The Secretary of the Interior is authorized, under such rules and regulations and under such terms and conditions as he may prescribe, to make loans for financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear.
Any loans made under the provisions of this section shall be subject to the following restrictions:
There is created a fisheries loan fund, which shall be used by the Secretary as a revolving fund to make loans for financing and refinancing under this section. Any funds received by the Secretary on or before September 30, 1986, in payment of principal or interest on any loans so made shall be deposited in the fund and be available for making additional loans under this section. Any funds received in the fisheries loan fund after September 30, 1986, shall be covered into the Treasury as miscellaneous receipts. There is authorized to be appropriated to the fisheries loan fund the sum of $20,000,000 to provide initial capital.
The Secretary, subject to the specific limitations in this section, may consent to the modification, with respect to the rate of interest, time of payment of any installment of principal, or security, of any loan contract to which he is a party.
The Secretary is authorized under such terms and conditions and pursuant to regulations prescribed by him to use the funds appropriated under this section to make loans to commercial fishermen for the purpose of chartering fishing vessels pending the construction or repair of vessels lost, destroyed, or damaged by the earthquake of March 27, 1964, and subsequent tidal waves related thereto: Provided, That any loans made under this subsection shall only be repaid from the net profits of the operations of such chartered vessels, which profits shall be reduced by such reasonable amount as determined by the Secretary for the salary of the fishermen chartering such vessels. The funds authorized herein shall not be available for such loans after June 30, 1966.
16 U.S.C. § 742c
Aug. 8, 1956, ch. 1036, §4, 70 Stat. 1121; Pub. L. 85-888, Sept. 2, 1958, 72 Stat. 1710; Pub. L. 88-309, §9, May 20, 1964, 78 Stat. 199; Pub. L. 89-85, §§1-4, July 24, 1965, 79 Stat. 262; Pub. L. 91-279, §9, June 12, 1970, 84 Stat. 309; Pub. L. 91-387, §§1, 2, Aug. 24, 1970, 84 Stat. 829; Pub. L. 94-273, §2(8), Apr. 21, 1976, 90 Stat. 375; Pub. L. 96-478, §16(a), Oct. 21, 1980, 94 Stat. 2303; Pub. L. 97-347, §1, Oct. 18, 1982, 96 Stat. 1652; Pub. L. 98-44, title I, §103(a)(1), July 12, 1983, 97 Stat. 216; Pub. L. 98-498, title IV, §430(1), Oct. 19, 1984, 98 Stat. 2310; Pub. L. 99-659, title IV, §409, Nov. 14, 1986, 100 Stat. 3740.
CODIFICATIONIn subsec. (b)(8), "sectionof title 46" substituted for "section 2 of the Shipping Act, 1916, as amended," on authority of Pub. L. 109-304, §18(c), Oct. 6, 2006, 120 Stat. 1709, which Act enacted section of Title 46, Shipping.
AMENDMENTS 1986-Subsec. (c). Pub. L. 99-659 amended third sentence generally, striking out "and any balance remaining therein at the close of September 30, 1986 (at which time the fund shall cease to exist)," after "1986,". 1984-Subsec. (c). Pub. L. 98-498 substituted "September 30, 1986" for "September 30, 1984" wherever appearing. 1983-Subsec. (c). Pub. L. 98-44 substituted "September 30, 1984" for "September 30, 1983" wherever appearing. 1982-Subsec. (c). Pub. L. 97-347 substituted "September 30, 1983" for "September 30, 1982" wherever appearing. 1980-Subsec. (c). Pub. L. 96-478 substituted "September 30, 1982" for "September 30, 1980" wherever appearing and struck out interest payment provisions respecting, payment at close of each fiscal year from fisheries loan fund into miscellaneous receipts of the Treasury on cumulative amount of appropriations available as capital to the fund from and after July 1, 1965, less average undispersed balance in the fund during the year, determination of interest rate on basis of average market yield during month preceding each fiscal year on outstanding Treasury obligations of maturity comparable to average maturity of loans made from the fund, and interest payment deferrals approved by the Secretary of the Treasury subject to interest on deferred amounts.1976-Subsec. (c). Pub. L. 94-273 substituted "September" for "June" wherever appearing. 1970-Subsec. (b)(2). Pub. L. 91-279 provided maturity period of fourteen years for loans for all or part of costs of constructing new fishing vessels.Subsec. (b)(7). Pub. L. 91-387, §2, permitted a national of the United States to be an applicant for a fishery loan.Subsec. (b)(8). Pub. L. 91-387, §2, substituted provision for Secretary's determination of United States citizenship of a corporation, partnership, or association by satisfactorily meeting all requirements set forth in section 802 of title 46 for determination of citizenship of such entity operating a vessel in coastwise trade, for prior provision for establishment of such citizenship within meaning of section 802 of title 46 to satisfaction of the Secretary.Subsec. (b)(9). Pub. L. 91-387, §2, added par. (9).Subsec. (c). Pub. L. 91-387, §1, extended term for making fisheries loans, substituting "June 30, 1980" for "June 30, 1970" wherever appearing. 1965-Subsec. (a). Pub. L. 89-85, §1, substituted "financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating new or used commercial fishing vessels or gear" for "financing and refinancing of operations, maintenance, replacement, repair, and equipment of fishing gear and vessels" and struck out provision for research into basic problems of fisheries.Subsec. (b). Pub. L. 89-85, §§2, 3, substituted in par. (1) provision respecting determination of interest rate taking into consideration average market yield on outstanding Treasury obligations of comparable maturity plus additional charge toward coverage of other costs of program for former provision prescribing an interest rate of not less than 3 per centum per annum and added pars. (4) to (8), respectively.Subsec. (c). Pub. L. 89-85, §4, extended term for making fisheries loans from June 30, 1965, to June 30, 1970, required Secretary to pay at end of each fiscal year into miscellaneous receipts of the Treasury interest on cumulative amount of appropriations available as capital to fund after July 1, 1965, less average undispersed cash balance in fund during the year, provided formula for determination of rate of interest, and authorized deferral of interest payments but with payment of interest on deferred payments. 1964-Subsec. (e). Pub. L. 88-309 added subsec. (e).1958-Subsec. (c). Pub. L. 85-888 increased authorization for $10,000,000 to $20,000,000.
EFFECTIVE DATE OF 1980 AMENDMENTPub. L. 96-478, §16(b), Oct. 21, 1980, 94 Stat. 2304, provided that: "The amendments made by subsection (a) [amending this section] shall take effect on September 1, 1980."
EFFECTIVE DATE OF 1970 AMENDMENT; FISHERIES LOAN FUND AVAILABLE FOR LOANS FROM JULY 1, 1970 TO CLOSE OF JUNE 30, 1980 Pub. L. 91-387, §3, Aug. 24, 1970, 84 Stat. 829, provided that: "The provisions of this Act [amending this section] shall be effective July 1, 1970. Notwithstanding the provisions of section 4(c) of the Fish and Wildlife Act of 1956, as amended [subsec. (c) of this section], any balance remaining in the fisheries loan fund at the close of June 30, 1970, shall be available to make loans for the purposes of section 4 of said Act [this section] from July 1, 1970, to the close of June 30, 1980."
EFFECTIVE DATE OF 1965 AMENDMENT; REMAINING FUNDS; AVAILABILITY FOR LOANSPub. L. 89-85, §5, July 24, 1965, 79 Stat. 263, provided that: "The provisions of this Act [amending this section] shall be effective July 1, 1965. Notwithstanding the provisions of section 4(c) of the Fish and Wildlife Act of 1956, as amended [subsec. (c) of this section], any balance remaining in the fisheries loan fund at the close of June 30, 1965, shall be available to make loans for the purposes of section 4 of said Act [this section] from July 1, 1965, to the close of June 30, 1970."
TRANSFER OF FUNCTIONSTransfer of functions to Secretary of Commerce from Secretary of the Interior by Reorg. Plan No. 4 of 1970, eff. Oct. 3, 1970, 35 F.R. 15627, 84 Stat. 2090, see note set out under sectionof this title.
LOANS UNDER FISH AND WILDLIFE ACT OF 1956 Pub. L. 96-561, title II, §221, Dec. 22, 1980, 94 Stat. 3295, as amended by Pub. L. 98-44, title I, §103(b), July 12, 1983, 97 Stat. 216; Pub. L. 98-498, title IV, §431, Oct. 19, 1984, 98 Stat. 2310, provided that during the period beginning Dec. 22, 1980, through the close of Sept. 30, 1986, the Secretary of Commerce could make loans from the fisheries loan fund established under subsec. (c) of this section only for the purpose of assisting obligors to avoid default on obligations covering fishing vessels and to cover operating losses.