§ 3720. Powers of Secretary

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1958

   Pub. L. 85–857 · 72 Stat. 1105

   Enacted · 38 U.S.C. § 3720

   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1213, § 1820

   Source evidence

   Code source credit
   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1213, § 1820

2. 1963

   Pub. L. 88–151 § 1 · 77 Stat. 271

   Changed · 38 U.S.C. § 3720(a)(4)

   Pub. L. 88–151 provided for waiver of indebtedness to the United States in certain cases arising out of default on loans guaranteed or made by the Veterans’ Administration

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 88–151 provided for waiver of indebtedness to the United States in certain cases arising out of default on loans guaranteed or made by the Veterans’ Administration.

3. 1964

   Housing Act of 1964

   Pub. L. 88–560 title VII § 701(e)(1) · 78 Stat. 769

   Added · 38 U.S.C. § 3720(e)

   Pub. L. 88–560 added subsec. (e)

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 88–560 added subsec. (e).

   Enacted provision · exact public law section
   (1) Section 1820 of title 38, United States Code, is amended by adding at the end thereof the following new subsection: “(e) (1) The Administrator is authorized from time to time, as he determines advisable, to set aside first mortgage loans, and installment sale contracts, owned and held by him under this chapter as the basis for the sale of participation certificates as herein provided. For this purpose the Administrator may enter into agreements, including trust agreements, with the Federal National Mortgage Association, and any other Federal agency, under which the Association as fiduciary may sell certificates of participation based on principal and interest collections to be received by the Administrator and the Association or any other such agency on first mortgage loans and installment sale contracts comprising mortgage pools established by them. The agreement may provide for substitution or withdrawal of mortgage loans, or installment sale contracts, or for substitution of cash for mortgages in the pool. The agreement shall provide that the Federal National Mortgage Association shall promptly pay to the Administrator the entire proceeds of any sale of certificates of participation to the extent such certificates are based on mortgages, including installment sale contracts, set aside by the Administrator and he shall periodically pay to the Association, as fiduciary, such funds as are required for payment of interest and principal due on outstanding certificates of participation to the extent of the pro rata amount allocated to the Administrator pursuant to the agreement. The agreement shall also provide that the Administrator shall retain ownership of mortgage loans and installment sale contracts set aside by him pursuant to the agreement unless transfer of ownership to the fiduciary is required in the event of default or probable default in the payment of participation certificates. The Administrator is authorized to purchase outstanding certificates of participation to the extent of the amount of his commitment to the fiduciary on participations outstanding and to pay his proper share of the costs and expenses incurred by the Federal National Mortgage Association as fiduciary pursuant to the agreement. “(2) The Administrator shall proportionately allocate and deposit the entire proceeds received from the sale of participations into the funds established pursuant to sections 1823 and 1824 of this chapter, as determined on an estimated basis, and the amounts so deposited shall be available for the purposes of the funds. The Administrator may nevertheless make such allocations of that part of the proceeds of participation sales representing anticipated interest collections on mortgage loans, including installment sale contracts, on other than an estimated proportionate basis if determined necessary to assure payment, of interest on advances theretofore made to the Administrator by the Secretary of the Treasury for direct loan purposes. The Administrator shall set aside and maintain necessary reserves in the funds established pursuant to sections 1823 and 1824 of this chapter to be used for meeting commitments pursuant to this subsection and, as he determines to be necessary, for meeting interest payments on advances by the Secretary of the Treasury for direct loan purposes.”

4. 1966

   Pub. L. 89–625 · 80 Stat. 875

   Changed · 38 U.S.C. § 3720(a)(6)

   Pub. L. 89–625 authorized brokers utilized by Administrator in connection with properties acquired or held pursuant to this chapter to deduct from rental collections amounts covering authorized fees, costs, and expenses incurred in connection with management, repair, sale, or lease of properties and to remit the net balances to Administrator

   Source evidence

   Code amendment note
   Subsec. (a)(6). Pub. L. 89–625 authorized brokers utilized by Administrator in connection with properties acquired or held pursuant to this chapter to deduct from rental collections amounts covering authorized fees, costs, and expenses incurred in connection with management, repair, sale, or lease of properties and to remit the net balances to Administrator.

5. 1966

   Disaster Relief Act of 1966

   Pub. L. 89–769 § 3(c) · 80 Stat. 1316

   Added · 38 U.S.C. § 3720(f)

   Pub. L. 89–769 added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 89–769 added subsec. (f).

   Enacted provision · exact public law section
   (c) Section 1820 of title 38, United States Code, is amended by adding at the end thereof the following new subsection: “(f) The Administrator is authorized to refinance any loan made or acquired by the Veterans’ Administration when he finds such refinancing necessary because of the loss, destruction, or damage to property securing such loan as the result of a major disaster as determined by the President pursuant to the Act entitled “An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes”, approved September 30, 1950, as amended (42 U.S.C. 1855–1855g). The interest rate on any loan 64 Stat. 1109 refinanced under this subsection may be reduced to a rate not less than (i) a rate determined by the Secretary of the Treasury taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturity of such loan, adjusted to the nearest one-eighth of 1 per centum, less (ii) not to exceed 2 per centum per annum, and the term thereof may be extended for such period as will provide a maturity of not to exceed forty years; except that the Administrator may authorize a suspension in the payment of principal and interest charges on, and an additional extension in the maturity of, any such loan for a period not to exceed five years if he determines that such action is necessary to avoid severe financial hardship.”

6. 1968

   Housing and Urban Development Act of 1968

   Pub. L. 90–448 title VIII § 807(h) · 82 Stat. 476

   Substituted · 38 U.S.C. § 3720(e)(1)

   Pub. L. 90–448 substituted “Government National Mortgage Association” for “Federal National Mortgage Association” wherever appearing

   Source evidence

   Code amendment note
   Subsec. (e)(1). Pub. L. 90–448 substituted “Government National Mortgage Association” for “Federal National Mortgage Association” wherever appearing.

   Enacted provision · exact public law section
   (h) Section 1820(e) of title 38, United States Code, is amended by 78 stat. 800. striking out “Federal National” in three places and inserting in lieu thereof, in each such place, “Government National”.

7. 1970

   Disaster Relief Act of 1970

   Pub. L. 91–606 § 233(1) · 84 Stat. 1744

   Substituted · 38 U.S.C. § 3720(a)(2)

   Pub. L. 91–606, § 233(1), substituted “a loan which has been guaranteed, insured, made or acquired under this chapter” for “a loan which has been guaranteed or insured under this chapter”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 91–606, § 233(1), substituted “a loan which has been guaranteed, insured, made or acquired under this chapter” for “a loan which has been guaranteed or insured under this chapter”.

   Enacted provision · exact public law section
   (1) Section 1820(a) (2) of title 38, United States Code, is 72 Stat. 1213. amended to read as follows: “(2) subject to specific limitations in this chapter, consent to the modification, with respect to rate of interest, time of payment of principal or interest or any portion thereof, security or other provisions of any note, contract, mortgage or other instrument securing a loan which has been guaranteed, insured, made or acquired under this chapter;”

8. 1970

   Disaster Relief Act of 1970

   Pub. L. 91–606 § 233(2) · 84 Stat. 1744

   Changed · 38 U.S.C. § 3720(f)

   Pub. L. 91–606, § 233(2), directed the Administrator in major disaster areas to provide the owner of property lost, destroyed, or damaged as the result of a major disaster with counseling and other services, to inform him of disaster assistance available from other Federal, state, or local agencies and to extend such forbearance on an individual case basis as he determines to be warranted by the facts of the case

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 91–606, § 233(2), directed the Administrator in major disaster areas to provide the owner of property lost, destroyed, or damaged as the result of a major disaster with counseling and other services, to inform him of disaster assistance available from other Federal, state, or local agencies and to extend such forbearance on an individual case basis as he determines to be warranted by the facts of the case.

   Enacted provision · exact public law section
   (2) Section 1820(f) of title 38, United States Code, is amended to 80 Stat. 1316. read as follows: “(f) Whenever loss, destruction, or damage to any residential property securing loans guaranteed, insured, made, or acquired by the Administrator under this chapter occurs as the result of a major disaster as determined by the President under the Disaster Assistance Act of 1970, the Administrator shall (1) provide counseling and such other service to the owner of such property as may be feasible and shall inform such owner concerning the disaster assistance available from other Federal agencies and from State or local agencies, and (2) pursuant to subsection (a) (2) of this section, extend on an individual case basis such forbearance or indulgence to such owner as the Administrator determines to be warranted by the facts of the case and the circumstances of such owner.”

9. 1972

   Veterans’ Compensation and Relief Act of 1972

   Pub. L. 92–328 title II § 205 · 86 Stat. 393

   Struck · 38 U.S.C. § 3720(a)(4)

   Pub. L. 92–328 struck out provisions relating to the authority to waive or release claims, including partial or total waiver of payment, following default and loss of property

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 92–328 struck out provisions relating to the authority to waive or release claims, including partial or total waiver of payment, following default and loss of property.

   Enacted provision · exact public law section
   Sec. 205. Section 1820(a)(4) of title 38, United States Code, is 77 Stat. 271. amended by striking out that part of the section beginning with “and the authority to waive” and ending with “a severe hardship upon the veteran;”.

10. 1974

    Pub. L. 93–288 title VII § 702 · 88 Stat. 143

    Substituted · 38 U.S.C. § 3720(f)

    Pub. L. 93–288 substituted “Disaster Relief Act of 1974” for “Disaster Assistance Act of 1970.”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 93–288 substituted “Disaster Relief Act of 1974” for “Disaster Assistance Act of 1970.”

11. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(24) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3720(a)(1)

    Pub. L. 94–324, § 7(24), substituted “the Administrator’s” for “his”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 94–324, § 7(24), substituted “the Administrator’s” for “his”.

    Enacted provision · exact public law section
    (24) by striking out in clauses (1) and (5) of section 1820(a) “his” and “lie” wherever they appear and inserting in lieu thereof “the Administrator’s” and “the Administrator”, respectively;

12. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(24) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3720(a)(5)

    Pub. L. 94–324, § 7(24), substituted “the Administrator” for “he”

    Source evidence

    Code amendment note
    Subsec. (a)(5). Pub. L. 94–324, § 7(24), substituted “the Administrator” for “he”.

    Enacted provision · exact public law section
    (24) by striking out in clauses (1) and (5) of section 1820(a) “his” and “lie” wherever they appear and inserting in lieu thereof “the Administrator’s” and “the Administrator”, respectively;

13. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(25) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3720(a)(6)

    Pub. L. 94–324, § 7(25), substituted “utilized by the Administrator” for “utilized by him”

    Source evidence

    Code amendment note
    Subsec. (a)(6). Pub. L. 94–324, § 7(25), substituted “utilized by the Administrator” for “utilized by him”.

    Enacted provision · exact public law section
    (25) by striking out in sect ion 1820(a)(6) “him” and inserting in lieu thereof “the Administrator”;

14. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(26) · 90 Stat. 720

    1. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “the Administrator determines” for “he determines”

    2. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “by the Administrator” for “by him”

    3. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “the Administrator shall periodically” for “he shall periodically”

    4. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “set aside by the Administrator” for “set aside by him”

    5. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “the Administrator’s commitment” for “his commitment”

    6. Substituted · 38 U.S.C. § 3720(e)(1)

       Pub. L. 94–324, § 7(26), substituted “to pay the Administrator’s” for “to pay his”

    Source evidence

    Code amendment note
    Subsec. (e)(1). Pub. L. 94–324, § 7(26), substituted “the Administrator determines” for “he determines”, “by the Administrator” for “by him”, “the Administrator shall periodically” for “he shall periodically”, “set aside by the Administrator” for “set aside by him”, “the Administrator’s commitment” for “his commitment”, and “to pay the Administrator’s” for “to pay his”.

    Enacted provision · exact public law section
    (26) by striking out in paragraphs (1) and (2) of section 1820(e) “he”, “him”, and “his” wherever they appear and inserting in lieu thereof “the Administrator”, “the Administrator”, and “the Administrator’s”, respectively;

15. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(26) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3720(e)(2)

    Pub. L. 94–324, § 7(26), substituted “as the Administrator determines” for “as he determines”

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 94–324, § 7(26), substituted “as the Administrator determines” for “as he determines”.

    Enacted provision · exact public law section
    (26) by striking out in paragraphs (1) and (2) of section 1820(e) “he”, “him”, and “his” wherever they appear and inserting in lieu thereof “the Administrator”, “the Administrator”, and “the Administrator’s”, respectively;

16. 1977

    Veterans Disability Compensation and Survivor Benefits Act of 1977

    Pub. L. 95–117 title IV § 403(a) · 91 Stat. 1063

    Inserted · 38 U.S.C. § 3720(a)(1)

    Pub. L. 95–117 inserted prohibition relating to garnishment or attachment against the Administrator, etc

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 95–117 inserted prohibition relating to garnishment or attachment against the Administrator, etc.

    Enacted provision · exact public law section
    (a) Section 1820 of title 38, United States Code, is amended by inserting before the semicolon in clause (1) of subsection (a) a comma and “but nothing in this clause shall be construed as authorizing garnishment or attachment against the Administrator, the Veterans’ Administration, or any of its employees”.

17. 1982

    Pub. L. 97–258 § 3(k)(3) · 96 Stat. 1065

    Substituted · 38 U.S.C. § 3720(a)(6)

    Pub. L. 97–258 substituted “section 3302(b) of title 31” for “section 3617, Revised Statutes (31 U.S.C. 484)”

    Source evidence

    Code amendment note
    Subsec. (a)(6). Pub. L. 97–258 substituted “section 3302(b) of title 31” for “section 3617, Revised Statutes (31 U.S.C. 484)”.

18. 1982

    Pub. L. 97–295 § 4(67) · 96 Stat. 1287

    Inserted · 38 U.S.C. § 3720(f)

    Pub. L. 97–295 inserted “(42 U.S.C. 5121 et seq.)” after “the Disaster Relief Act of 1974”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 97–295 inserted “(42 U.S.C. 5121 et seq.)” after “the Disaster Relief Act of 1974”.

    Enacted provision · exact public law section
    (67) Section 1820(f) is amended by inserting “(42 U.S.C. 5121 et seq.)” after “the Disaster Relief Act of 1974”.

19. 1983

    Veterans’ Health Care Amendments of 1983

    Pub. L. 98–160 title VII § 702(14) · 97 Stat. 993

    Struck · 38 U.S.C. § 3720(a)(6)

    Pub. L. 98–160 struck out comma after “title 31”

    Source evidence

    Code amendment note
    Subsec. (a)(6). Pub. L. 98–160 struck out comma after “title 31”.

    Enacted provision · exact public law section
    (14) Section 1820 is amended— (A) in subsection (a)(6), by striking out the comma after “title 31”; and (B) in subsection (b), by striking out “section 5 of title 41” and inserting in lieu thereof “section 3709 of the Revised Statutes (41 U.S.C. 5)”.

20. 1983

    Veterans’ Health Care Amendments of 1983

    Pub. L. 98–160 title VII § 702(14) · 97 Stat. 993

    Substituted · 38 U.S.C. § 3720(b)

    Pub. L. 98–160 substituted “section 3709 of the Revised Statutes (41 U.S.C. 5)” for “section 5 of title 41”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 98–160 substituted “section 3709 of the Revised Statutes (41 U.S.C. 5)” for “section 5 of title 41”.

    Enacted provision · exact public law section
    (14) Section 1820 is amended— (A) in subsection (a)(6), by striking out the comma after “title 31”; and (B) in subsection (b), by striking out “section 5 of title 41” and inserting in lieu thereof “section 3709 of the Revised Statutes (41 U.S.C. 5)”.

21. 1986

    Pub. L. 99–576 title IV § 404 · 100 Stat. 3248

    Substituted · 38 U.S.C. § 3720(b)

    Pub. L. 99–576 substituted “the amount prescribed in clause (1) of the first sentence of such section” for “$1,000”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 99–576 substituted “the amount prescribed in clause (1) of the first sentence of such section” for “$1,000”.

    Enacted provision · exact public law section
    SEC. 404. COMPETITIVE CONTRACTING REQUIREMENTS. Section 1820(b) is amended by striking out “$1,000” and inserting in lieu thereof “the amount prescribed in clause (1) of the first sentence of such section”.

22. 1988

    The Disaster Relief and Emergency Assistance Amendments of 1988

    Pub. L. 100–707 title I § 109(n) · 102 Stat. 4689

    Substituted · 38 U.S.C. § 3720(f)

    Pub. L. 100–707 substituted “and Emergency Assistance Act” for “Act of 1974”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 100–707 substituted “and Emergency Assistance Act” for “Act of 1974”.

    Enacted provision · exact public law section
    (n) Title 38.— Section 1820(f) of title 38, United States Code, is amended by striking out “Act of 1974” and inserting in lieu thereof “and Emergency Assistance Act”.

23. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 title III § 313(b)(1) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3720(a)(c)(e)(f)

    Pub. L. 101–237 substituted “Secretary”, “Secretary’s”, and “Department of Veterans Affairs” for “Administrator”, “Administrator’s”, and “Veterans’ Administration”, respectively, wherever appearing

    Source evidence

    Code amendment note
    Subsecs. (a) to (c), (e), (f). Pub. L. 101–237 substituted “Secretary”, “Secretary’s”, and “Department of Veterans Affairs” for “Administrator”, “Administrator’s”, and “Veterans’ Administration”, respectively, wherever appearing.

    Enacted provision · exact public law section
    (1) Chapters 23, 24, and 37 are amended by striking out “Administrator” and “Administrator’s” each place such terms appear (other than in sections 906(e)(2) and 1812(h)(2)(B) and in section 1845(a) the third place “Administrator” appears) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

24. 1991

    Pub. L. 102–54 § 4(a) · 105 Stat. 267

    Added · 38 U.S.C. § 3720(g)

    Pub. L. 102–54 added subsec. (g)

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 102–54 added subsec. (g).

    Enacted provision · exact public law section
    (a) Certification.— Section 1820 of title 38, United States Code, is amended by adding at the end the following: “(g) The Secretary shall, at the request of the Secretary of Housing and Urban Development and without reimbursement, certify to such Secretary whether an applicant for assistance under any law administered by the Department of Housing and Urban Development is a veteran.”.

25. 1991

    Pub. L. 102–83 § 5(a) · 105 Stat. 378

    Changed · 38 U.S.C. § 3720

    Pub. L. 102–83, § 5(a), renumbered section 1820 of this title as this section

    Source evidence

    Code amendment note
    Pub. L. 102–83, § 5(a), renumbered section 1820 of this title as this section.

    Enacted provision · exact public law section
    (a) Redesignation of Sections to Conform to Chapter Numbers.— Each section contained in any of chapters 11 through 23 is redesignated by replacing the first digit of the section number with the number of the chapter containing that section. Each section contained in any of chapters 24 through 42 is redesignated so that the first two digits of the section number of that section are the same as the chapter number of the chapter containing that section.

26. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 3720(e)(2)

    Pub. L. 102–83, § 5(c)(1), substituted “3723 and 3724” for “1823 and 1824” in two places

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 102–83, § 5(c)(1), substituted “3723 and 3724” for “1823 and 1824” in two places.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

27. 1992

    Pub. L. 102–291 § 5(a) · 106 Stat. 178

    Added · 38 U.S.C. § 3720(h)

    Pub. L. 102–291 added subsec. (h)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–291 added subsec. (h).

    Enacted provision · exact public law section
    (a) Authority.— Section 3720 of title 38, United States Code, is amended by adding at the end the following new subsection: “(h) (1) The Secretary may, upon such terms and conditions as the Secretary considers appropriate, issue or approve the issuance of, and guarantee the timely payment of principal and interest on, certificates or other securities evidencing an interest in a pool of mortgage loans made in connection with the sale of properties acquired under this chapter. “(2) The Secretary may not under this subsection guarantee the payment of principal and interest on certificates or other securities issued or approved after December 31, 1992.”.

28. 1992

    Veterans Home Loan Program Amendments of 1992

    Pub. L. 102–547 § 4 · 106 Stat. 3633

    Substituted · 38 U.S.C. § 3720(h)

    Pub. L. 102–547 substituted “December 31, 1995” for “December 31, 1992” in par. (2)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 102–547 substituted “December 31, 1995” for “December 31, 1992” in par. (2).

    Enacted provision · exact public law section
    SEC. 4. ENHANCED LOAN ASSET SALE AUTHORITY. Section 3720(h)(2) of title 38, United States Code, is amended by striking out “December 31, 1992” and inserting in lieu thereof “December 31, 1995”.

29. 1996

    Pub. L. 104–110 title I § 101(f) · 110 Stat. 768

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 104–110 substituted “December 31, 1996” for “December 31, 1995”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 104–110 substituted “December 31, 1996” for “December 31, 1995”.

    Enacted provision · exact public law section
    (f) Enhanced Loan Asset Sale Authority.— Section 3720(hX2) of such title is amended by striking out “December 31, 1995” and inserting in lieu thereof “December 31, 1996”.

30. 1996

    Veterans’ Benefits Improvements Act of 1996

    Pub. L. 104–275 title II § 201 · 110 Stat. 3322

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 104–275 substituted “December 31, 1997” for “December 31, 1996”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 104–275 substituted “December 31, 1997” for “December 31, 1996”.

    Enacted provision · exact public law section
    SEC. 201. EXTENSION OF ENHANCED LOAN ASSET SALE AUTHORITY. Paragraph (2) of section 3720(h) is amended by striking out “December 31, 1996” and inserting in lieu thereof “December 31, 1997”.

31. 1997

    Balanced Budget Act of 1997

    Pub. L. 105–33 title VIII § 8011 · 111 Stat. 251

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 105–33 substituted “December 31, 2002” for “December 31, 1997”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 105–33 substituted “December 31, 2002” for “December 31, 1997”.

    Enacted provision · exact public law section
    SEC. 8011. ENHANCED LOAN ASSET SALE AUTHORITY. Section 3720(h)(2) of title 38, United States Code, is amended by striking out “December 31, 1997” and inserting in lieu thereof “December 31, 2002”.

32. 1998

    Pub. L. 105–368 § 604(a) · 112 Stat. 3315

    Substituted · 38 U.S.C. § 3720(b)

    Pub. L. 105–368, § 604(a), substituted “, except that title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.) shall apply to any contract for services or supplies on account of any property acquired pursuant to this section.” for “; however, section 3709 of the Revised Statutes (41 U.S.C. 5) shall apply to any contract for services or supplies on account of any property acquired pursuant to this section if the amount of such contract exceeds the amount prescribed in clause (1) of the first sentence of such section.”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 105–368, § 604(a), substituted “, except that title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.) shall apply to any contract for services or supplies on account of any property acquired pursuant to this section.” for “; however, section 3709 of the Revised Statutes (41 U.S.C. 5) shall apply to any contract for services or supplies on account of any property acquired pursuant to this section if the amount of such contract exceeds the amount prescribed in clause (1) of the first sentence of such section.”

    Enacted provision · exact public law section
    (a) In General.— Section 3720(b) is amended by striking “; however” and all that follows and inserting the following: “, except that title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.) shall apply to any contract for services or supplies on account of any property acquired pursuant to this section.”.

    Effective date note
    Amendment by section 602(c)(1) of Pub. L. 105–368 effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as a note under section 2106 of this title. Pub. L. 105–368, title VI, § 604(b), Nov. 11, 1998, 112 Stat. 3348, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to contracts entered into under section 3720 of title 38, United States Code, after the end of the 60-day period beginning on the date of the enactment of this Act [Nov. 11, 1998].”

33. 1998

    Pub. L. 105–368 § 602(c)(1) · 112 Stat. 3315

    Struck · 38 U.S.C. § 3720(e)

    Pub. L. 105–368, § 602(c)(1), struck out subsec. (e), which authorized Secretary to set aside first mortgage loans and installment sales contracts owned or held by Secretary under this chapter as basis for sale of participation certificates, authorized agreements, including trust agreements, for this purpose, and set forth provisions relating to allocation, deposit, and set aside of proceeds

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 105–368, § 602(c)(1), struck out subsec. (e), which authorized Secretary to set aside first mortgage loans and installment sales contracts owned or held by Secretary under this chapter as basis for sale of participation certificates, authorized agreements, including trust agreements, for this purpose, and set forth provisions relating to allocation, deposit, and set aside of proceeds.

    Enacted provision · exact public law section
    (1) Repeal of authority to sell participation certificates.— Section 3720 is amended by striking subsection (e).

    Effective date note
    Amendment by section 602(c)(1) of Pub. L. 105–368 effective Oct. 1, 1998, see section 602(f) of Pub. L. 105–368, set out as a note under section 2106 of this title. Pub. L. 105–368, title VI, § 604(b), Nov. 11, 1998, 112 Stat. 3348, provided that: “The amendment made by subsection (a) [amending this section] shall apply with respect to contracts entered into under section 3720 of title 38, United States Code, after the end of the 60-day period beginning on the date of the enactment of this Act [Nov. 11, 1998].”

34. 2000

    Veterans Benefits and Health Care Improvement Act of 2000

    Pub. L. 106–419 title IV § 402(a) · 114 Stat. 1822

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 106–419 substituted “December 31, 2008” for “December 31, 2002”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 106–419 substituted “December 31, 2008” for “December 31, 2002”.

    Enacted provision · exact public law section
    (a) Enhanced Loan asset Sale Authority.— Section 3720(h)(2) is amended by striking “December 31, 2002” and inserting “December 31, 2008”.

35. 2001

    Veterans Education and Benefits Expansion Act of 2001

    Pub. L. 107–103 title IV § 405(b) · 115 Stat. 976

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 107–103 substituted “December 31, 2011” for “December 31, 2008”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 107–103 substituted “December 31, 2011” for “December 31, 2008”.

    Enacted provision · exact public law section
    (b) Enhanced Loan Asset Sale Authority.— Section 3720(h)(2) is amended by striking “December 31, 2008” and inserting “December 31, 2011”.

36. 2011

    Pub. L. 111–350 § 5(j)(3) · 124 Stat. 3677

    Substituted · 38 U.S.C. § 3720(b)

    Pub. L. 111–350 substituted “division C (except sections 3302, 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” for “title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.)”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 111–350 substituted “division C (except sections 3302, 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” for “title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.)”.

    Enacted provision · exact public law section
    (3) In section 3720(b), strike “title III of the Federal Property and Administrative Services Act of 1949 (41 U.S.C. 251 et seq.)” and substitute “division C (except sections 3302, 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41”.

37. 2012

    Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012

    Pub. L. 112–154 title VII § 702(a) · 126 Stat. 1165

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 112–154 substituted “December 31, 2016” for “December 31, 2011”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 112–154 substituted “December 31, 2016” for “December 31, 2011”.

    Enacted provision · exact public law section
    (a) Pool of Mortgage Loans.— Section 3720(h)(2) is amended by striking “December 31, 2011” and inserting “December 31, 2016”.

38. 2016

    Department of Veterans Affairs Expiring Authorities Act of 2016

    Pub. L. 114–228 title IV § 410 · 130 Stat. 935

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 114–228 substituted “December 31, 2017” for “December 31, 2016”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 114–228 substituted “December 31, 2017” for “December 31, 2016”.

    Enacted provision · exact public law section
    SEC. 410. EXTENSION OF AUTHORITY TO GUARANTEE PAYMENT OF PRINCIPAL AND INTEREST ON CERTIFICATES OR OTHER SECURITIES.   Section 3720(h)(2) is amended by striking “December 31, 2016” and inserting “December 31, 2017”.

39. 2017

    Department of Veterans Affairs Expiring Authorities Act of 2017

    Pub. L. 115–62 title IV § 409 · 131 Stat. 1159

    Substituted · 38 U.S.C. § 3720(h)(2)

    Pub. L. 115–62 substituted “September 30, 2018” for “December 31, 2017”

    Source evidence

    Code amendment note
    Subsec. (h)(2). Pub. L. 115–62 substituted “September 30, 2018” for “December 31, 2017”.

    Enacted provision · exact public law section
    SEC. 409. EXTENSION OF AUTHORITY TO GUARANTEE PAYMENT OF PRINCIPAL AND INTEREST ON CERTIFICATES OR OTHER SECURITIES.   Section 3720(h)(2) 38 USC 3720. is amended by striking “December 31, 2017” and inserting “September 30, 2018”.

40. 2018

    Department of Veterans Affairs Expiring Authorities Act of 2018

    Pub. L. 115–251 title I § 123 · 132 Stat. 3166

    1. Struck · 38 U.S.C. § 3720(h)

       Pub. L. 115–251 struck out par. (1) designation before “The Secretary may, upon”

    2. Struck · 38 U.S.C. § 3720(h)

       Pub. L. 115–251 struck out par. (2) which read as follows: “The Secretary may not under this subsection guarantee the payment of principal and interest on certificates or other securities issued or approved after September 30, 2018.”

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 115–251 struck out par. (1) designation before “The Secretary may, upon” and struck out par. (2) which read as follows: “The Secretary may not under this subsection guarantee the payment of principal and interest on certificates or other securities issued or approved after September 30, 2018.”

    Enacted provision · exact public law section
    SEC. 123. MAKING PERMANENT AUTHORITY TO GUARANTEE PAYMENT OF PRINCIPAL AND INTEREST ON CERTIFICATES OR OTHER SECURITIES.   Section 3720(h) is amended— (1) by striking paragraph (2); and (2) by striking “(1)”.

41. 2025

    Pub. L. 119–31 § 2(b)(1) · 139 Stat. 476

    Substituted · 38 U.S.C. § 3720(a)

    Pub. L. 119–31, § 2(b)(1), substituted “Except as provided in subsection (h), notwithstanding” for “Notwithstanding” in introductory provisions

    Unresolved: Pub. L. 119–31 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 119–31, § 2(b)(1), substituted “Except as provided in subsection (h), notwithstanding” for “Notwithstanding” in introductory provisions.

42. 2025

    Pub. L. 119–31 § 2(b)(2) · 139 Stat. 476

    Redesignated · 38 U.S.C. § 3720(e)(g)

    Pub. L. 119–31, § 2(b)(2), redesignated subsecs. (f) to (h) as (e) to (g), respectively. Former subsec. (e) had been struck out by Pub. L. 105–368, § 602(c)(1)

    Unresolved: Pub. L. 119–31 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsecs. (e) to (g). Pub. L. 119–31, § 2(b)(2), redesignated subsecs. (f) to (h) as (e) to (g), respectively. Former subsec. (e) had been struck out by Pub. L. 105–368, § 602(c)(1).

43. 2025

    Pub. L. 119–31 § 2(b)(3) · 139 Stat. 476

    Redesignated · 38 U.S.C. § 3720(h)

    Pub. L. 119–31, § 2(b)(3), added subsec. (h). Former subsec. (h) redesignated (g)

    Unresolved: Pub. L. 119–31 was not found in the local Statutes at Large index.

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 119–31, § 2(b)(3), added subsec. (h). Former subsec. (h) redesignated (g).

44. 2025

    Pub. L. 119–37 div. G title III § 7307(a) · 139 Stat. 651

    Substituted · 38 U.S.C. § 3720(h)

    Pub. L. 119–37 substituted “of subsection (a) in conjunction with the purchase of a loan under section 3732(a)(2) of this title unless the Secretary determines the purchase would be made consistent with section 3732(d) of this title.” for “of subsection (a) with respect to a loan guaranteed under this chapter before the completion of the sequence of mitigation options offered to the veteran to whom the loan is made under section 3732(d) of this title.”

    Unresolved: Pub. L. 119–37 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 119–37 substituted “of subsection (a) in conjunction with the purchase of a loan under section 3732(a)(2) of this title unless the Secretary determines the purchase would be made consistent with section 3732(d) of this title.” for “of subsection (a) with respect to a loan guaranteed under this chapter before the completion of the sequence of mitigation options offered to the veteran to whom the loan is made under section 3732(d) of this title.”

41 of 50 references resolved to an enrolled provision · 5 partial · 4 unresolved