Insurance of loans

§ 1815. Insurance of loans (a) Any loan which might be guaranteed under the provisions of this chapter, when made or purchased by any financial institution subject to examination and supervision by an agency of the United States or of any State may, in lieu of such guaranty, be insured by the Administrator under an agreement whereby he will reimburse any such institution for losses incurred on such loan up to 15 per centum of the aggregate of loans so made or purchased by it. (b) Loans insured under this section shall be made on such other terms, conditions, and restrictions as the Administrator may prescribe within the limitations set forth in this chapter. The Administrator may fix the maximum rate of interest payable on any class of non-real-estate loans insured under this section at a figure not in excess of a 3 per centum discount rate or an equivalent straight interest rate on nonamortized loans.