Us Code § 3744 - Approval of loans by the Secretary
Full text of Us Code United States Code § 3744 — Approval of loans by the Secretary, with citation guidance and answers to common questions.
§ 3744. Approval of loans by the Secretary
(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.)
Editorial Notes
Amendments
1991—Pub. L. 102–83, §5(a), renumbered section 1844 of this title as this section.
Subsec. (b). Pub. L. 102–83, §5(c)(1), substituted "3702(d)" for "1802(d)".
1989—Pub. L. 101–237 substituted "Secretary" for "Administrator" in section catchline and wherever appearing in text.
About This Section
38 U.S.C. § 3744 is part of Title 38 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.
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