38 USC 3743: Liability on loans
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38 USC 3743: Liability on loans Text contains those laws in effect on November 30, 2024
From Title 38-VETERANS' BENEFITSPART III-READJUSTMENT AND RELATED BENEFITSCHAPTER 37-HOUSING AND SMALL BUSINESS LOANSSUBCHAPTER IV-SMALL BUSINESS LOANS
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§3743. Liability on loans

Each individual who has an ownership interest in a veterans' small business concern that is provided a direct loan under this subchapter, or that obtains a loan guaranteed under this subchapter, shall execute a note or other document evidencing the direct or guaranteed business loan, and such individuals shall be jointly and severally liable to the United States for the amount of such direct loan or, in the case of a guaranteed loan, for any amount paid by the Secretary on account of such loan.

(Added Pub. L. 97–72, title III, §302(a), Nov. 3, 1981, 95 Stat. 1057 , §1843; amended Pub. L. 101–237, title III, §313(b)(1), Dec. 18, 1989, 103 Stat. 2077 ; renumbered §3743, Pub. L. 102–83, §5(a), Aug. 6, 1991, 105 Stat. 406 .)


Editorial Notes

Amendments

1991-Pub. L. 102–83 renumbered section 1843 of this title as this section.

1989-Pub. L. 101–237 substituted "Secretary" for "Administrator".