§157. Section 507. Effect on Other Laws (Credit Reform)

CBA (Contents)

Congressional Budget Act of 1974

Section 507

TITLE V—CREDIT REFORM
Sec. 507.  Effect on other laws.[1] 

(a) Effects on Other Laws.—This subchapter shall supersede, modify, or repeal any provision of law enacted prior to November 5, 1990, to the extent such provision is inconsistent with this subchapter. Nothing in this subchapter shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.

(b)  Crediting of Collections.—Collections resulting from direct loans obligated or loan guarantees committed prior to October 1, 1991, shall be credited to the liquidating accounts of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to November 5, 1990, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.

 

 

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Counsel Notes

[1] This section is classified to the U.S. Code at 2 U.S.C. 661f.

Legislative History Notes
Public Laws

Pub. L. 93-344, title V, July 12, 1974 (Congressional Budget Act of 1974 — §507 was not included in original enactment).

Pub. L. 101–508, title XIII, §13201(a), Nov. 5, 1990, 104 Stat. 1388–614  (Budget Enforcement Act of 1990).

Amendments

Budget Enforcement Act of 1990 added §507 as part of title V of Pub. L. 93–344.

Prior Section

Before the enactment of the Budget Enforcement Act of 1990, no section 507 existed. The original Congressional Budget Act of 1974, and the text immediately preceding the BEA 1990 enactment, only included sections 501 through 506, as constituting title V. This title included the text required to change the fiscal year to last from October 1 through

 

 

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Section 506 (FCRA)

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Section 701 (CBA)

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[BCR § 157]