Volume 82 · 180
Public Law 90–341
To change the provision with respect to the maximum rate of interest permitted on loans and mortgages insured under title XI of the Merchant Marine Act, 1936.
Approved June 15, 1968
Statutory text
AN ACT
To change the provision with respect to the maximum rate of interest permitted on loans and mortgages insured under title XI of the Merchant Marine Act, 1936.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That section 1104 (a)(5) of the Merchant Marine Act, 1986, as amended, is amended to read as follows:
“(5) shall secure bonds, notes, or other obligations bearing interest (exclusive of premium charges for insurance, and service charges, if any) at rates not to exceed such per centum per annum on the principal obligation outstanding as the Secretary of Commerce determines to be reasonable, taking into account the range of interest rates prevailing in the private market for similar loans and the risks assumed by the Department of Commerce;”.
Approved June 15, 1968.