Volume 65 · 321
Public Law 82–142
To amend title III of the Servicemen’s Readjustment Act of 1944, as amended, by providing for treble damage actions.
Approved September 13, 1951
Statutory text
AN ACT
To amend title III of the Servicemen’s Readjustment Act of 1944, as amended, by providing for treble damage actions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That title III of the Servicemen’s Readjustment Act of 1944, as amended, is amended by inserting after section 503 the following new section:
“Sec. 503A. “recovery of damages
Whoever knowingly makes, effects, or participates in a sale of any property to a veteran for a consideration in excess of the reasonable value of such property as determined by proper appraisal made by an appraiser designated by the Administrator, shall, if the veteran pays for such property in whole or in part with the proceeds of a loan guaranteed by the Veterans’ Administration under section
501, 502, or 503 of this title, be liable for three times the amount of such excess consideration irrespective of whether such person has received any part thereof.
“Actions pursuant to the provisions of this section may be instituted by the veteran concerned, in any United States district court, which court may, as a part of any judgment, award costs and reasonable attorneys’ fees to the successful party. In the event the veteran shall fail to institute any action hereunder within thirty days after discovering he has overpaid, or having instituted an action shall fail diligently to prosecute the same, or upon request by the veteran, the Attorney General, in the name of the Government of the United States, may proceed therewith, in which event one-third of any recovery in said action shall be paid over to the veteran and two-thirds thereof shall be paid into the Treasury of the United States.
“The remedy provided in this section shall be in addition to any and all other penalties imposed by law.”
Approved September 13, 1951.