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PUBLIC LAW 550-JULY 16, 1952
[66 S T A T.
INFORMATION F U R N I S H E D BY FEDERAL TRADE COMMISSION
SEC. 272. The Federal Trade Commission shall keep all State approving agencies advised of any information coming to its attention which would be of assistance to such agencies in carrying out their duties under this title. EFFECTIVE DATE
SEC. 273. This title shall take effect on the date of its enactment, except that no education and training allowance shall be paid for any period prior to August 20, 1952. APPROPRIATIONS
SEC. 274. The appropriations for the Veterans' Administration under the headings "Administration, medical, hospital and domiciliary services" and "Readjustment benefits" are hereby made available for expenditures necessary to carry out the provisions of this title, and there is hereby authorized to be appropriated such additional amounts as may be necessary to accomplish the purposes of this title. TITLE III—LOANS P E R S O N S ELIGIBLE FOR LOANS
II use 694.*
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SEC. 301. Subsection (a) of section 500 of the Servicemen's Readjustment Act of 1944, as amended, is amended— (1) by inserting after "war" in the first sentence the following: ", or at any time on or after June 27, 1950, and prior to such date as shall be determined by Presidential proclamation or concurrent resolution of the Congress,"; (2) by inserting after the first sentence the following: "Entitlement derived from service on or after June 27, 1950, shall (1) cancel any unused entitlement derived from service prior to June 27, 1950, and (2) be reduced by the amount entitlement from such prior service shall have been used to obtain a direct, guaranteed, or insured loan (a) on real property which the veteran owns at the time of application or (b) as to which the Administrator shall have incurred actual liability or loss, unless in the event of loss or the incurrence and payment of such liability by the Administrator, the resultant indebtedness of the veteran to the Government shall have been paid in full."; and (3) by inserting after "war" in the fourth sentence of such subsection, as amended by this section, the following: ", and any loan to a veteran eligible by virtue of active service on or after June 27, 1950, if made within ten years after such date as shall be determined by Presidential proclamation or concurrent resolution of the Congress,". POWER OF ADMINISTRATOR TO E X A M I N E LOANS
38 USC 694.
SEC. 302. Section 500 of the Servicemen's Readjustment Act of 1944, as amended, is amended by adding at the end thereof the following new subsection: "(f) Notwithstanding the provisions in this title respecting automatically guaranteed loans, the Administrator may at any time upon thirty days' notice require loans to be made by any lender or class of lenders to be submitted for prior approval, and no guaranty or insurance liability shall exist in respect to such loans unless evidence of guaranty or insurance is issued by the Administrator."
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