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Code · STATUTES-AT-LARGE · Vol. 46 STAT. · February 27, 1931 · Chapter 318

Chapter 318. To increase the loan basis of adjusted service certificates

659 words·~3 min read·/statutes-at-large/vol-46/chapter-318-6162621·

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CHAP. 318.— An Act To increase the loan basis of adjusted service certificates. February 27, 1931.[[H. R. 17054](/us/bill/71/hr/17054).][[Public, No. 743](/us/pl/71/743).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section 502 World War Adjusted Compensation Act, amendment.Vol. 43, p. 128; Vol. 44, p. 1339; VoL 45, p. 1561, amended.[U. S. C., p. 1231; Supp. IV, p. 540](/us/usc/1231/540).Loan basis.Calculation of; interest rate.of the World War Adjusted Compensation Act, as amended, is amended by adding at the end thereof two new subdivisions to read as follows:
" “(l) For the purpose of this section the loan basis provided in subdivision
(g)shall at no time be less than 50 per centum of the face value of the certificate, and in no event shall the rate of interest on any loan made after this subdivision takes effect exceed 4½ per centum per annum, compounded annually. If at the time of application Adjustment of unpaid prior loans, etc.to the Administrator of Veterans’ Affairs for a loan the principal and interest on or in respect of any prior loan under this section have not been paid in full by the veteran (whether or not the loan has matured), then, on request of the veteran, the Administrator shall
(1)pay or otherwise discharge such unpaid principal and so much of such unpaid interest (accrued or to accrue) as is necessary to make the certificate available for use as security for the new loan and
(2)deduct the same from the then existing loan basis of the certificate. “(m) Loans made by the Administrator of Veterans’. Affairs under Funds available for loans.this section may at his option be made out of the United States Government life insurance fund, or out of the Adjusted Service Vol. 43, p. 128.Certificate Fund created under section 505.” " Sec. 2. Section 507 of such Act, as amended, is amended to read as follows: " “Sec. 507. All amounts in the fund shall be available for payment, Payments.Vol. 43, p. 123, amended.[U. S. C., p. 1233](/us/usc/1233).Vol. 45, p. 1581.by the Administrator, of adjusted service certificates upon their maturity or the prior death of the veteran, for payments under section 502 to banks on account of notes of veterans, and for making loans authorized by section 502, as amended.” " 1430 Sec. 3. Appropriations authorized. There is authorized to be appropriated such amounts as may be necessary to provide for the making of loans to veterans by the Administrator of Veterans’ Affairs under the World War Adjusted Compensation Act, as amended. Sec. 4. Title of Act. This Act may be cited as the “ Emergency Adjusted Compensation Act, 1931.” Nicholas Longworth, *Speaker of the House of Representatives.* Charles Curtis, *Vice President of the United States and President of the Senate.* Certificate of Senate.In the Senate of the United States, *February 17 (calendar day, February 27), 1931.* The Senate having proceeded to reconsider the bill (H. E. 17054) entitled “An Act to increase the loan basis of adjusted service certificates,” returned by the President of the United States to the House of Representatives, in which it originated, with his objections, and passed by the House on a reconsideration of the same, it was Resolved, That the bill pass, two-thirds of the Senators present having voted in the affirmative. Attest: Edwin P. Thayer, *Secretary.* I certify that this Act originated in the House of Representatives Wm. Tyler Page, *Clerk.* Certificate of House of Representatives.In the House of Representatives, *February 26, 1931.* The President of the United States having returned to the House of Representatives, in which it originated, the bill (H. R. 17054) entitled “An Act to increase the loan basis of adjusted service certificates,” with his objections thereto, the House proceeded, in pursuance of the Constitution, to reconsider the same: and Resolved, That the bill pass, two-thirds of the House of Representatives agreeing to pass the same. Attest: Wm. Tyler Page, *Clerk.*
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