Loan authority
In general
The Secretary shall make loans to any loan-eligible State, for a period to maturity of not more than 3 years.
Loan-eligible State
section 609(a)(1) of this titleAs used in paragraph (1), the term “loan-eligible State” means a State against which a penalty has not been imposed under .
Rate of interest
The Secretary shall charge and collect interest on any loan made under this section at a rate equal to the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the period to maturity of the loan.
Use of loan
Limitation on total amount of loans to State
The cumulative dollar amount of all loans made to a State under this section during fiscal years 1997 through 2003 shall not exceed 10 percent of the State family assistance grant.
Limitation on total amount of outstanding loans
The total dollar amount of loans outstanding under this section may not exceed $1,700,000,000.
Appropriation
Out of any money in the Treasury of the United States not otherwise appropriated, there are appropriated such sums as may be necessary for the cost of loans under this section.
Aug. 14, 1935, ch. 531Pub. L. 104–193, title I, § 103(a)(1)110 Stat. 2128Pub. L. 105–33, title V, § 5514(c)111 Stat. 620Pub. L. 108–40, § 3(f)117 Stat. 837(, title IV, § 406, as added , , ; amended , , ; , , .)
Editorial Notes
Prior Provisions
Aug. 14, 1935, ch. 53149 Stat. 629Aug. 10, 1939, ch. 66653 Stat. 1380Aug. 28, 1950, ch. 80964 Stat. 551Aug. 1, 1956, ch. 83670 Stat. 850Pub. L. 87–543, title I76 Stat. 185Pub. L. 88–641, § 2(a)78 Stat. 1042Pub. L. 89–97, title IV, § 40979 Stat. 422Pub. L. 90–248, title II81 Stat. 880Pub. L. 93–64788 Stat. 2348Pub. L. 95–171, § 3(a)(2)91 Stat. 1354Pub. L. 96–611, § 494 Stat. 3567Pub. L. 97–35, title XXI, § 2184(b)(2)95 Stat. 817Pub. L. 97–248, title I, § 153(a)96 Stat. 396Pub. L. 98–369, div. B, title III, § 2361(c)98 Stat. 1104Pub. L. 98–378, § 20(a)98 Stat. 1322Pub. L. 104–193, § 103(a)(1)Pub. L. 105–33, title V, § 5514(c)111 Stat. 620A prior section 606, acts , title IV, § 406, ; , title IV, § 403, ; , title III, pt. 2, § 323(a), ; , title III, §§ 321, 322, 351(b), , 855; , , §§ 104(a)(3)(D), 108(a), 109, 152, 156(b), , 189, 190, 206, 207; , , ; , , ; , , §§ 201(f), 206(b), 207(a), 241(b)(5), , 893, 916; , , §§ 3(a)(5), 101(c)(7), , 2360; , , ; , , ; , , title XXIII, §§ 2311, 2312, 2317(b), 2353(b)(1), , 852, 853, 856, 872; , , ; , , title VI, § 2663(c)(3)(A), (B)(i), , 1166; , , , related to definitions used in this part, prior to repeal by , as amended by , , .
Amendments
Pub. L. 108–402003—Subsec. (d). substituted “2003” for “2002”.
Pub. L. 105–33Pub. L. 104–193, § 103(a)(1)1997— made technical amendment to directory language of , which enacted this section.
Statutory Notes and Related Subsidiaries
Effective Date of 2003 Amendment
Pub. L. 108–40section 8 of Pub. L. 108–40section 603 of this titleAmendment by effective , see , set out as a note under .
Effective Date of 1997 Amendment
Pub. L. 105–33Pub. L. 104–193section 5518(d) of Pub. L. 105–33section 862a of Title 21Amendment by effective as if included in the provision of amended at the time the provision became law, see , set out as a note under , Food and Drugs.
Effective Date
section 116 of Pub. L. 104–193section 601 of this titleSection effective , with transition rules relating to State options to accelerate such date, rules relating to claims, actions, and proceedings commenced before such date, rules relating to closing out of accounts for terminated or substantially modified programs and continuance in office of Assistant Secretary for Family Support, and provisions relating to termination of entitlement under AFDC program, see , as amended, set out as a note under .