Us Code § 1428b - Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees
Full text of Us Code United States Code § 1428b — Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees, with citation guidance and answers to common questions.
§ 1428b. Prerequisite for loan or loan guarantee; maximum participation in available funds; reserves for loan guarantees
No loan or loan guarantee shall be made under this subchapter to any applicant who does not satisfy the agency or agencies administering the plan that financing is otherwise unavailable on reasonable terms and conditions. The maximum participation in the funds made available under section 1428 of this title shall be limited (a) so that not more than 25 per centum of the funds actually appropriated by the Congress may be devoted to any single project (b) to 90 per centum of loan guarantee, and (c) with respect to all loans, to that decree of participation prudent under the circumstances of individual loans but directly related to the minimum essential participation necessary to accomplish the purposes of this subchapter: Provided, That, with respect to loan guarantees, the reserves maintained by the agency or agencies for the guarantees shall not be less than 25 per centum of the guarantee.
(Pub. L. 90–601, §4, Oct. 17, 1968, 82 Stat. 1172.)
Editorial Notes
Codification
Section was not enacted as part of the Organic Act of Guam which comprises this chapter.
About This Section
48 U.S.C. § 1428b is part of Title 48 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 48 U.S.C. § 1428b. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
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