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

Page 877 TITLE 15—COMMERCE AND TRADE § 636b 1 See References in Text note below. DISASTER RELIEF AUTHORITY; STUDY AND REPORT ON CONSOLIDATION Pub. L. 94–305, title I, § 101, June 4, 1976, 90 Stat. 663, required the President to comprehensively review all Federal disaster loan authorities and to report to Con- gress by Dec. 1, 1976, with recommendations and legis- lative proposals for the most effective and efficient de- livery of disaster relief, including possible consolida- tion of authorities. DISASTER LOANS; SPECIAL PROVISIONS FOR APPLICA- TIONS RECEIVED ON OR BEFORE MARCH 19, 1981; AS- SISTANCE TO HARDSHIP APPLICANTS Pub. L. 97–35, title XIX, § 1916, Aug. 13, 1981, 95 Stat. 780, provided for special provisions for applications for disaster loans under 15 U.S.C. 1636(b)(1), (2), or (4) re- ceived on or before Mar. 19, 1981, with assistance to hardship applicants. DISASTER LOANS; INTEREST RATE; CANCELLATION OF LOANS Pub. L. 93–24, § 9, Apr. 20, 1973, 87 Stat. 25, provided that: ‘‘Notwithstanding the provisions of any other law, any loan made by the Small Business Administra- tion in connection with any disaster occurring on or after the date of enactment of this Act [Apr. 20, 1973] under sections 7(b)(1), (2), or (4) of the Small Business Act (15 U.S.C. 636(b)(1), (2), or (4)) [subsec. (b)(1), (2), or (4) of this section] shall bear interest at the rate deter- mined under section 324 of the Consolidated Farm and Rural Development Act, as amended by section 4 of this Act [section 1964 of Title 7, Agriculture]. No portion of any such loan shall be subject to cancellation under the provisions of any law.’’ INTEREST RATES ON LOANS TO MEET REGULATORY STANDARDS Pub. L. 93–237, § 2(d), Jan. 2, 1974, 87 Stat. 1024, pro- vided that: ‘‘In no case shall the interest rate charged for loans to meet regulatory standards be lower than loans made in connection with physical disasters.’’ ELECTION OF BENEFITS Pub. L. 92–385, § 1(c), Aug. 16, 1972, 86 Stat. 555, pro- vided that: ‘‘Any person who (1) suffers any loss or damage as a result of a major disaster as determined by the President which occurred prior to the date of enact- ment of this Act [August 16, 1972], (2) is eligible for as- sistance under the amendment made by subsection (a), and (3) is otherwise eligible for benefits greater than those provided by the amendment made by subsection (a), may elect to receive such greater benefits.’’ FUND FOR MANAGEMENT COUNSELING Pub. L. 85–699, title VI, § 602(a), (b), Aug. 21, 1958, 72 Stat. 698, provided that: ‘‘(a) Within sixty days after the enactment of this Act [Aug. 21, 1958], each Federal Reserve bank shall pay to the United States the aggregate amount which the Secretary of the Treasury has heretofore paid to such bank under the provisions of section 13b of the Federal Reserve Act [12 U.S.C. 352a]; and such payment shall constitute a full discharge of any obligation or liability of the Federal Reserve bank to the United States or to the Secretary of the Treasury arising out of subsection (e) of said section 13b [12 U.S.C. 352a(e)] or out of any agreement thereunder. ‘‘(b) The amounts repaid to the United States pursu- ant to subsection (a) of this section shall be covered into a special fund in the Treasury which shall be avail- able for grants under section 7(d) of the Small Business Act [subsec. (d) of this section]. Any remaining balance of funds set aside in the Treasury for payments under section 13b of the Federal Reserve Act [12 U.S.C. 352a] shall be covered into the Treasury as miscellaneous re- ceipts.’’ LOANS FOR MODIFICATIONS OF MINING FACILITIES AND EQUIPMENT Pub. L. 91–173, title V, § 504(d), Dec. 30, 1969, 83 Stat. 802, authorized loans under 15 U.S.C. 636(b)(5) for modi- fications of mining facilities and equipment pursuant to former section 202 of the Public Works and Economic Development Act of 1965 (former 42 U.S.C. 3142), which was repealed by Pub. L. 105–393, title I, §102(a), Nov. 13, 1998, 112 Stat. 3602. Executive Documents EXECUTIVE ORDER NO. 12190 Ex. Ord. No. 12190, Feb. 1, 1980, 45 F.R. 7773, estab- lished the Advisory Committee on Small and Minority Business Ownership to assist in monitoring and encour- aging the placement of subcontracts by the private sec- tor with eligible small businesses, to study and propose incentives and assistance needed by the private sector to help in the training, development, and upgrading of such businesses, to make periodic reports and rec- ommendations to the President, and to report annually to the President and to the Congress on the activities of the Committee and provided for termination of the Committee on Dec. 31, 1980. EXTENSION OF TERM OF ADVISORY COMMITTEE ON SMALL AND MINORITY BUSINESS OWNERSHIP Term of Advisory Committee on Small and Minority Business Ownership extended until Sept. 30, 1991, by Ex. Ord. No. 12692, Sept. 29, 1989, 54 F.R. 40627, formerly set out as a note under section 1013 of Title 5, Government Organization and Employees, which extension was re- voked by the amendment of Ex. Ord. No. 12692 made by Ex. Ord. No. 12704, Feb. 26, 1990, 55 F.R. 6969. Previous extensions of term of Advisory Committee on Small and Minority Business Ownership were con- tained in the following prior Executive Orders: Ex. Ord. No. 12610, Sept. 30, 1987, 52 F.R. 36901, ex- tended term until Sept. 30, 1989. Ex. Ord. No. 12534, Sept. 30, 1985, 50 F.R. 40319, ex- tended term until Sept. 30, 1987. Ex. Ord. No. 12489, Sept. 28, 1984, 49 F.R. 38927, ex- tended term until Sept. 30, 1985. Ex. Ord. No. 12399, Dec. 31, 1982, 48 F.R. 379, extended term until Sept. 30, 1984. Ex. Ord. No. 12258, Dec. 31, 1980, 46 F.R. 1251, extended term until Dec. 31, 1982. § 636a. Repealed. Pub. L. 97–35, title XIX, § 1917, Aug. 13, 1981, 95 Stat. 781 Section, Pub. L. 91–606, title II, § 231, Dec. 31, 1970, 84 Stat. 1752; Pub. L. 92–385, § 6, Aug. 16, 1972, 86 Stat. 559, related to small business disaster loans. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective Aug. 13, 1981, but not to affect any fi- nancing made, obligated, or committed under this chapter or chapter 14B of this title prior to Aug. 13, 1981, see section 1918 of Pub. L. 97–35, set out as an Ef- fective Date of 1981 Amendment note under section 631 of this title. § 636b. Disaster loan interest rates Any loan made under section 636a 1 of this title and section 4452 1 of title 42 shall not exceed the current cost of repairing or replacing the dis- aster 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 in- 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-