ILSA Extension Act of 2001
PL 107-24 (H.R.1954), enacted 08/03/2001

PUBLIC LAW 107-24—AUG. 3, 2001 
115 STAT. 199 
Public Law 107-24 
107th Congress 
An Act 
To extend the authorities of the Iran and Libya Sanctions Act of 1996 until 2006, 
and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the "ILSA Extension Act of 2001". 
SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO LIBYA. 
(a) IN GENERAL.—Section 5(b)(2) of the Iran and Libya Sanc-
tions Act of 1996 (50 U.S.C. 1701 note; 110 Stat. 1543) is amended 
by striking "$40,000,000" each place it appears and inserting 
"$20,000,000". 
(b) EFFECTIVE DATE.—The amendments made by subsection 
(a) shall apply to investments made on or after June 13, 2001. 
SEC. 3. REPORTS REQUIRED. 
Section 10 of the Iran and Libya Sanctions Act of 1996 (Public 
Law 104-172; 50 U.S.C. 1701 note) is amended— 
(1) by redesignating subsection (b) as subsection (c); and 
(2) by inserting after subsection (a) the following: 
"(b) REPORT ON EFFECTIVENESS OF ACTIONS UNDER THIS ACT.— 
Not earlier than 24 months, and not later than 30 months, after 
the date of the enactment of the ILSA Extension Act of 2001, 
the President shall transmit to Congress a report that describes— 
"(1) the extent to which actions relating to trade taken 
pursuant to this Act— 
"(A) have been effective in achieving the objectives 
of section 3 and any other foreign policy or national security 
objectives of the United States with respect to Iran and 
Libya; and 
"(B) have affected humanitarian interests in Iran and 
Libya, the country in which the sanctioned person is 
located, or in other countries; and 
"(2) the impact of actions relating to trade taken pursuant 
to this Act on other national security, economic, and foreign 
policy interests of the United States, including relations with 
countries friendly to the United States, and on the United 
States economy. 
The President may include in the report the President's rec-
ommendation on whether or not this Act should be terminated 
or modified.". 
Aug. 3, 2001 
[H.R. 1954] 
ILSA Extension 
Act of 200 L 
50 u s e 1701 
note. 
Applicability. 
50 u s e 1701 
note. 
President. 
115 STAT. 200 
PUBLIC LAW 107-24—AUG. 3, 2001 
SEC. 4. EXTENSION OF IRAN AND LIBYA SANCTIONS ACT OF 1996. 
Section 13(b) of the Iran and Libya Sanctions Act of 1996 
(Public Law 104^172; 50 U.S.C. 1701 note) is amended by striking 
"5 years" and inserting "10 years". 
SEC. 5. REVISED DEFINITION OF INVESTMENT. 
Section 14(9) of the Iran and Libya Sanctions Act of 1996 
(50 U.S.C. 1701 note; 110 Stat. 1549) is amended by adding at 
the end the following new sentence: "For purposes of this paragraph, 
an amendment or other modification that is made, on or after 
June 13, 2001, to an agreement or contract shall be treated as 
the entry of an agreement or contract.". 
Approved August 3, 2001. 
LEGISLATIVE HISTORY—H.R. 1954 (S. 1218): 
HOUSE REPORTS: No. 107-107, Pt. 1 (Comm. on International Relations) and 
Ft. 2 (Comm. on Ways and Means). 
CONGRESSIONAL RECORD, Vol. 147 (2001): 
July 24, 26, considered and passed House. 
July 27, considered and passed Senate.