A bill to amend chapter 37 of title 38, United States Code, to permit interest on loans under section 1810 of the chapter to be as agreed upon by the lender and borrower.

Summary

Provides that the interest rate on loans guaranteed or insured to veterans for the purchase or construction of homes shall be as agreed to by the lender and borrower, unless the Administrator of Veterans' Affairs determines that such rate is excessive in view of the current interest rates in the mortgage or loan market in the areas involved. Directs the Administrator to prescribe such regulations as may be necessary to assure that lenders do not, directly or indirectly, make any charges in the nature of discounts or points in connection with loans guaranteed under provisions for Veterans' Benefits.

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1 official file

• Introduced in Senate

  summary · EN · 26 February 1974

  Open at official source

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