38 U.S. Code § 3743 - Liability on loans

Each individual who has an ownership interest in a veterans’ small business concern that is provided a direct loan under this subchapter, or that obtains a loan guaranteed under this subchapter, shall execute a note or other document evidencing the direct or guaranteed business loan, and such individuals shall be jointly and severally liable to the United States for the amount of such direct loan or, in the case of a guaranteed loan, for any amount paid by the Secretary on account of such loan.

Source

(Added Pub. L. 97–72, title III, § 302(a),Nov. 3, 1981, 95 Stat. 1057, § 1843; amended Pub. L. 101–237, title III, § 313(b)(1),Dec. 18, 1989, 103 Stat. 2077; renumbered § 3743,Pub. L. 102–83, § 5(a),Aug. 6, 1991, 105 Stat. 406.)
Amendments

1991—Pub. L. 102–83renumbered section 1843 of this title as this section.
1989—Pub. L. 101–237substituted “Secretary” for “Administrator”.

 

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