Volume 69
Public Law 84–132
To amend the Act of April 6, 1949, as amended, and the Act of August 31, 1954, so as to provide that the rate of interest on certain loans made tinder such Acts shall not exceed 3 per centum per annum.
Approved July 7, 1955
Statutory text
AN ACT
To amend the Act of April 6, 1949, as amended, and the Act of August 31, 1954, so as to provide that the rate of interest on certain loans made tinder such Acts shall not exceed 3 per centum per annum.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That subsection (a)
Agriculture.
Disaster loans, interest.
of section 2 of the Act of April 6, 1949, as amended (63 Stat. 43; 12 U. S. C., sec. 1148a–2 (a)), is amended by striking out the last sentence of such subsection and inserting in lieu thereof the following: “Such loans shall be made at such rate of interest, not to exceed 3 per centum per annum, and on such general terms and conditions as the Secretary shall prescribe for such area or region.”.
Sec. 2.
Subsection (b) of section 2 of the Act of April 6, 1949, as
amended (12 U. S. C., sec. 1148a–2 (b)), is amended by striking out the last sentence of such subsection and inserting in lieu thereof the following: “Such loans shall be made at such rate of interest, not to exceed 3 per centum per annum, and on such general terms as the Secretary shall prescribe for such area.”.
Sec. 3.
Clause (4) of section 2 of the Act entitled “An Act to provide
Emergency loans.
emergency credit”, approved August 31, 1954 (68 Stat. 999), is amended to read as follows: “be made at such rate of interest, not to exceed 3 per centum per annum, and on such terms and conditions as the Secretary shall prescribe for such area or areas; and”.
Approved July 7, 1955.