§905. Loans for electrical and plumbing equipment; persons eligible for loans

The Secretary is authorized and empowered, from the sums hereinbefore authorized, to make loans for the purpose of financing the wiring of the premises of persons in rural areas and the acquisition and installation of electrical and plumbing appliances and equipment. Such loans may be made to any of the borrowers of funds loaned under the provisions of section 904 of this title, or to any person, firm, or corporation supplying or installing the said wiring, appliances, or equipment. Such loans shall be for such terms, subject to such conditions, and so, secured as reasonably to assure repayment thereof, and shall be at a rate of interest of 2 per centum per annum; interest rates on the unmatured and unpaid balance of any loans made pursuant to this section prior to September 21, 1944, shall be adjusted to 2 per centum per annum.

(May 20, 1936, ch. 432, title I, §5, 49 Stat. 1365 ; Sept. 21, 1944, ch. 412, title V, §502(b), 58 Stat. 739 ; Oct. 28, 1949, ch. 776, §2, 63 Stat. 948 ; Oct. 13, 1994, Pub. L. 103–354, title II, §235(a)(13), 108 Stat. 3221 .)

Amendments

1994-Pub. L. 103–354 substituted "Secretary" for "Administrator".

1949-Act Oct. 28, 1949, inserted "title I," in credit of act May 20, 1936.

1944-Act Sept. 21, 1944, substituted a rate of interest of two per centum per annum for a former rate equal to the average rate of interest payable by the United States on certain of its obligations.

Section Referred to in Other Sections

This section is referred to in sections 903, 904, 912, 931, 932 of this title.