Volume 78
Public Law 88–402
To authorize the Administrator of Veterans’ Affairs to sell at prices which he determines to be reasonable direct loans made to veterans under chapter 37, title38, United States Code.
Approved August 4, 1964
Statutory text
AN ACT
To authorize the Administrator of Veterans’ Affairs to sell at prices which he determines to be reasonable direct loans made to veterans under chapter 37, title38, United States Code.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 1811(g) of title 38, United States Code, is amended to read as follows:
“(g) The Administrator may sell, and shall offer for sale, to any person or entity approved for such purpose by him, any loan made under this section at. a price which he determines to be reasonable but not less than 98 per centum of the unpaid principal balance, plus the full amount of accrued interest, except that if loans are offered to an investor in a package or block of two or more loans no sale shall be made at less than 98 per centum of the aggregate unpaid principal balance of the loans included in such package or block, plus the full amount of accrued interest; and the Administrator shall guarantee any loan thus sold subject to the same conditions, terms, and limitations which would be applicable were the loan guaranteed under section 1810 of this title.”
Approved August 4, 1964.