Airline Deregulation Act Amendments of 1981

Airline Deregulation Act Amendments of 1981 - Repeals specified provisions of the Federal Aviation Act of 1958 that repealed rate-setting, division of rates, and through service provisions of such Act.

Transfers authority over such provisions from the Civil Aeronautics Board to the Secretary of Transportation as of January 1, 1983.

Transfers to the Secretary, as of December 31, 1981, authority over terminations, reductions, and suspensions of air carrier service.

Directs the Secretary to give priority to applicants who apply for aircraft loan guarantees for the purchase of limited seating airplanes.

Terminates the authority of the Secretary with regard to aircraft loans and loan guarantees 12 years after the date of enactment of this Act.

Increases to 180 days the notice required before an air carrier may terminate, suspend, or reduce specified air transportation.