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42 U.S.C. § 4453 to 4456 — Transferred

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4453 to 4456 — Transferred

### Statutory Notes #### Codification Section 4453, Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754, which related to disaster loan interest rates, was transferred to [section 636b of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), Commerce and Trade. Section 4454, Pub. L. 91–606, title II, § 235, Dec. 31, 1970, 84 Stat. 1754, which related to prohibition on consideration of age of applicant for disaster loans, was transferred to [section 636c of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636c&num=0&edition=prelim). Section 4455(a), Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Agriculture to reschedule and refinance Federal loans under the Rural Electrification Administration, was transferred to [section 912a of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912a&num=0&edition=prelim), Agriculture. Section 4455(b), Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Housing and Urban Development to reschedule and refinance Federal loans, was transferred to [section 3538 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3538&num=0&edition=prelim). Section 4456, Pub. L. 91–606, title II, § 237, Dec. 31, 1970, 84 Stat. 1754, which related to disaster aid to major sources of employment, was transferred to [section 636d of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636d&num=0&edition=prelim), Commerce and Trade.

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Source location: Title 42, Chapter 58, § 4453 to 4456; chapter-058-disaster-relief.md

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 3538 — Rescheduling and refinancing of Federal loans

The Secretary of Housing and Urban Development is authorized to refinance any note or other obligation which is held by him in connection with any loan made by the Department of Housing and Urban Development or its predecessor in interest, or which is included within the revolving fund for liquidating programs established by the Independent Offices Appropriation Act of 1955 [[12 U.S.C. 1701g–5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701g–5&num=0&edition=prelim)], where he finds such refinancing necessary because of the loss, destruction, or damage (as a result of a major disaster) to property or facilities securing such obligations. The Secretary may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636c — Age of applicant for disaster loans

In the administration of any Federal disaster loan program under the authority of section 636a 11 See References in Text note below. of this title, section 4452 1 of title 42, or section 233 of Public Law 91–606, the age of any adult loan applicant shall not be considered in determining whether such loan should be made or the amount of such loan.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 912a — Rescheduling and refinancing of loans

In addition to the loan extension authority provided in [section 912 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912&num=0&edition=prelim), the Secretary of Agriculture is authorized to adjust and readjust the schedules for payment of principal and interest on loans to borrowers under programs administered by the Secretary under the Rural Electrification Act of 1936 ([7 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) et seq.), and to extend the maturity date of any such loan to a date not beyond forty years from the date of such loan where he determines such action is necessary because of the impairment of the economic feasibility of the system, or the loss, destruction, or damage of the property of such borrowers as a result of a major disaster.

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15 U.S.C. § 636b — Disaster loan interest rates

Any loan made under section 636a 11 See References in Text note below. 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.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636d — Disaster aid to major sources of employment

**(a) Loans to disaster areas** The Small Business Administration in the case of a nonagricultural enterprise, and the Farmers Home Administration in the case of an agricultural enterprise, are authorized to provide any industrial, commercial, agricultural, or other enterprise, which has constituted a major source of employment in an area suffering a major disaster and which is no longer in substantial operation as a result of such disaster, a loan in such amount as may be necessary to enable such enterprise to resume operations in order to assist in restoring the economic viability of the disaster area. Loans authorized by this section shall be made without regard to limitations on the size of loans which may otherwise be imposed by any other provision of law or regulations promulgated pursuant thereto. **(b) Interest; deferred payments** Assistance under this section shall be in addition to any other Federal disaster assistance, except that such other assistance may be adjusted or modified to the extent deemed appropriate by the Director under the authority of section 4418 11 See References in Text note below. of title 42. Any loan made under this section shall be subject to the interest requirements of [section 636b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), but the President, if he deems it necessary, may defer payments of principal and interest for a period not to exceed three years after the date of the loan. Any such deferred payments shall bear interest at the rate determined under [section 636b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim).

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