(1) The Department of Veterans’ Affairs may prescribe fixed or variable rates on the following:
(a) Loans or purchase contracts made after September 27, 1987, for acquisition of homes or farms.
(b) Obligations on loans or purchase contracts made on or before September 27, 1987, where ownership of the property subject to the loan or purchase contract is transferred after September 27, 1987.
(2) The department may modify loan agreements or purchase contracts made before September 27, 1987, by changing fixed interest rates to variable or variable interest rates to fixed, if all the parties to such loan agreements or contracts agree in writing to such modification. [1987 c.221 §§11,12; 2005 c.625 §37]
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