Title 38 — Veterans' BenefitsRelease 119-73
§3743 Liability on loans
Title 38 › Part PART III— - READJUSTMENT AND RELATED BENEFITS › Chapter CHAPTER 37— - HOUSING AND SMALL BUSINESS LOANS › Subchapter SUBCHAPTER IV— - SMALL BUSINESS LOANS › § 3743
Summary
Owners of a veterans' small business that gets a direct loan under this subchapter or a loan guaranteed under this subchapter must sign a written promise showing the loan. Each owner is fully responsible, both together and individually, to the United States for the direct loan amount or for any amount the Secretary pays on a guaranteed loan.
Full Legal Text
Title 38, §3743
Veterans' Benefits — Source: USLM XML via OLRC
Each individual who has an ownership interest in a veterans’ small business concern that is provided a direct loan under this subchapter, or that obtains a loan guaranteed under this subchapter, shall execute a note or other document evidencing the direct or guaranteed business loan, and such individuals shall be jointly and severally liable to the United States for the amount of such direct loan or, in the case of a guaranteed loan, for any amount paid by the Secretary on account of such loan.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
1991—Pub. L. 102–83 renumbered section 1843 of this title as this section. 1989—Pub. L. 101–237 substituted “Secretary” for “Administrator”.
Reference
Citations & Metadata
Citation
38 U.S.C. § 3743
Title 38 — Veterans' Benefits
Last Updated
Apr 6, 2026
Release point: 119-73