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42 U.S.C. § 291j–5 — Limitation on amounts of loans guaranteed or directly made

submitted 82 years ago by Pub. L. 91-296 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 94 words · no verdicts yet

in plain englishAI-generated · not legal advice

The total amount of outstanding guaranteed and direct loans under this part is capped — first by whatever Congress sets in its appropriations laws, and second by fixed dollar limits that rise from $500 million in fiscal year 1971 to $1.5 billion by fiscal year 1973 and 1974.

At any given time, the total unpaid principal of all loans guaranteed or directly made under this part cannot go above whichever of these two limits is lower: (1) Whatever limit Congress sets in its appropriations laws; or (2) For loans covered by a particular fiscal year's allotment: $500,000,000 for the year ending June 30, 1971; $1,000,000,000 for the year ending June 30, 1972; and $1,500,000,000 for each of the years ending June 30, 1973, and June 30, 1974.
the actual law source: uscode.house.gov ↗public domain

The cumulative total of the principal of the loans outstanding at any time with respect to which guarantees have been issued, or which have been directly made, under this part may not exceed the lesser of—

(1)

such limitations as may be specified in appropriations Acts, or

(2)

in the case of loans covered by allotments for the fiscal year ending June 30, 1971, $500,000,000; for the fiscal year ending June 30, 1972, $1,000,000,000; and for each of the fiscal years ending June 30, 1973, and June 30, 1974, $1,500,000,000.

Source credit: (July 1, 1944, ch. 373, title VI, § 625, as added Pub. L. 91–296, title II, § 201, June 30, 1970, 84 Stat. 347; amended Pub. L. 93–45, title I, § 108(b)(2), June 18, 1973, 87 Stat. 93.)

history & why it existsrecord from the source credit
  • 1944Enacted · Pub. L. 91-296 · 84 Stat. 347
  • 1973Amended · Pub. L. 93-45 · 87 Stat. 93

A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-296 on 1944-07-01.

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