16 U.S.C. § 742c
Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear
United States · Title 16 — CONSERVATION · Status: effective
Cite this
- Citation
- 16 U.S.C. § 742c, Loans for financing or refinancing of cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/446302
- Permanent ID
ys:prov:446302@1- SHA-256
0ed6c1dfd4e996d896d6a86eccfce913cc55fa854300f8e11bd49ea9e8f55e79
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
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.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Fiscal Year Adjustment ActHouse: no recorded tallySenate: no recorded tally
- Act to Prevent Pollution from ShipsHouse: no recorded tallySenate: no recorded tally
- A bill to extend until October 1, 1983, the authority and authorization of appropriations for certain programs under the Fish and Wildlife Act of 1956.House: no recorded tallySenate: no recorded tally
- A bill to make certain technical corrections in the Atlantic Salmon Convention Act of 1982.House: no recorded tallySenate: no recorded tally
- Marine Sanctuaries Amendments of 1983House: no recorded tallySenate: no recorded tally
- National Oceanic and Atmospheric Administration Marine Fisheries Program Authorization Act of 1985House: no recorded tallySenate: no recorded tally