§636b. Disaster loan interest rates

Any loan made under section 636a ¹ of this title and section 4452 ¹ of title 42 shall not exceed the current cost of repairing or replacing the disaster injury, loss, or damage in conformity with current codes and specifications. Any loan made under sections 636a ¹ and 636d of this title, and sections 3538 and 4452 ¹ of title 42 shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity of ten to twelve years reduced by not to exceed 2 per centum per annum. In no event shall any loan made under this section bear interest at a rate in excess of 6 per centum per annum.

( Pub. L. 91–606, title II, §234, Dec. 31, 1970, 84 Stat. 1754 .)

Editorial Notes

References in Text

Section 636a of this title, referred to in text, was repealed by Pub. L. 97–35, title XIX, §1917, Aug. 13, 1981, 95 Stat. 781 .

Section 4452 of title 42, referred to in text, was repealed by Pub. L. 93–24, §7, Apr. 20, 1973, 87 Stat. 25 .

Codification

Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4453 of Title 42, The Public Health and Welfare.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amendment note under section 165 of Title 26, Internal Revenue Code.

¹ See References in Text note below.