concern that is provided a direct loan under this subchapter, or that obtains a loan guaranteed under this subchapter, shall execute a note or other document evidencing the direct or guaranteed business loan, and that individuals must be jointly and severally liable to the United States for the amount of that direct loan or, in the case of a guaranteed loan, for any amount paid by the Secretary* on account of that loan.
Each individual who has an ownership interest in a veterans’ small business concern that is provided a direct loan under this subchapter, or that obtains a loan guaranteed under this subchapter, shall execute a note or other document evidencing the direct or guaranteed business loan, and such individuals shall be jointly and severally liable to the United States for the amount of such direct loan or, in the case of a guaranteed loan, for any amount paid by the Secretary* on account of such loan.
Source credit: (Added Pub. L. 97–72, title III, § 302(a), Nov. 3, 1981, 95 Stat. 1057, § 1843; amended Pub. L. 101–237, title III, § 313(b)(1), Dec. 18, 1989, 103 Stat. 2077; renumbered § 3743, Pub. L. 102–83, § 5(a), Aug. 6, 1991, 105 Stat. 406.)
- 1981Enacted · Pub. L. 97-72 · 95 Stat. 1057
- 1989Amended · Pub. L. 101-237 · 103 Stat. 2077
- 1991Amended · Pub. L. 102-83 · 105 Stat. 406
A history note hasn’t been published yet. The record shows enactment by Pub. L. 97-72 on 1981-11-03.
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