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

Page 878 TITLE 15—COMMERCE AND TRADE § 636c 1 See References in Text note below. 1 See References in Text note below. 1 See References in Text note below. terest at a rate determined by the Secretary of the Treasury, taking into consideration the cur- rent average market yield on outstanding mar- ketable obligations of the United States with re- maining 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. (Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754.) Editorial Notes REFERENCES IN TEXT Section 636a of this title, referred to in text, was re- pealed by Pub. L. 97–35, title XIX, § 1917, Aug. 13, 1981, 95 Stat. 781. Section 4452 of title 42, referred to in text, was re- pealed by Pub. L. 93–24, § 7, Apr. 20, 1973, 87 Stat. 25. CODIFICATION Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4453 of Title 42, The Public Health and Wel- fare. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amend- ment note under section 165 of Title 26, Internal Rev- enue Code. § 636c. Age of applicant for disaster loans In the administration of any Federal disaster loan program under the authority of section 636a 1 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. (Pub. L. 91–606, title II, § 235, Dec. 31, 1970, 84 Stat. 1754.) Editorial Notes REFERENCES IN TEXT Section 636a of this title, referred to in text, was re- pealed by Pub. L. 97–35, title XIX, § 1917, Aug. 13, 1981, 95 Stat. 781. Section 4452 of title 42, referred to in text, was re- pealed by Pub. L. 93–24, § 7, Apr. 20, 1973, 87 Stat. 25. Section 233 of Public Law 91–606, referred to in text, amended section 1820(a)(2), (f) [now 3720(a)(2), (f)] of Title 38, Veterans’ Benefits. CODIFICATION Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4454 of Title 42, The Public Health and Wel- fare. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amend- ment note under section 165 of Title 26, Internal Rev- enue Code. § 636d. Disaster aid to major sources of employ- ment (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 pro- vide 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 sub- stantial operation as a result of such disaster, a loan in such amount as may be necessary to en- able such enterprise to resume operations in order to assist in restoring the economic viabil- ity of the disaster area. Loans authorized by this section shall be made without regard to limitations on the size of loans which may oth- erwise be imposed by any other provision of law or regulations promulgated pursuant thereto. (b) Interest; deferred payments Assistance under this section shall be in addi- tion to any other Federal disaster assistance, except that such other assistance may be ad- justed or modified to the extent deemed appro- priate by the Director under the authority of section 4418 1 of title 42. Any loan made under this section shall be subject to the interest re- quirements of section 636b of this title, 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 in- terest at the rate determined under section 636b of this title. (Pub. L. 91–606, title II, § 237, Dec. 31, 1970, 84 Stat. 1754.) Editorial Notes REFERENCES IN TEXT Section 4418 of title 42, referred to in subsec. (b), was repealed by Pub. L. 93–288, title VI, § 603, May 22, 1974, 88 Stat. 164. Provisions similar to former section 4418 of Title 42, The Public Health and Welfare, are contained in section 5155 of Title 42. CODIFICATION Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4456 of Title 42, The Public Health and Wel- fare. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Aug. 1, 1969, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amend- ment note under section 165 of Title 26, Internal Rev- enue Code. § 636e. Definitions In this subtitle— 1 (1) the terms ‘‘Administration’’ and ‘‘Admin- istrator’’ mean the Small Business Adminis-