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United States Code (Last Updated: May 24, 2014) |
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Title 38. VETERANS’ BENEFITS |
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Part III. READJUSTMENT AND RELATED BENEFITS |
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Chapter 37. HOUSING AND SMALL BUSINESS LOANS |
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SubChapter I. GENERAL |
§ 3703. Basic provisions relating to loan guaranty and insurance
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(a) (1) (A) Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes specified in section 3710 of this title and in compliance with the provisions of this chapter, is automatically guaranteed by the United States in an amount not to exceed the lesser of— (i) (I) in the case of any loan of not more than $45,000, 50 percent of the loan; (II) in the case of any loan of more than $45,000, but not more than $56,250, $22,500; (III) except as provided in subclause (IV) of this clause, in the case of any loan of more than $56,250, the lesser of $36,000 or 40 percent of the loan; or (IV) in the case of any loan of more than $144,000 for a purpose specified in clause (1), (2), (3), (5), (6), or (8) of section 3710(a) of this title, the lesser of the maximum guaranty amount (as defined in subparagraph (C)) or 25 percent of the loan; or (ii) the maximum amount of guaranty entitlement available to the veteran as specified in subparagraph (B) of this paragraph. (B) The maximum amount of guaranty entitlement available to a veteran for purposes specified in section 3710 of this title shall be $36,000, or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, the maximum guaranty amount (as defined in subparagraph (C)), reduced by the amount of entitlement previously used by the veteran under this chapter and not restored as a result of the exclusion in section 3702(b) of this title. (C) In this paragraph, the term “maximum guaranty amount” means the dollar amount that is equal to 25 percent of the Freddie Mac conforming loan limit limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a single-family residence, as adjusted for the year involved. (2) (A) Any housing 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 any agency of the United States or of any State may, in lieu of such guaranty, be insured by the Secretary under an agreement whereby the Secretary 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 Secretary may prescribe within the limitations set forth in this chapter. (b) The liability of the United States under any guaranty, within the limitations of this chapter, shall decrease or increase pro rata with any decrease or increase of the amount of the unpaid portion of the obligation. (c) (1) Loans guaranteed or insured under this chapter shall be payable upon such terms and conditions as may be agreed upon by the parties thereto, subject to the provisions of this chapter and regulations of the Secretary issued pursuant to this chapter, and shall bear interest not in excess of such rate as the Secretary may from time to time find the loan market demands, except that in establishing the rate of interest that shall be applicable to such loans, the Secretary shall consult with the Secretary of Housing and Urban Development regarding the rate of interest applicable to home loans insured under section 203(b) of the National Housing Act (12 U.S.C. 1709(b)). In establishing rates of interest under this paragraph for one or more of the purposes described in clauses (4) and (7) of section 3710(a) of this title, the Secretary may establish a rate or rates higher than the rate specified for other purposes under such section, but any such rate may not exceed such rate as the Secretary may from time to time find the loan market demands for loans for such purposes. (2) The provisions of the Servicemen’s Readjustment Act of 1944 which were in effect before April 1, 1958 , with respect to the interest chargeable on loans made or guaranteed under such Act shall, notwithstanding the provisions of paragraph (1) of this subsection, continue to be applicable—(A) to any loan made or guaranteed before April 1, 1958 ; and(B) to any loan with respect to which a commitment to guarantee was entered into by the Secretary before April 1, 1958 .(3) This section shall not be construed to prohibit a veteran from paying to a lender any reasonable discount required by such lender, when the proceeds from the loan are to be used— (A) to refinance indebtedness pursuant to clause (5), (8), or (9)(B)(i) of section 3710(a) of this title or section 3712(a)(1)(F) of this title; (B) to repair, alter, or improve a farm residence or other dwelling pursuant to clauses (4) and (7) of section 3710(a) of this title; (C) to construct a dwelling or farm residence on land already owned or to be acquired by the veteran except where the land is directly or indirectly acquired from a builder or developer who has contracted to construct such dwelling for the veteran; (D) to purchase a dwelling from a class of sellers which the Secretary determines are legally precluded under all circumstances from paying such a discount if the best interest of the veteran would be so served; or (E) to refinance indebtedness and purchase a manufactured-home lot pursuant to section 3710(a)(9)(B)(ii) or 3712(a)(1)(G) of this title, but only with respect to that portion of the loan used to refinance such indebtedness. (4) (A) In guaranteeing or insuring loans under this chapter, the Secretary may elect whether to require that such loans bear interest at a rate that is— (i) agreed upon by the veteran and the mortgagee; or (ii) established under paragraph (1). The Secretary may, from time to time, change the election under this subparagraph. (B) Any veteran, under a loan described in subparagraph (A)(i), may pay reasonable discount points in connection with the loan. Except in the case of a loan for the purpose specified in section 3710(a)(8), 3710(b)(7), or 3712(a)(1)(F) of this title, discount points may not be financed as part of the principal amount of a loan guaranteed or insured under this chapter. (C) Not later than 10 days after an election under subparagraph (A), the Secretary shall transmit to the Committees on Veterans’ Affairs of the Senate and House of Representatives a notification of the election, together with an explanation of the reasons therefor. (d) (1) The maturity of any housing loan at the time of origination shall not be more than thirty years and thirty-two days. (2) (A) Any loan for a term of more than five years shall be amortized in accordance with established procedure. (B) The Secretary may guarantee loans with provisions for various rates of amortization corresponding to anticipated variations in family income. With respect to any loan guaranteed under this subparagraph— (i) the initial principal amount of the loan may not exceed the reasonable value of the property as of the time the loan is made; and (ii) the principal amount of the loan thereafter (including the amount of all interest to be deferred and added to principal) may not at any time be scheduled to exceed the projected value of the property. (C) For the purposes of subparagraph (B) of this paragraph, the projected value of the property shall be calculated by the Secretary by increasing the reasonable value of the property as of the time the loan is made at a rate not in excess of 2.5 percent per year, but in no event may the projected value of the property for the purposes of such subparagraph exceed 115 percent of such reasonable value. A loan made for a purpose other than the acquisition of a single-family dwelling unit may not be guaranteed under such subparagraph. (3) (A) Any real estate housing loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan is so secured, the Secretary may either disregard or allow for subordination to a superior lien created by a duly recorded covenant running with the realty in favor of either of the following: (i) A public entity that has provided or will provide assistance in response to a major disaster as determined by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.). (ii) A private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services, or programs within and for the benefit of the development or community in which the veteran’s realty is located, if the Secretary determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. (B) With respect to any superior lien described in subparagraph (A) created after June 6, 1969 , the Secretary’s determination under clause (ii) of such subparagraph shall have been made prior to the recordation of the covenant.(e) (1) Except as provided in paragraph (2) of this subsection, an individual who pays a fee under section 3729 of this title, or who is exempted under section 3729(c) of this title from paying such fee, with respect to a housing loan guaranteed or insured under this chapter that is closed after December 31, 1989 , shall have no liability to the Secretary with respect to the loan for any loss resulting from any default of such individual except in the case of fraud, misrepresentation, or bad faith by such individual in obtaining the loan or in connection with the loan default.(2) The exemption from liability provided by paragraph (1) of this subsection shall not apply to— (A) an individual from whom a fee is collected (or who is exempted from such fee) under section 3729(b)(2)(I) of this title; or (B) a loan made for any purpose specified in section 3712 of this title. (f) The application for or obtaining of a loan made, insured, or guaranteed under this chapter shall not be subject to reporting requirements applicable to requests for, or receipts of, Federal contracts, grants, loans, loan guarantees, loan insurance, or cooperative agreements except to the extent that such requirements are provided for in, or by the Secretary pursuant to, this title.
References In Text
The Servicemen’s Readjustment Act of 1944, referred to in subsec. (c)(2), is act June 22, 1944, ch. 268, 58 Stat. 284, as amended, which was classified generally to chapter 11C (§§ 693 to 697g) of former Title 38, Pensions, Bonuses, and Veterans’ Relief, which was repealed upon the enactment of Title 38, Veterans’ Benefits, by Pub. L. 85–857,
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (d)(3)(A)(i), is Pub. L. 93–288,
Amendments
2012—Subsec. (d)(3). Pub. L. 112–154 amended par. (3) generally. Prior to amendment, par. (3) read as follows: “Any real estate housing loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan for the purchase or construction of a home is so secured, the Secretary may disregard a superior lien created by a duly recorded covenant running with the realty in favor of a private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services or programs within and for the benefit of the development or community in which the veteran’s realty is located, if the Secretary determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. In respect to any such superior lien to be created after
2009—Subsec. (d)(1). Pub. L. 111–22 inserted “at the time of origination” after “loan”.
2008—Subsec. (a)(1)(A)(i)(IV). Pub. L. 110–389 inserted “(5),” after “(3),”.
2004—Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 108–454, § 403(a), substituted “the maximum guaranty amount (as defined in subparagraph (C))” for “$60,000”.
Subsec. (a)(1)(C). Pub. L. 108–454, § 403(b), added subpar. (C).
2002—Subsec. (e)(2)(A). Pub. L. 107–330 substituted “3729(b)(2)(I)” for “3729(b)”.
2001—Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 107–103 substituted “$60,000” for “$50,750”.
1998—Subsec. (e)(1). Pub. L. 105–368 substituted “3729(c)” for “3729(c)(1)”.
1996—Subsec. (c)(4)(D). Pub. L. 104–110 struck out subpar. (D) which read as follows: “This paragraph shall expire on
1994—Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 103–353 substituted “$50,750” for “$46,000”.
1993—Subsec. (c)(4)(B). Pub. L. 103–78 in second sentence substituted “Except in the case of a loan for the purpose specified in section 3710(a)(8), 3710(b)(7), or 3712(a)(1)(F) of this title, discount” for “Discount”.
1992—Subsec. (c)(1). Pub. L. 102–547, § 10(a)(1), in first sentence substituted “applicable to” for “the Secretary of Housing and Urban Development considers necessary to meet the mortgage market for” and struck out “, and, to the maximum extent practicable, carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter” after “(12 U.S.C. 1709(b))”.
Subsec. (c)(4). Pub. L. 102–547, § 10(a)(2), added par. (4).
1991—Pub. L. 102–83, § 5(a), renumbered section 1803 of this title as this section.
Subsec. (a)(1)(A). Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810” in introductory provisions.
Subsec. (a)(1)(A)(i)(III). Pub. L. 102–54, § 6(1), inserted “except as provided in subclause (IV) of this clause,” after “(III)” and struck out “but not more than $144,000,” after “$56,250,”.
Subsec. (a)(1)(A)(i)(IV). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”.
Pub. L. 102–54, § 6(2), substituted “(6), or (8)” for “or (6)”.
Subsec. (a)(1)(B). Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810” and “3702(b)” for “1802(b)”.
Subsec. (c)(1). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”.
Subsec. (c)(3). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)” and “3712(a)(1)(F)” for “1812(a)(1)(F)” in subpar. (A), “3710(a)” for “1810(a)” in subpar. (B), and “3710(a)(9)(B)(ii) or 3712(a)(1)(G)” for “1810(a)(9)(B)(ii) or 1812(a)(1)(G)” in subpar. (E).
Subsec. (e)(1). Pub. L. 102–83, § 5(c)(1), substituted “3729” for “1829” and “3729(c)(1)” for “1829(c)(1)”.
Subsec. (e)(2). Pub. L. 102–83, § 5(c)(1), substituted “3729(b)” for “1829(b)” in subpar. (A) and “3712” for “1812” in subpar. (B).
Subsec. (f). Pub. L. 102–54, § 4(b), added subsec. (f).
1989—Subsec. (a)(1)(A)(i). Pub. L. 101–237, § 306(a)(1), added subcls. (II) to (IV) and struck out former subcl. (II) which read as follows: “in the case of any loan of more than $45,000, the lesser of $36,000 or 40 percent of the loan, except that the amount of such guaranty for any such loan shall not be less than $22,500; or”.
Subsec. (a)(1)(B). Pub. L. 101–237, § 306(a)(2), inserted “, or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, $46,000,” after “$36,000”.
Subsec. (a)(2). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing.
Subsec. (c)(1). Pub. L. 101–237, § 313(b)(6), substituted “Secretary of Housing and Urban Development considers” for “Secretary considers”.
Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing.
Subsec. (c)(2)(B), (3)(D). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator”.
Subsec. (d)(2)(B), (C), (3). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” and “Secretary’s” for “Administrator” and “Administrator’s”, respectively, wherever appearing.
Subsec. (e). Pub. L. 101–237, § 304(a), added subsec. (e).
1988—Pub. L. 100–322, § 415(a)(3)(B), inserted “and insurance” in section catchline.
Subsec. (a)(1). Pub. L. 100–322, § 415(d)(1), inserted “as specified in subparagraph (B) of this paragraph” before period at end of cl. (A)(ii) and substituted “for purposes specified in section 1810 of this title” for “under section 1810 of this chapter” in cl. (B).
Pub. L. 100–253 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes specified in section 1810 of this title and in compliance with the provisions of this chapter, is automatically guaranteed by the United States in an amount not to exceed—
“(A) in the case of any loan of not more than $45,000, 50 percent of the loan; or
“(B) in the case of any loan of more than $45,000, 40 percent of the loan or $36,000, whichever is less, except that the amount of such guaranty for any such loan shall not be less than $22,500;
reduced by the amount of entitlement previously used by the veteran under this chapter and not restored as a result of the exclusion in section 1802(b) of this title.”
Subsec. (a)(2). Pub. L. 100–322, § 415(a)(3)(A)(ii), (iii), (B)(ii), redesignated subsecs. (a) and (b) of section 1815 of this title as subpars. (A) and (B), respectively, of par. (2) of subsec. (a) of this section and struck out former par. (2) which read as follows: “Any unused entitlement of World War II or Korean conflict veterans which expired under provisions of law in effect before
Subsec. (c)(3)(A). Pub. L. 100–322, § 415(c)(2)(A), substituted “1812(a)(1)(F)” for “1819(a)(1)(F)”.
Subsec. (c)(3)(E). Pub. L. 100–322, § 415(c)(2)(B), substituted “1812(a)(1)(G)” for “1819(a)(1)(G)”.
1987—Subsec. (a)(1). Pub. L. 100–198 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes, and in compliance with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 percent of the loan if the loan is made for any of the purposes specified in section 1810 of this title.”
1984—Subsec. (c)(3)(A). Pub. L. 98–223, § 205(c)(1), substituted “, (8), or (9)(B)(i)” for “or (8)”.
Subsec. (c)(3)(E). Pub. L. 98–223, § 205(c)(2), inserted “1810(a)(9)(B)(ii) or” after “section”.
1982—Subsec. (a)(1). Pub. L. 97–295, § 4(61), substituted “percent” for “per centum”.
Subsec. (a)(2). Pub. L. 97–295, § 4(63)(A), substituted “before
Subsec. (c)(1). Pub. L. 97–295, § 4(63)(B), inserted “(12 U.S.C. 1709(b))” after “the National Housing Act”.
Subsec. (c)(3). Pub. L. 97–306, § 406(b)(1), substituted “used—” for “used:”. Notwithstanding that Pub. L. 97–306 directed amendment be made in provisions preceding cl. (1), amendment was executed in provisions preceding cl. (A) as the probable intent of Congress in view of the absence of a cl. (1) in subsec. (c)(3).
Subsec. (c)(3)(E). Pub. L. 97–306, § 406(b)(2)–(4), added cl. (E).
Subsec. (d)(3). Pub. L. 97–295, § 4(63)(C), substituted “
1981—Subsec. (a)(2)(A) [formerly § 1815(a)]. Pub. L. 97–72, § 303(e), substituted “Any housing loan” for “Any loan”. See 1988 Amendment note above.
Subsec. (d)(1). Pub. L. 97–72, § 303(c)(1), substituted “any housing loan” for “any loan”.
Subsec. (d)(2). Pub. L. 97–66 designated existing provisions as subpar. (A) and added subpars. (B) and (C).
Subsec. (d)(3). Pub. L. 97–72, § 303(c)(2), substituted “Any real estate housing loan” for “Any real estate loan”.
1980—Subsec. (c)(3)(A). Pub. L. 96–385 substituted “clause (5) or (8) of section 1810(a) of this title or section 1819(a)(1)(F) of this title” for “section 1810(a)(5)”.
1978—Subsec. (a)(1). Pub. L. 95–476, § 103(a), substituted provision extending loan guarantees under this section to veterans eligible for benefits under this chapter for provision limiting such guarantees to World War II or Korean conflict veterans.
Subsec. (c)(1). Pub. L. 95–476, § 103(b)(1), inserted provision authorizing the Administrator in establishing rates of interest under this paragraph for purposes of cls. (4) to (7) of section 1810(a) of this title to establish rates higher than the rate specified for other purposes under such section but not in excess of the rate the Administrator may find the loan market demands for loans for such purposes.
Subsec. (c)(3)(B). Pub. L. 95–476, § 103(b)(2), substituted “clauses (4) and (7) of section 1810(a) of this title” for “section 1810(a)(4)”.
1976—Subsec. (a)(2)(A) [formerly § 1815(a)]. Pub. L. 94–324, § 7(16), substituted “the Administrator will” for “he will”. See 1988 Amendment note above.
Subsec. (d)(3). Pub. L. 94–324, § 7(6), substituted “the Administrator determines” for “he determines”.
1974—Subsec. (a)(1). Pub. L. 93–569, § 8(1), struck out “and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title” after “section 1810 of this title”.
Subsec. (a)(2)(B) [formerly § 1815(b)]. Pub. L. 93–569, § 8(5), struck out provision authorizing the Administrator to fix maximum interest rate payable on non-real-estate loans at not in excess of 3 percent discount rate or an equivalent straight interest rate on unamortized loans.
Pub. L. 93–569, § 8(2), struck out provision that, except as provided in sections 1810, 1811, and 1819, the aggregate amount guaranteed should not be more than $2,000 in the case of non-real-estate loans, nor $4,000 in the case of real-estate loans or a prorated portion thereof in a combination loan.
Subsec. (c)(3). Pub. L. 93–569, § 2(c), added par. (3).
Subsec. (d)(1). Pub. L. 93–569, § 8(3), substituted provision that the maturity of any loan shall not be more than thirty years and thirty-two days for provisions that non-real-estate loans shall not be more than ten years except as provided in section 1819, that the maturity of a real estate loan be not more than thirty years, and a loan on farm realty be not more than forty years.
Subsec. (d)(3). Pub. L. 93–569, § 8(4), struck out provision that any non-real-estate loan should be secured by personalty to the extent legal and practicable.
1973—Subsec. (c)(1). Pub. L. 93–75 substituted provisions requiring the Administrator to consult with the Secretary of Housing and Urban Development regarding the establishment of the rate of interest the Secretary considers necessary to meet the mortgage market for home loans insured under section 203(b) of the National Housing Act, and to carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter, for former provision limiting rate of interest to rate in effect under section 203(b)(5) of the National Housing Act.
1970—Subsec. (a). Pub. L. 91–506, § 2(b), struck out loan eligibility expiration dates for World War II and Korean conflict veterans and inserted provision restoring expired entitlements of World War II and Korean conflict veterans and providing that such entitlements shall not expire until used.
Subsec. (b). Pub. L. 91–506, § 2(c)(1), substituted “1810, 1811, and 1819” for “1810 and 1811”.
Subsec. (d)(1). Pub. L. 91–506, § 2(c)(2), limited maturity of non-real-estate loan to not more than ten years except as provided in section 1819 of this title.
1969—Subsec. (d)(3). Pub. L. 91–22 authorized the Administrator, in determining whether a Government loan is secured by a first lien on realty, to disregard a superior lien created by a duly recorded covenant which secures a veteran homeowner’s share of the costs of managing, operating or maintaining property, services or programs common to the community in which the veteran’s home is located, provided the interests of the Government and the veteran borrower are not prejudiced.
1967—Subsec. (a)(3)(A). Pub. L. 90–77 extended in cls. (i) and (ii) loan program for certain World War II veterans from
1966—Subsec. (c)(1). Pub. L. 89–358 struck out provision for approval of rate of interest by the Secretary of the Treasury and substituted provision for a rate not in excess of that in effect under section 203(b)(5) of the National Housing Act, section 1709(b)(5) of Title 12, for former limitation of 5¼ per centum per annum.
1961—Subsec. (a). Pub. L. 87–84 substituted “to a World War II or Korean conflict veteran, if made within the applicable period prescribed in paragraph (3) of this subsection” for “made to a World War II veteran, if made before
1960—Subsec. (a). Pub. L. 86–665 substituted “1962” for “1960” in three places, “fifteen” for “thirteen” years, and “after such date” for “before
1959—Subsec. (c)(1). Pub. L. 86–73 struck out requirement that the interest rate on a Veterans’ Administration guarantee for direct loan be at least one-half of one percent below the prevailing rate on FHA-insured sales housing loans and increased the interest rate ceiling from 4¾ to 5¼ percent.
Effective Date Of Amendment
Amendment by Pub. L. 112–154 effective on the date that is one year after
Pub. L. 107–330, title III, § 308(f)(2),
Amendment by Pub. L. 105–368 effective
Amendment by Pub. L. 103–353 effective with respect to reemployments initiated on or after the first day after the 60-day period beginning
Pub. L. 101–237, title III, § 306(b),
Pub. L. 100–253, § 3(c),
Pub. L. 100–198, § 3(d),
Amendment by Pub. L. 97–72 effective at end of 180-day period beginning on
Amendment by Pub. L. 97–66 effective
Amendment by Pub. L. 96–385 effective
Amendment by Pub. L. 95–476 effective
Amendment by Pub. L. 94–324 effective
Amendment by Pub. L. 93–569 effective
Amendment by Pub. L. 90–77 effective first day of first calendar month which begins more than ten days after
Miscellaneous
Pub. L. 111–22, div. A, title I, § 102(b),
Pub. L. 110–389, title V, § 501,
Any action taken by Secretary of Veterans Affairs before
Pub. L. 102–547, § 10(b),
Pub. L. 90–77, title IV, § 403(c),