legislation: 99-hr-5232
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| 99-hr-5232 | 99 | hr | 5232 | A bill relating to the guarantee of obligations under title XI of the Merchant Marine Act of 1936 for fishing vessels or fishery facilities. | Public Lands and Natural Resources | 1986-07-24 | 1986-10-15 | Placed on Union Calendar No: 597. | House | Rep. Breaux, John B. [D-LA-7] | LA | D | B000780 | 1 | (Reported to House from the Committee on Merchant Marine and Fisheries with amendment, H. Rept. 99-1003) Amends title XI (Federal Ship Mortgage Insurance Program) of the Merchant Marine Act of 1936 to provide that all financial obligations guaranteed by the Government under title XI shall cover 100 percent of the amount of principal and interest of the obligation. Decreases the maximum amount of obligations guaranteed by the Secretary of Commerce under such Act for fishing vessels or fishery facilities from 87 1/2 to 80 percent of the actual or depreciated cost of such vessel or facility. Authorizes the Secretary to fix a fee for the guarantee under such Act of any obligation that relates to a fishing vessel or fishery facility. Provides for the determination of such fee at varying levels (depending on whether the obligation is purchased by the Federal Financing Bank). Revises title XI provisions concerning the default procedure on obligations to: (1) require the Secretary to pay promptly (no later than 30 days from the date of demand) to the obligee or his agent the unpaid principal amount to date of the obligation and unpaid interest owed; or (2) authorize the Secretary, on obligations relating to a fishing vessel or fishery facility, to pay promptly on the date specified in the obligation to the obligee or his agent only the principal and interest amounts that are due periodically under the repayment terms and conditions until the Secretary forecloses or otherwise disposes of the collateral securing the obligation and receives the proceeds, at which time the Secretary will be required to pay all remaining amounts due to date on such obligation. Provides that payment will not be required if the Secretary finds that: (1) there was no default by the obligor; or (2) that default was remedied before payment was demanded. Defines, until September 30, 1993, for purposes of certain provisions of the Magnuson Fishery Conservation and Management Act, a specified area as internal waters of Alaska for purposes of processing Pacific Salmon. | 2021-06-30T19:44:22Z |