§3749 — Title 38 Veterans' Benefits | U.S. Code

Summary

Creates a revolving fund in the Treasury called the "Department of Veterans Affairs Small Business Loan Revolving Fund." Money in the fund can be used by the Secretary at any time to run the loan and loan-guarantee programs under this law, but not for administrative costs or other purposes. Up to $25,000,000 may be appropriated to start the fund. The Secretary must deposit all loan payments, interest, and proceeds from related property sales into the fund. Each year the Secretary must check for extra money and send any surplus to the Treasury’s general fund. If the Secretary stops making new loans, then within two years all money in the fund must be moved to the general fund except amounts kept to finish paying existing obligations; later loan receipts must generally go to the general fund too unless needed to close out obligations.

Title 38, §3749

Veterans' Benefits — Source: USLM XML via OLRC

(a)There is established in the Treasury a revolving fund to be known as the “Department of Veterans Affairs Small Business Loan Revolving Fund” (hereinafter in this section referred to as the “fund”).

(b)Amounts in the fund shall be available to the Secretary without fiscal year limitation for all loan guaranty and direct loan operations under this subchapter other than administrative expenses and may not be used for any other purpose.

(c)(1)There is authorized to be appropriated to the fund a total of $25,000,000.

(2)There shall be deposited into the fund all amounts received by the Secretary derived from loan operations under this subchapter, including all collection of principal and interest and the proceeds from the use of property held or of property sold.

(d)The Secretary shall determine annually whether there has developed in the fund a surplus which, in the Secretary’s judgment, is more than necessary to meet the needs of the fund. Any such surplus shall immediately be transferred into the general fund of the Treasury.

(e)Not later than two years after the termination of the authority of the Secretary to make new commitments for financial assistance under this subchapter, the Secretary shall transfer into the general fund of the Treasury all amounts in the fund except those that the Secretary determines may be required for the liquidation of obligations under this subchapter. All amounts received thereafter derived from loan operations under this subchapter, except so much thereof as the Secretary may determine to be necessary for liquidating outstanding obligations under this subchapter, shall also be so deposited.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1991—Pub. L. 102–83, § 5(a), renumbered section 1849 of this title as this section. Subsec. (a). Pub. L. 102–83, § 4(a)(2)(B)(v), substituted “Department of Veterans Affairs” for “Veterans’ Administration”. 1989—Subsecs. (b) to (e). Pub. L. 101–237 substituted “Secretary” and “Secretary’s” for “Administrator” and “Administrator’s”, respectively, wherever appearing. 1986—Subsec. (c)(1). Pub. L. 99–576 substituted “There” for “Effective for fiscal year 1982 and fiscal years thereafter, there”.

§3749 Revolving fund

Summary

Title 38, §3749

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata