Title 38 of the U.S. Code § 1926 - Authority for higher interest rates for amounts payable to beneficiaries
Full text of § 1926 from Title 38 of the United States Code.
§ 1926. Authority for higher interest rates for amounts payable to beneficiaries
Notwithstanding sections 1902, 1923, and 1925 of this title, if the beneficiary of an insurance policy receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in the appropriate section of this subchapter. The Secretary may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound for the program of insurance concerned. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.
(Added Pub. L. 96–128, title III, §302(a), Nov. 28, 1979, 93 Stat. 986, §726; renumbered §1926 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404–406.)
Editorial Notes
Amendments
1991—Pub. L. 102–83, §5(a), renumbered section 726 of this title as this section.
Pub. L. 102–83, §5(c)(1), substituted "1902, 1923, and 1925" for "702, 723, and 725".
Pub. L. 102–83, §4(b)(1), (2)(E), substituted "Secretary" for "Administrator".
Statutory Notes and Related Subsidiaries
Effective Date
Section effective Nov. 28, 1979, see section 601(b) of Pub. L. 96–128, set out as an Effective Date of 1979 Amendment note under section 1114 of this title.
About This Section
38 U.S.C. § 1926 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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