Except as provided in subsection (b) of this section, a loan may not be guaranteed under this subchapter unless, before the closing of the loan, it is submitted to the Secretary for approval and the Secretary grants approval.
section 3702(d) of this title The Secretary may exempt any lender of a class of lenders listed in from the prior approval requirement in subsection (a) of this section if the Secretary determines that the experience of such lender or class of lenders warrants such exemption.
The Secretary may at any time upon thirty days’ notice require loans to be made by any lender or class of lenders under this subchapter to be submitted to the Secretary for prior approval. No guaranty shall exist with respect to any such loan unless evidence of the guaranty is issued by the Secretary.
Pub. L. 97–72, title III, § 302(a)95 Stat. 1057 Pub. L. 101–237, title III, § 313(b)(1)103 Stat. 2077 Pub. L. 102–83, § 5(a)105 Stat. 406 (Added , , , § 1844; amended , , ; renumbered § 3744 and amended , (c)(1), , .)
Editorial Notes
Amendments
Pub. L. 102–83, § 5(a)section 1844 of this title1991—, renumbered as this section.
Pub. L. 102–83, § 5(c)(1)Subsec. (b). , substituted “3702(d)” for “1802(d)”.
Pub. L. 101–2371989— substituted “Secretary” for “Administrator” in section catchline and wherever appearing in text.