(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).]
