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SECTION 512—Effective Date of Part B

(a) The provisions of this part shall apply only with respect to business or agricultural loans in amounts of $25,000 or more made in any State during the period beginning on April 1, 1980, and ending on the earlier of—
(1) April 1, 1983; or
(2) the date, on or after April 1, 1980, on which such State adopts a law or certifies that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the provisions of this part to apply with respect to loans made in such State,
except that such provisions shall apply to any loan made on or after such earlier date pursuant to a commitment to make such loan which was entered into on or after April 1, 1980, and prior to such earlier date.
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(b) A loan shall be deemed to be made during the period described in subsection (a) if such loan—
(1) (A) is funded or made in whole or in part during such period, regardless of whether pursuant to a commitment or other agreement therefor made prior to April 1, 1980;
(B) was made prior to or on April 1, 1980, and bears or provides for interest during such period on the outstanding amount thereof at a variable or fluctuating rate; or
(C) is a renewal, extension, or other modification during such period of any loan, if such renewal, extension, or other modification is made.
[12 USC 86a note. As amended by act of Oct. 8, 1980 (94 Stat. 1648).]

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