SALE OF VENDEE LOANS.

SEC. 305. SALE OF VENDEE LOANS. (a) In General.—Section 1833 is amended— (1) in subsection (a)(3)— (A) in subparagraph (A), by striking out “Before October 1, 1990”, and inserting in lieu thereof “Subject to subparagraph (C) of this paragraph,”; (B) in subparagraph (B), by striking out “occurring before October 1, 1990”; and (C) in subparagraph (O, by striking out “October 1, 1990,” and inserting in lieu thereof “October 1, 1989,”; (2) in subsection (a)(6), by striking out “October 1” and inserting in lieu thereof “December 31”; and (3) by adding at the end the following new subsection: “(e) Notwithstanding any other provision of law, the amount received from the sale of any note evidencing a loan secured by real property described in subsection (a)(1) of this section shall be credited, without any reduction and for the fiscal year in which the amount is received, as offsetting collections of— “(1) the revolving fund for which a fee under section 1829 of this title was collected (or was exempted from being collected) at the time of the original guaranty of the loan that was secured by the same property; or 103 STAT. 2074 “(2) in any case in which there was no requirement of (or exemption from) a fee at the time of the original guaranty of the loan that was secured by the same property, the Loan Guaranty Revolving Fund; and the total so credited to any revolving fund for a fiscal year shall offset outlays attributed to such revolving fund during such fiscal year.”. (b) Effective Dates.—(1) If, before the date and time of the enactment of this Act, no provision of law has been enacted amending section 1833 of title 38, United States Code, by adding a new subsection (e) with a text substantively identical to the text of the new subsection (e) added to such section 1833 by subsection (a)(3) of this section, the provisions of subsection (a)(1) of this section amending subsection (a)(3) of such section 1833 shall not take effect. (2) Subsection (e) of section 1833 of such title 38, as added by subsection (a)(3), shall apply with respect to amounts referred to in such subsection (e) received after September 30, 1989.