§ 3744. Approval of loans by the Secretary

231 words·~1 min read·/usc/title-38/section-3744

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(a)Except as provided in subsection

(b)of this section, a loan may not be guaranteed under this subchapter unless, before the closing of the loan, it is submitted to the Secretary for approval and the Secretary grants approval.

(b)The Secretary may exempt any lender of a class of lenders listed in section 3702(d) of this title from the prior approval requirement in subsection

(a)of this section if the Secretary determines that the experience of such lender or class of lenders warrants such exemption.

(c)The Secretary may at any time upon thirty days’ notice require loans to be made by any lender or class of lenders under this subchapter to be submitted to the Secretary for prior approval. No guaranty shall exist with respect to any such loan unless evidence of the guaranty is issued by the Secretary.

(Added Pub. L. 97–72, title III, § 302(a), Nov. 3, 1981, 95 Stat. 1057, § 1844; amended Pub. L. 101–237, title III, § 313(b)(1), Dec. 18, 1989, 103 Stat. 2077; renumbered § 3744 and amended Pub. L. 102–83, § 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 406.)

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U.S. Code

Basic entitlement
§ 3702

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Pub. L. 97–72, title III, § 302(a)
95 Stat. 1057
Pub. L. 101–237, title III, § 313(b)(1)
103 Stat. 2077
Pub. L. 102–83, § 5(a)
105 Stat. 406
section 1844 of this title
Pub. L. 102–83, § 5(c)(1)
Pub. L. 101–237

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§ 3744

Approval of loans by the Secretary

U.S.C.§ 3702

Pub. L.Pub. L. 97–72, title III, § 302(a)

Stat.95 Stat. 1057

Pub. L.Pub. L. 101–237, title III, § 313(b)(1)

Stat.103 Stat. 2077

Pub. L.Pub. L. 102–83, § 5(a)

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