§3744 — Title 38 Veterans' Benefits | U.S. Code

Summary

Loans cannot get a guarantee under this program unless the lender sends the loan to the Secretary for approval before the loan closes and the Secretary approves it. The Secretary can exempt a lender or a class of lenders listed in section 3702(d) if their experience supports that. The Secretary may also require, after 30 days’ notice, that loans from any lender or class be submitted for prior approval. No guarantee exists for any such loan unless the Secretary issues proof of the guarantee.

Title 38, §3744

Veterans' Benefits — Source: USLM XML via OLRC

(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.

Notes & Related Subsidiaries

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.

§3744 Approval of loans by the Secretary

Summary

Title 38, §3744

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata