§4982 — Title 10 Armed Forces | U.S. Code

Summary

The Secretary of Defense must charge a fee when giving a loan guarantee under this subchapter. The fee must be at least 75 percent of what it costs the Secretary to provide the guarantee. Fees go into a special Treasury account and can be used, as Congress allows, to pay the Defense Department’s administrative costs for the loan program. If the special account does not have enough money in a fiscal year, the Secretary may use up to $500,000 from Defense-wide operations and maintenance funds to pay those administrative costs. The Secretary must repay those amounts from the special account when money is available.

Title 10, §4982

Armed Forces — Source: USLM XML via OLRC

(a)The Secretary of Defense shall assess a fee for providing a loan guarantee under this subchapter.

(b)The amount of the fee shall be not less than 75 percent of the amount incurred by the Secretary to provide the loan guarantee.

(c)(1)Such fees shall be credited to a special account in the Treasury.

(2)Amounts in the special account shall be available, to the extent and in amounts provided in appropriations Acts, for paying the costs of administrative expenses of the Department of Defense that are attributable to the loan guarantee program under this subchapter.

(3)(A)If for any fiscal year amounts in the special account established under paragraph (1) are not available (or are not anticipated to be available) in a sufficient amount for administrative expenses of the Department of Defense for that fiscal year that are directly attributable to the administration of the program under this subchapter, the Secretary may use amounts currently available for operations and maintenance for Defense-wide activities, not to exceed $500,000 in any fiscal year, for those expenses.

(B)The Secretary shall, from funds in the special account established under paragraph (1), replenish operations and maintenance accounts for amounts expended under subparagraph (A).

Notes & Related Subsidiaries

Editorial Notes

Amendments

2021—Pub. L. 116–283 renumbered section 2541a of this title as this section.

Statutory Notes and Related Subsidiaries

Effective Date

of 2021 AmendmentAmendment by Pub. L. 116–283 effective Jan. 1, 2022, with additional provisions for delayed implementation and applicability of existing law, see section 1801(d) of Pub. L. 116–283, set out as a note preceding section 3001 of this title.

§4982 Fees Charged and Collected