Pub. L. 111-83, tit. V, sec. 563

Sec. 563. (a) Applicable Annual Percentage Rate of Interest.—Section 44(f)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1831u(f)(1)) is amended—(1) in the matter preceding subparagraph (A), by inserting “(or in the case of a governmental entity located in such State, paid)” after “received, or reserved”; and(2) in subparagraph (B)—(A) in the matter preceding clause (i), by striking “nondepository institution operating in such State” and inserting “governmental entity located in such State or any person that is not a depository institution described in subparagraph (A) doing business in such State”;(B) by redesignating clause (ii) as clause (iii);(C) in clause (i)—(i) in subclause (III)—(I) in item (aa), by adding “and” at the end;(II) in item (bb), by striking “, to facilitate” and all that follows through “2009”; and(III) by striking item (cc); and(ii) by adding after subclause (III) the following:“(IV) the uniform accessibility of bonds and obligations issued under the American Recovery and Reinvestment Act of 2009;”; and(D) by inserting after clause (i) the following:“(ii) to facilitate interstate commerce through the issuance of bonds and obligations under any provision of State law, including bonds and obligations for the purpose of economic development, education, and improvements to infrastructure; and”.(b) Rule of Construction.—Section 44(f)(2) of the Federal Deposit Insurance Act (12 U.S.C. 1831u(f)(2)) is amended—(1) by redesignating subparagraphs (A) and (B) as clauses (i) and (ii), respectively, and moving the margins 2 ems to the right;(2) by striking “No provision” and inserting the following:“(A) In general.—No provision”; and(3) by adding at the end the following:123 STAT. 2184 “(B) Applicability.—This subsection shall be construed to apply to any loan or discount made, or note, bill of exchange, financing transaction, or other evidence of debt, originated by an insured depository institution, a governmental entity located in such State, or a person that is not a depository institution described in subparagraph (A) doing business in such State.”.(c) Effective Period.—The amendments made by this section shall apply with respect to contracts consummated during the period beginning on the date of enactment of this Act and ending on December 31, 2010.