[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1949 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 1949

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              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

_______________________________________________________________________

                                 A BILL


 
      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)''.
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