The Secretary may pay on a holder's certification of compliance
To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to take certain actions in the case of a default on a home loan guaranteed by the Secretary, and for other purposes, section 3, Sec. 3.
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The Secretary may pay on a holder's certification of compliance
The document says “can”Who acts: Secretary of Veterans AffairsHow: statuteSec. 3 in the PDF
What the document says
“The Secretary may establish standards for processing payments under this section based on a certification by a holder of a loan guaranteed under such chapter that the holder has complied with all applicable requirements established by the Secretary.”
The new section lets the Secretary of Veterans Affairs set standards under which a payment is processed on the holder's own certification that it met the Secretary's requirements.
What the document actually says
“The Secretary may establish standards for processing payments under this section based on a certification by a holder of a loan guaranteed under such chapter that the holder has complied with all applicable requirements established by the Secretary.”
That sentence, in plain words
The lender signs a promise. It says it followed the rules. Then the VA can pay.
What this is about
The VA does not have to check first. The lender signs a promise. Then the money can go out.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
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number against the Act itself before publishing. The paragraph underneath is our summary,
not the document's words. So is the plain English version, which is why it sits beside the
quotation rather than replacing it.
