38-U.S.C.-3744
§3744 – Approval of Loans By The Secretary
Pathway
Title 38 > Part III > Chapter 37 > Subchapter IV > Section 3744
Details
- Reference: Section 3744
- Legend: §3744 – Approval of Loans By The Secretary
- USCode Year: 2013
Provision Content
(a) Except as provided in subsection (b) of this section, a loan may not be guaranteed under this subchapter unless, before the closing of the loan, it is submitted to the Secretary for approval and the Secretary grants approval.
(b) The Secretary may exempt any lender of a class of lenders listed in section 3702(d) of this title from the prior approval requirement in subsection (a) of this section if the Secretary determines that the experience of such lender or class of lenders warrants such exemption.
(c) The Secretary may at any time upon thirty days’ notice require loans to be made by any lender or class of lenders under this subchapter to be submitted to the Secretary for prior approval. No guaranty shall exist with respect to any such loan unless evidence of the guaranty is issued by the Secretary.
(Added Pub. L. 97–72, title III, §302(a), Nov. 3, 1981, 95 Stat. 1057, §1844; amended Pub. L. 101–237, title III, §313(b)(1), Dec. 18, 1989, 103 Stat. 2077; renumbered §3744 and amended Pub. L. 102–83, §5(a), (c)(1), Aug. 6, 1991, 105 Stat. 406.)
Amendments
1991—Pub. L. 102–83, §5(a), renumbered section 1844 of this title as this section.
Subsec. (b). Pub. L. 102–83, §5(c)(1), substituted 3702(d) for 1802(d).
1989—Pub. L. 101–237 substituted Secretary for Administrator in section catchline and wherever appearing in text.
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