An Act relating to credit life insurance and credit health and accident insurance with respect to student loans
PL 89-594 (H.R.10823), enacted 09/20/1966

80 
STAT.] 
PUBLIC LAW 89-595- SEPT. 20, 1966 
821 
ing per diem in lieu of subsistence, as authorized by section 5 of the 
Administrative Expenses Act of 1946 (5 U.S.C. 73b-2) for persons 7 5'°t^lr*33^;'^!^o. 
in the Government service employed intermittently. 
(h) There are hereby authorized to be appropriated to the Commis- 
Appropriation. 
sion such sums, not to exceed $100,000 for any year, as may be neces-
sary to carry out the provisions of this section. 
(i) The Commission shall cease to exist thirty days after the sub-
mission of the final report provided for in subsection (d). 
SEC. 6. This section and section 5 shall become effective on the date 
of enactment of this Act. The provisions of the first section and sec-
tion 2 of this Act shall become effective on January 15, 1967. The 
provisions of section 3 of this Act shall become effective on July 1, 
1967. 
Approved September 20, 1966. 
Effective dates. 
Public Law 89-594 
AN ACT 
September 20, 1966 
Relating to credit life insurance and credit health and accident insurance with 
[H. R. IO823] 
respect to student loans. 
D.c. 
Student loans, 
crease. 
64 Stat. 331. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That section 10(2) 
(d) of chapter V of the Life Insurance Act (D.C. Code, sec. 35-710 inVur^ance in-
(2)(d)) is amended to read as follows: 
"(d) The amount of insurance on the life of any debtor shall at no 
time exceed the amount owed by him which is repayable in install-
ments to the creditor or $10,000, whichever is less. 
Notwithstanding 
the immediately preceding provision, the amount of insurance with 
respect to a loan commitment incurred to defray educational costs of a 
student may be in an amount not exceeding the fixed amount committed 
to be loaned under the loan commitment less the amount of any 
repayments made on the loan." 
SEC. 2. Section 4 of the Act for the Regulation of Credit Life Insur-
ance and Credit Accident and Health Insurance (D.C. Code, sec. 35-
1604) is amended by adding at the end thereof the following new 
subsection: 
"(c) Notwithstanding subsections (a) and (b), the amount of any 
credit life insurance or credit accident and health insurance with 
respect to indebtedness incurred to defray educational costs of a 
student may include the part of a commitment that has not been 
advanced by the creditor." 
Approved September 20, 1966. 
76 Stat. 581. 
Public Law 89-595 
J O I N T R E S O L U T I O N 
September 20, 1966 
To delete the interest rate limitation on debentures issued by Federal inter- 
[s. j . Res. 178] 
mediate credit banks. 
Resolved hy the Senate and House of Representatives 
of the United 
States of America in Congress assembled, That the second sentence 
of section 203(b) of the Federal Farm Loan Act, as amended (12 
U.S.C. 1042), relating to debentures issued by Federal intermediate 
credit banks, is amended by deleting ", not exceeding 6 per centum per 
annum" therefrom. 
Approved September 20, 1966. 
Banks; deben-
tures. 
Interest rate. 
50 Stat. 715.