Chapter 359. To authorize the Director of the United States Veterans’ Bureau to make loans to veterans upon the security of adjusted service certificates
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CHAP. 359.— An Act To authorize the Director of the United States Veterans’ Bureau to make loans to veterans upon the security of adjusted service certificates.March 3, 1927.[[H. R. 16886](/us/bill/69/hr/16886).][[Public, No. 762](/us/pl/69/762).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,World War Adjusted Compensation Act. Vol 43, p. 128, amended. That section 502 of the World War Adjusted Compensation Act is amended by adding at the end thereof the following new subdivisions:
“(i) The Director of the United States Veterans’ Bureau isLoan privileges. Use of life insurance fund allowed for loans on service certificates. authorized, through such officers and at such regional offices, sub-offices. and hospitals of the United States Veterans’ Bureau as he may designate, and out of the United States Government life insuranceVol. 43, p. 612. fund established by section 17 of the World War Veterans’ 1390 Act, 1924, as amended, to make loans to veterans upon their adjusted service certificates in the same amounts and upon the same terms and conditions as are applicable in the case of loans made under this section by a bank, and the provisions of this section shall be Rate of interest.applicable to such loans; except that the rate of interest shall be 2 per centum per annum more than the rate charged at the date of the loan for the discount of ninety-day commercial paper under section Vol. 42, p. 1479.13 of the Federal Reserve Act by the Federal reserve bank for the Federal reserve district in which is located the regional office, sub-office, or hospital of the United States Veterans’ Bureau at which the loan is made.
“(j)Loan to Bureau from life insurance fund authorized.Interest charged. For the purpose of enabling the director to make such loans out of the United States Government life insurance fund the Secretary of the Treasury is authorized to loan not exceeding $25,000,000 to such fund with interest at the rate of 4 per centum per annum (beginning on the date the check for each amount loaned to a veteran is paid by the Treasurer of the United States), compounded annually, on the security of bonds held in such fund.
“(k)Credit allowed disbursing officers. The disbursing officers of the United States Veterans Bureau shall be allowed credit in their accounts for all Ioans made in accordance with regulations and instructions of the director.” Sec. 2.Lost service certificates.Issue of duplicate without bond, if lost, etc., before delivery.*Ante*, p. 830, amended. That section 705 of the World War Adjusted Compensation Act, as amended, is amended by striking out the period at the end thereof and inserting in lieu thereof a comma, and the following:
“except that a duplicate certificate shall be issued without the requirement of a bond when it is shown to the satisfaction of the director that the original certificate, before delivery to the veteran, has been lost, destroyed, wholly or in part, or so defaced as to impair its value.” Sec. 3.Limitation of payment to veterans, at institutions, repealed.*Ante*, p. 796, repealed. That the last paragraph of paragraph
(7)of section 202 of the World War Veterans’ Act, 1924, as amended, is hereby repealed. Approved, March 3, 1927.