[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 993 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 993

 To amend title 38, United States Code, to provide for cost-savings in 
    the housing loan program for veterans, to limit cost-of-living 
   increases for Montgomery GI bill benefits, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                June 29 (legislative day, June 19), 1995

Mr. Simpson (by request) introduced the following bill; which was read 
        twice and referred to the Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend title 38, United States Code, to provide for cost-savings in 
    the housing loan program for veterans, to limit cost-of-living 
   increases for Montgomery GI bill benefits, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That this Act may be 
cited as the ``Veterans' Housing Loan Program and Montgomery GI Bill 
Cost-Reduction Act of 1995''.

                         TITLE I--HOUSING LOANS

SEC. 101. REPEAL OF LOAN DEBIT COLLECTION RESTRICTIONS.

    (a) Subchapter III of chapter 37 of title 38, United States Code, 
is amended by striking out section 3726 in its entirety.
    (b) The table of sections for such subchapter is amended by 
striking out

``3726. Withholding of payments, benefits, etc.''
and inserting in lieu thereof

``[3726. Repealed.]''
SEC. 102. MANUFACTURED HOME LOAN DOWNPAYMENT AND FEE.

    (a) Section 3712(c)(5) of title 38, United States Code, is amended 
by striking out ``95'' and inserting in lieu thereof ``90''.
    (b) Section 3729(a)(2)(A) of title 38, United States Code, is 
amended by--
            (1) inserting ``(i)'' immediately after ``(A)'';
            (2) striking out ``of this title or for any purpose 
        specified in section 3712 (other than section 3712(a)(1)(F))'';
            (3) inserting ``or'' immediately after ``amount;''; and
            (4) inserting at the end thereof the following new clause:
                    ``(ii) in the case of a loan made for any purpose 
                specified in section 3712 (other than section 
                3712(a)(1)(F)) of this title, the amount of the fee 
                shall be two percent of the total loan amount;''.
    (c) Section 3729(a)(2)(D)(ii) of title 38, United States Code, is 
amended by striking out ``one'' and inserting in lieu thereof ``two''.
    (d) The amendments made by this section shall apply to all loans 
closed on or after October 1, 1995.

SEC. 103. EXTENSION OF LOAN FEE INCREASE.

    Section 3729(a)(4) of title 38, United States Code, is amended by 
striking out ``1998,'' and inserting in lieu thereof ``2000,''.

SEC. 104. EXTENSION OF FEE FOR MULTIPLE USE OF LOAN ENTITLEMENT.

    Section 3729(a)(5)(C) of title 38, United States Code, is amended 
by striking out ``1998.'' and inserting in lieu thereof ``2000.''.

SEC. 105. EXTENSION OF NO-BID FORMULA.

    Section 3732(c)(11) of title 38, United States Code, is amended by 
striking out ``1998.'' and inserting in lieu thereof ``2000.''.

                      TITLE II--MONTGOMERY GI BILL

SEC. 201. LIMITATION REGARDING COST-OF-LIVING ADJUSTMENTS FOR 
              MONTGOMERY GI BILL BENEFITS.

    For fiscal year 1996 and each subsequent fiscal year through 2000, 
the cost-of-living adjustments in the rates of educational assistance 
payable under chapter 30 of title 38, United States Code, and under 
chapter 1606 of title 10, United States Code, shall be the percentage 
equal to 50 percent of the percentage by which such assistance would be 
increased under section 3015(g) of title 38, and under section 
16131(b)(2) of title 10, United States Code, respectively, but for this 
section.
                                 <all>