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NOTES:


Source

(June 29, 1936, ch. 858, title XI, § 1101, as added June 23, 1938, ch. 600, § 46, 52 Stat. 969; amended Sept. 3, 1954, ch. 1265, § 1, 68 Stat. 1267; Aug. 7, 1956, ch. 1026, § 1(a), (b), 70 Stat. 1087; Pub. L. 86–127, § 1(1), July 31, 1959, 73 Stat. 272; Pub. L. 86–685, § 1, Sept. 2, 1960, 74 Stat. 733; Pub. L. 87–303, § 2, Sept. 26, 1961, 75 Stat. 661; Pub. L. 91–469, § 29, Oct. 21, 1970, 84 Stat. 1035; Pub. L. 92–507, § 1, Oct. 19, 1972, 86 Stat. 909; Pub. L. 96–320, title II, § 202(a), Aug. 3, 1980, 94 Stat. 992; Pub. L. 96–561, title II, §§ 220(1), 238 (b), Dec. 22, 1980, 94 Stat. 3291, 3300; Pub. L. 97–31, § 12(135), Aug. 6, 1981, 95 Stat. 165; Pub. L. 100–710, title I, § 104(d), Nov. 23, 1988, 102 Stat. 4750; Pub. L. 102–567, title III, § 304, Oct. 29, 1992, 106 Stat. 4283; Pub. L. 103–160, div. A, title XIII, §§ 1356(1), 1357 (b), Nov. 30, 1993, 107 Stat. 1812, 1815; Pub. L. 104–208, div. A, title I, § 101(a) [title II, § 211(b)], Sept. 30, 1996, 110 Stat. 3009, 3009–41; Pub. L. 104–239, § 11(1), Oct. 8, 1996, 110 Stat. 3134; Pub. L. 108–136, div. C, title XXXV, § 3521(b), Nov. 24, 2003, 117 Stat. 1799; Pub. L. 109–163, div. C, title XXXV, § 3507(a)(1)(A), (b)(1), Jan. 6, 2006, 119 Stat. 3555.)

References in Text

Section 1274 (a) of this Appendix, referred to in subsec. (c), was in the original a reference to subsection (a) of section 1104 of this title, meaning section 1104 of title XI of the Merchant Marine Act, 1936, act June 29, 1936, ch. 858. Section 1104 of that Act was renumbered as section 1104A of that Act by Pub. L. 101–380, title IV, § 4115(f)(1), Aug. 18, 1990, 104 Stat. 521.
Section 1802 of title 16, referred to in subsec. (l), was subsequently amended, and section 1802 (11) no longer defines the term “fishing vessel”. However, such term is defined elsewhere in that section.

Amendments

2006—Subsecs. (c), (f)(2), (g). Pub. L. 109–163, § 3507(a)(1)(A), substituted “Secretary or Administrator” for “Secretary” wherever appearing.
Subsec. (n). Pub. L. 109–163, § 3507(b)(1)(A), substituted “subchapter.” for “subchapter, and the Secretary of Transportation with respect to all other vessels and general shipyard facilities (as defined in section 1279e (d)(3) of this Appendix).”
Subsec. (p). Pub. L. 109–163, § 3507(b)(1)(B), added subsec. (p).
2003—Subsec. (f). Pub. L. 108–136 inserted heading and amended text generally. Prior to amendment, text read as follows: “The term ‘actual cost’ of a vessel as of any specified date means the aggregate, as determined by the Secretary, of (i) all amounts paid by or for the account of the obligor on or before that date, and (ii) all amounts which the obligor is then obligated to pay from time to time thereafter, for the construction, reconstruction, or reconditioning of such vessel;”.
1996—Subsec. (b). Pub. L. 104–239 struck out “owned by citizens of the United States” before semicolon at end.
Subsec. (l). Pub. L. 104–208 made technical amendment to reference in original act which appears in text as reference to section 1802 (11) of title 16.
1993—Subsec. (n). Pub. L. 103–160, § 1357(b), substituted “vessels and general shipyard facilities (as defined in section 1279e (d)(3) of this Appendix)” for “vessels”.
Subsec. (o). Pub. L. 103–160, § 1356(1), added subsec. (o).
1992—Subsec. (k)(3). Pub. L. 102–567 added par. (3).
1988—Subsec. (a). Pub. L. 100–710 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The term ‘mortgage’ includes a preferred mortgage as defined in the Ship Mortgage Act, 1920, as amended, on any vessel of the United States (other than a towboat, barge, scow, lighter, car float, canal boat, or tank vessel of less than twenty-five gross tons), and a mortgage on such a vessel which will become a preferred mortgage when recorded and endorsed as required by the Ship Mortgage Act, 1920, as amended;”.
1981—Subsecs. (c), (f), (g). Pub. L. 97–31, § 12(135)(A), struck out “of Commerce” after “Secretary” wherever appearing.
Subsec. (n). Pub. L. 97–31, § 12(135)(B), added subsec. (n).
1980—Subsec. (b). Pub. L. 96–320, § 202(a)(1), inserted reference to ocean thermal energy conversion facilities or plantships.
Subsec. (i). Pub. L. 96–320, § 202(a)(2)–(4), added subsec. (i).
Subsecs. (j), (k). Pub. L. 96–561, § 220(1), added subsecs. (j) and (k).
Subsec. (l). Pub. L. 96–561, § 238(b), made technical amendment to reference in original act which appears in text as reference to section 1802 (11) of title 16.
Pub. L. 96–561, § 220(1), added subsec. (l).
Subsec. (m). Pub. L. 96–561, § 220(1), added subsec. (m).
1972—Subsec. (a). Pub. L. 92–507 reduced the minimum size requirement for certain vessels from 200 gross tons to 25 gross tons.
Subsec. (b). Pub. L. 92–507 substituted definition of “vessel” for definition of “loan”.
Subsec. (c). Pub. L. 92–507 substituted definition of “obligation” for definition of “vessel”.
Subsec. (d). Pub. L. 92–507 substituted definition of “obligor” for definition of “mortgagee”.
Subsec. (e). Pub. L. 92–507 substituted definition of “obligee” for definition of “mortgagor”.
Subsec. (f). Pub. L. 92–507 struck out proviso and substituted obligor for mortgagor or borrower.
Subsecs. (g), (h). Pub. L. 92–507 added subsecs. (g) and (h).
1970—Subsec. (c). Pub. L. 91–469 included oceanographic research or instruction vessels in definition of term “vessel”.
1961—Subsec. (a). Pub. L. 87–303 excluded towboats, barges, scows, lighters, car floats, canal boats or tank vessels of less than two hundred gross tons.
1960—Subsec. (c). Pub. L. 86–685 included floating drydocks which have a capacity of 35,000 or more lifting tons and a beam of 125 feet or more between the wing walls.
1959—Subsec. (f). Pub. L. 86–127 inserted in proviso “in respect of the unpaid balance of the principal of a mortgage or loan” and exception clause.
1956—Subsec. (f). Act Aug. 7, 1956, struck out “, except for certain special purpose vessels as provided for in subsections (a) and (b) of section 1273 of this Appendix,” in proviso following “That in no event”, and struck out “90 per centum of” both before and after “75 per centum, or”.
1954—Act Sept. 3, 1954, defined “loan” and “actual cost” and redefined “mortgagee”.

Effective Date of 1996 Amendment

Section 101 (a) [title II, § 211(b)] of div. A of Pub. L. 104–208 provided that the amendment made by that section is effective 15 days after Oct. 11, 1996.

Effective Date of 1988 Amendment

Amendment by Pub. L. 100–710 effective Jan. 1, 1989, with certain exceptions and qualifications, see section 107 of Pub. L. 100–710, set out as an Effective Date note under section 30101 of Title 46, Shipping.

Effective Date of 1980 Amendment

Section 238(b) of Pub. L. 96–561 provided that the amendment made by that section is effective 15 days after Dec. 22, 1980.

Regulations

Pub. L. 103–160, div. A, title XIII, § 1362, Nov. 30, 1993, 107 Stat. 1817, provided that:
“(a) In General.—Within 90 days after the date of the enactment of this Act [Nov. 30, 1993], the Secretary of Transportation shall prescribe regulations as necessary to carry out the Secretary’s responsibilities under this title [probably should be “subtitle” meaning subtitle D (§§ 1351–1363) of title XIII of div. A of Pub. L. 103–160, see Tables for classification] (including the amendments made by this title [subtitle]).
“(b) Interim Regulations.—The Secretary of Transportation may prescribe interim regulations necessary to carry out this title [subtitle] and for accepting applications under title XI of the Merchant Marine Act, 1936 [46 App. U.S.C. 1271 et seq.], as amended by this title [subtitle]. For that purpose, the Secretary is excepted from compliance with the notice and comment requirements of section 553 of title 5, United States Code. All regulations prescribed under this subsection that are not earlier superseded by final rules shall expire 270 days after the date of the enactment of this Act.”

Secretary of Commerce: Fishing Vessel Insurance

Secretary of Commerce authorized to exercise authority in relation to issuance of insurance on fishing vessels comparable to authority of Secretary of Commerce under this subchapter, see note set out under section 1275 of this Appendix.

Review of Program

Pub. L. 108–136, div. C, title XXXV, § 3528(a), Nov. 24, 2003, 117 Stat. 1802, which provided that the Secretary of Transportation was to conduct a comprehensive assessment of the human capital and other resource needs in connection with the loan guarantee program under this subchapter and develop an organizational framework for the program offices to ensure a clear separation of duties established among the loan application, project monitoring, and default management functions, was repealed by Pub. L. 109–163, div. C, title XXXV, § 3507(c)(4), Jan. 6, 2006, 119 Stat. 3557.

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