38-U.S.C.-1961
§1961 – Authority For Higher Interest Rates For Amounts Payable to Beneficiaries
Pathway
Title 38 > Part II > Chapter 19 > Subchapter II > Section 1961
Details
- Reference: Section 1961
- Legend: §1961 – Authority For Higher Interest Rates For Amounts Payable to Beneficiaries
- USCode Year: 2013
Provision Content
Notwithstanding section 1944(b) of this title, if the beneficiary of an insurance policy issued under the provisions of this subchapter receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in such section. The Secretary may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.
(Added Pub. L. 96–128, title III, §303(a), Nov. 28, 1979, 93 Stat. 986, §761; renumbered §1961 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404–406.)
Amendments
1991—Pub. L. 102–83, §5(a), renumbered section 761 of this title as this section.
Pub. L. 102–83, §5(c)(1), substituted 1944(b) for 744(b).
Pub. L. 102–83, §4(b)(1), (2)(E), substituted Secretary for Administrator.
Effective Date
Section effective Nov. 28, 1979, see section 601(b) of Pub. L. 96–128, set out as an Effective Date of 1979 Amendment note under section 1114 of this title.
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