persons eligible for loans

persons eligible for loans Sec. 301. Subsection (a) of section 500 of the Servicemen’s Readjustment Act of 1944, as amended, is amended— (1) by inserting after “war” in the first sentence the following: “, or at any time on or after June 27, 1950, and prior to such date as shall be determined by Presidential proclamation or concurrent resolution of the Congress,”; (2) by inserting after the first sentence the following: “Entitlement derived from service on or after June 27, 1950, shall (1) cancel any unused entitlement derived from service prior to June 27, 1950, and (2) be reduced by the amount entitlement from such prior service shall have been used to obtain a direct, guaranteed, or insured loan (a) on real property which the veteran owns at the time of application or (b) as to which the Administrator shall have incurred actual liability or loss, unless in the event of loss or the incurrence and payment of such liability by the Administrator, the resultant indebtedness of the veteran to the Government shall have been paid in full.”; and (3) by inserting after “war” in the fourth sentence of such subsection, as amended by this section, the following: “, and any loan to a veteran eligible by virtue of active service on or after June 27, 1950, if made within ten years after such date as shall be determined by Presidential proclamation or concurrent resolution of the Congress,”.