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Billno should always have and extension i.e. h1.ih

HR 1949 IH

To amend title 38, United States Code, to reinstate minimum requirements with respect to the sale of vendee loans.

May 5, 2003

Mr. SMITH of New Jersey (for himself and Mr. EVANS) introduced the following bill; which was referred to the Committee on Veterans' Affairs

To amend title 38, United States Code, to reinstate minimum requirements with respect to the sale of vendee loans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Vendee Loan Restoration Act'.

SEC. 2. REINSTATEMENT OF MINIMUM REQUIREMENTS FOR SALE OF VENDEE LOANS.

(a) IN GENERAL- Section 3733(a) of title 38, United States Code, is amended--

(1) by striking paragraph (2) and redesignating paragraphs (3), (4), (5), and (6) as paragraphs (2), (3), (4), and (5), respectively; and

(2) in subparagraph (B)(i) of paragraph (3), as so redesignated, by striking `paragraph (5) of this subsection' and inserting `paragraph (4)'.

(b) INCREASE IN MAXIMUM PERCENTAGE- Section 3733(a)(1) of such title is amended--

(1) by striking `65 percent' in the first sentence and inserting `85 percent'; and

(2) by striking the second sentence.

(c) STYLISTIC AMENDMENTS- Section 3733 of such title is amended by striking `paragraph (1) of this subsection' each place it appears and inserting `paragraph (1)'.