Legal corpus: U.S. Code titles 1–11 from pinned OLRC XML (11,050 sections)
Raw OLRC USLM XML zips @ release 119-100 (retrieved 2026-07-04 via Atlas depot), ingested with the standard pipeline: raw snapshot -> per-section OKF markdown -> manifest + checksums. Title 52 untouched. LegalText: 171 -> 11,221. Titles 12-54 await a clean OLRC retry. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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title: "7 U.S.C. § 1921"
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title_number: 7
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title_name: "AGRICULTURE"
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chapter_number: "50"
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chapter_name: "AGRICULTURAL CREDIT"
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section: "1921"
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---
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# 7 U.S.C. § 1921 - Congressional findings
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## Text
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The Congress finds that the statutory authority of the Secretary of Agriculture, hereinafter referred to in this chapter as the “Secretary,” for making and insuring loans to farmers and ranchers should be revised and consolidated to provide for more effective credit services to farmers.
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(Pub. L. 87–128, title III, § 301(b), Aug. 8, 1961, 75 Stat. 307.)
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## Notes
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Editorial Notes
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References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out below and Tables.
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Codification Section is comprised of subsec. (b) of section 301 of Pub. L. 87–128. Subsec. (a) of such section 301 is set out as a Short Title note below.
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Statutory Notes and Related Subsidiaries
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Effective DateFormer section 300.1 of Title 6, Code of Federal Regulations, promulgated on Oct. 15, 1961, by the Administrator of the Farmers Home Administration, published in 26 F.R. 10031, provided: “The Consolidated Farmers Home Administration Act of 1961 (7 U.S.C. 1921) [this chapter], is hereby made effective on October 15, 1961, except (a) as to its authorizations to make and sell insured loans with 4½ percent yield to the lender and a three-year repurchase agreement which was made effective by regulations issued on September 13, 1961 (26 F.R. 9307), pursuant to assignment of functions contained in 26 F.R. 7888, and (b) that the provisions of Title IV of the Bankhead-Jones Farm Tenant Act which requires mineral reservations in lands disposed of under Title III of that Act [sections 1010 to 1012 and 1013a of this title] shall not become effective until December 7, 1961.” See section 341(a) of Pub. L. 87–128, set out as a note under this section.
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Short Title of 2000 AmendmentPub. L. 106–554, § 1(a)(4) [div. B, title V, § 501], Dec. 21, 2000, 114 Stat. 2763, 2763A–268, provided that: “This title [enacting subchapter VI of this chapter and amending provisions set out as a note under section 3121 of Title 42, The Public Health and Welfare] may be cited as the ‘Delta Regional Authority Act of 2000’.”
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Short Title of 1994 AmendmentPub. L. 103–248, § 1, May 11, 1994, 108 Stat. 619, provided that: “This Act [amending section 1981 of this title] may be cited as the ‘Farmers Home Administration Improvement Act of 1994’.”
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Short Title of 1992 AmendmentPub. L. 102–554, § 1(a), Oct. 28, 1992, 106 Stat. 4142, provided that: “This Act [enacting sections 1935, 1936, 1948, 1949, and 2008d of this title, amending sections 1925, 1926c, 1929, 1932, 1981d, 1982, 1983, 1983a, 1985, 1989, 1991, 1994, 2003, and 5102 of this title, and enacting provisions set out as notes under sections 1929 and 1989 of this title] may be cited as the ‘Agricultural Credit Improvement Act of 1992’.”
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Short Title of 1990 AmendmentPub. L. 101–624, title XXIII, § 2301, Nov. 28, 1990, 104 Stat. 3979, provided that: “This title [see Tables for classification] may be cited as the ‘Rural Economic Development Act of 1990’.”
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Short Title of 1986 AmendmentPub. L. 99–409, § 1, Aug. 28, 1986, 100 Stat. 923, provided: “That this Act [amending section 1932 of this title and enacting provisions set out as a note under section 1932 of this title] may be cited as the ‘Rural Industrial Assistance Act of 1986’.”
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Short Title of 1984 AmendmentPub. L. 98–258, title VI, § 601, Apr. 10, 1984, 98 Stat. 138, provided that: “This title [enacting section 1981b of this title, amending sections 1943, 1946, 1961, 1964, 1986, and 1994 of this title, enacting provisions set out as notes under sections 1961 and 1981 of this title, and amending provisions set out as a note preceding section 1961 of this title] may be cited as the ‘Emergency Agricultural Credit Act of 1984’.”
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Short Title of 1978 AmendmentPub. L. 95–334, § 1, Aug. 4, 1978, 92 Stat. 420, provided: “That this Act [enacting sections 1929b, 1934, 1981a, 1994, and 1995 of this title and sections 2201 to 2205 of Title 16, Conservation, amending sections 1309, 1922, 1924 to 1927, 1929, 1929a, 1932, 1941 to 1943, 1946, 1961, 1964, 1968, 1981, 1983, 1991, and 2908 of this title, repealing section 1965 of this title, and enacting provisions set out as notes under this section and sections 1309, 1926, preceding 1961, and 1964 of this title and section 2201 of Title 16] may be cited as the ‘Agricultural Credit Act of 1978’.”
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Short Title of 1972 AmendmentPub. L. 92–419, § 1, Aug. 30, 1972, 86 Stat. 657, provided: “That this Act [enacting sections 1010a, 1929a, 1931 to 1933, 1947, 1992, 2204a, 2212a, 2651 to 2654, and 2661 to 2668 of this title, amending sections 1006a, 1011, 1924 to 1927, 1929, 1941 to 1943, 1981, 1983, 1985, 1991, 2201, and 2204 of this title, section 5315 of Title 5, Government Organization and Employees, sections 590g, 590h, 590o, and 1001 to 1005 of Title 16, Conservation, and section 3122 of Title 42, The Public Health and Welfare, and amending provisions set out as a note under this section] may be cited as the ‘Rural Development Act of 1972’.”
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Short TitlePub. L. 87–128, title III, § 301(a), Aug. 8, 1961, 75 Stat. 307, as amended by Pub. L. 92–419, title I, § 101, Aug. 30, 1972, 86 Stat. 657, provided that: “This title [enacting this section and sections 1013a, 1922 to 1933, 1941 to 1947, 1961 to 1968, 1969, 1970, 1971, and 1981 to 1993 of this title, amending sections 1924 to 1927, 1929, 1941 to 1943, 1981, 1983, 1985, and 1991 of this title, repealing sections 1001 to 1005d, 1006c to 1006e, 1007, 1008, 1009, 1014 to 1025, 1027 to 1029 of this title, sections 1148a–1 to 1148a–3 of Title 12, Banks and Banking, and sections 590r to 590x–4 of Title 16, Conservation, and enacting provisions set out as a note under this section] may be cited as the ‘Consolidated Farm and Rural Development Act’.”
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Farm Loan Assistance for Socially Disadvantaged Farmers and RanchersPub. L. 117–2, title I, § 1005, Mar. 11, 2021, 135 Stat. 12, which related to loan modifications and payments for socially disadvantaged farmers and ranchers, was repealed by Pub. L. 117–169, title II, § 22008, Aug. 16, 2022, 136 Stat. 2023.
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RegulationsPub. L. 101–624, title XXIII, § 2396, Nov. 28, 1990, 104 Stat. 4058, provided that: “Except as otherwise provided in this title [see Short Title of 1990 Amendment note set out above], no later than 180 days after the date of the enactment of this Act [Nov. 28, 1990], the Secretary shall promulgate such regulations as may be necessary to carry out this title and the amendments made by this title.”
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Preservation of Eligibility for Credit Assistance Under Federal LawPub. L. 101–624, title XXIII, § 2395, Nov. 28, 1990, 104 Stat. 4058, provided that: “Notwithstanding any other provision of law, this title [see Short Title of 1990 Amendment note set out above] shall not be construed to adversely affect the eligibility, as it existed on the date of enactment of this Act [Nov. 28, 1990], of cooperatives and other entities for any other credit assistance under Federal law.”
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Use of Qualified Personnel by the Department of AgriculturePub. L. 95–334, title I, § 126, Aug. 4, 1978, 92 Stat. 429, provided that: “It is the sense of Congress that, in carrying out the provisions of the Consolidated Farm and Rural Development Act [see Short Title note set out above], the Secretary of Agriculture should ensure that— “(1) only officers and employees of the Department of Agriculture who are adequately prepared to understand the particular needs and problems of farmers in an area are assigned to such area; and “(2) a high priority is placed on keeping existing farm operations operating.”
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References in Other Laws to Bankhead-Jones Farm Tenant Act or Water Facilities Act; Repeals; Savings and Separability ProvisionsPub. L. 87–128, title III, § 341, Aug. 8, 1961, 75 Stat. 318, provided that: “(a) Reference to any provisions of the Bankhead-Jones Farm Tenant Act [see section 1000 of this title] or the Act of August 28, 1937 (50 Stat. 869), as amended, superseded by any provision of this title [this chapter] shall be construed as referring to the appropriate provision of this title [this chapter]. Titles I, II, and IV of the Bankhead-Jones Farm Tenant Act, as amended, and the Act of August 28, 1937 (50 Stat. 869), as amended, the Act of April 6, 1949 (63 Stat. 43), as amended, and the Act of August 31, 1954 (68 Stat. 999), as amended, are hereby repealed effective one hundred and twenty days after enactment hereof [Aug. 8, 1961], or such earlier date as the provisions of this title [this chapter] are made effective by the Secretary’s regulations except that the repeal of section 2(c) of the Act of April 6, 1949, shall not be effective prior to January 1, 1962. The foregoing provisions shall not have the effect of repealing the amendments to section 24, chapter 6 of the Federal Reserve Act [section 371 of Title 12], as amended, section 5200 of the Revised Statutes [section 84 of Title 12], section 35 of chapter III of the Act approved June 19, 1934 (D.C. Code, title 35, section 535), enacted by section 15 of the Bankhead-Jones Farm Tenant Act, as amended, and by section 10(f) of the Act of August 28, 1937 (50 Stat. 869), as amended. “(b) The repeal of any provision of law by this title [this chapter] shall not—“(1) affect the validity of any action taken or obligation entered into pursuant to the authority of any of said Acts, or “(2) prejudice the application of any person with respect to receiving assistance under the provisions of this title [this chapter], solely because such person is obligated to the Secretary under authorization contained in any such repealed provision. “(c) If any provision of this title [this chapter] or the application thereof to any person or circumstances is held invalid, the remainder of the title [this chapter] and the application of such provision to other persons or circumstances shall not be affected thereby.”
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---
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type: "LegalText"
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title: "7 U.S.C. § 1922"
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description: "Persons eligible for real estate loans"
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title_number: 7
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title_name: "AGRICULTURE"
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chapter_number: "50"
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chapter_name: "AGRICULTURAL CREDIT"
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section: "1922"
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citation: "7 U.S.C. § 1922"
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---
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# 7 U.S.C. § 1922 - Persons eligible for real estate loans
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## Text
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(a) In general (1) Eligibility requirements The Secretary may make and insure loans under this subchapter to farmers and ranchers in the United States, and to farm cooperatives and private domestic corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities as the Secretary considers appropriate, that are controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States, subject to the conditions specified in this section. To be eligible for such loans, applicants who are individuals, or, in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities, individuals holding a majority interest in such entity, must (A) be citizens of the United States, (B) for direct loans only, have either training or farming experience that the Secretary determines is sufficient to assure reasonable prospects of success in the proposed farming operations, taking into consideration all farming experience of the applicant, without regard to any lapse between farming experiences, (C) be or will become owner-operators of not larger than family farms (or in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities in which a majority interest is held by individuals who are related by blood or marriage, as defined by the Secretary, such individuals must be or will become either owners or operators of not larger than a family farm and at least one such individual must be or will become an operator of not larger than a family farm or, in the case of holders of the entire interest who are related by blood or marriage and all of whom are or will become farm operators, the ownership interest of each such holder separately constitutes not larger than a family farm, even if their interests collectively constitute larger than a family farm, as defined by the Secretary), and (D) be unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. In addition to the foregoing requirements of this section, in the case of corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities, the family farm requirement of subparagraph (C) of the preceding sentence shall apply as well to the farm or farms in which the entity has an ownership and operator interest and the requirement of subparagraph (D) of the preceding sentence shall apply as well to the entity in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities.
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(2) Special rules (A) Eligibility of certain operating-only entities An entity that is or will become only the operator of a family farm shall be considered to meet the owner-operator requirements of paragraph (1) if the individuals that are the owners of the family farm own more than 50 percent (or such other percentage as the Secretary determines is appropriate) of the entity.
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(B) Eligibility of certain embedded entities An entity that is an owner-operator described in paragraph (1), or an operator described in subparagraph (A) of this paragraph that is owned, in whole or in part, by other entities, shall be considered to meet the direct ownership requirement imposed under paragraph (1) if at least 75 percent of the ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm.
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(b) Direct loans (1) In general Subject to paragraph (3), the Secretary may make a direct loan under this subchapter only to a farmer or rancher who has participated in the business operations of a farm or ranch for not less than 3 years or has other acceptable experience for a period of time, as determined by the Secretary, and—
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(A) is a qualified beginning farmer or rancher;
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(B) has not received a previous direct farm ownership loan made under this subchapter; or
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(C) has not received a direct farm ownership loan under this subchapter more than 10 years before the date the new loan would be made.
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(2) Youth loans The operation of an enterprise by a youth under section 1941(b) of this title shall not be considered the operation of a farm or ranch for purposes of paragraph (1).
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(3) Transition rule (A) In general Subject to subparagraphs (B) and (C), the Secretary may make a direct loan under this subchapter to a farmer or rancher who has a direct loan outstanding under this subchapter on April 4, 1996.
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(B) Less than 5 years If, as of April 4, 1996, a farmer or rancher has had a direct loan outstanding under this subchapter for less than 5 years, the Secretary shall not make a loan to the farmer or rancher under subparagraph (A) after the date that is 10 years after April 4, 1996.
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(C) 5 years or more If, as of April 4, 1996, a farmer or rancher has had a direct loan outstanding under this subchapter for 5 years or more, the Secretary shall not make a loan to the farmer or rancher under subparagraph (A) after the date that is 5 years after April 4, 1996.
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(D) Notice Beginning with fiscal year 2000 not later than 12 months before a borrower will become ineligible for direct loans under this subchapter by reason of this paragraph, the Secretary shall notify the borrower of such impending ineligibility.
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(4) Waiver authority In the case of a qualified beginning farmer or rancher, the Secretary may—
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(A) reduce the 3-year requirement in paragraph (1) to 1 or 2 years, if the farmer or rancher has—
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(i) not less than 16 credit hours of post-secondary education in a field related to agriculture;
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(ii) successfully completed a farm management curriculum offered by a cooperative extension service, a community college, an adult vocational agriculture program, a nonprofit organization, or a land-grant college or university;
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(iii) at least 1 year of experience as hired farm labor with substantial management responsibilities;
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(iv) successfully completed a farm mentorship, apprenticeship, or internship program with an emphasis on management requirements and day-to-day farm management decisions;
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(v) significant business management experience;
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(vi) been honorably discharged from the armed forces of the United States;
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(vii) successfully repaid a youth loan made under section 1941(b) of this title; or
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(viii) an established relationship with an individual who has experience in farming or ranching, or is a retired farmer or rancher, and is participating as a counselor in a Service Corps of Retired Executives program authorized under section 637(b)(1)(B) of title 15, or with a local farm or ranch operator or organization, approved by the Secretary, that is committed to mentoring the farmer or rancher; or
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(B) waive the 3-year requirement in paragraph (1) if the farmer or rancher meets the requirements of clauses (iii) and (viii) of subparagraph (A).
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(Pub. L. 87–128, title III, § 302, Aug. 8, 1961, 75 Stat. 307; Pub. L. 91–620, § 2, Dec. 31, 1970, 84 Stat. 1862; Pub. L. 95–334, title I, § 101, Aug. 4, 1978, 92 Stat. 420; Pub. L. 97–98, title XVI, § 1601(a), Dec. 22, 1981, 95 Stat. 1346; Pub. L. 99–198, title XIII, §§ 1301(a), 1302(a), 1303, Dec. 23, 1985, 99 Stat. 1518, 1519; Pub. L. 104–127, title VI, § 601, Apr. 4, 1996, 110 Stat. 1084; Pub. L. 105–277, div. A, § 101(a) [title VIII, §§ 804, 805(1)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 107–171, title V, §§ 5001, 5302(a), May 13, 2002, 116 Stat. 341, 344; Pub. L. 110–234, title V, § 5001, May 22, 2008, 122 Stat. 1142; Pub. L. 110–246, § 4(a), title V, § 5001, June 18, 2008, 122 Stat. 1664, 1903; Pub. L. 113–79, title V, § 5001(a), (b), Feb. 7, 2014, 128 Stat. 832, 833; Pub. L. 115–334, title V, § 5101, Dec. 20, 2018, 132 Stat. 4668.)
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## Notes
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Editorial Notes
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Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
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Amendments2018—Subsec. (b)(4). Pub. L. 115–334 added par. (4). 2014—Subsec. (a)(1). Pub. L. 113–79, § 5001(a)(1)–(5), designated existing provisions as par. (1) and inserted heading, in first sentence, substituted “limited liability companies, and such other legal entities as the Secretary considers appropriate,” for “and limited liability companies”, in second sentence, redesignated pars. (1) to (4) as subpars. (A) to (D), respectively, and substituted “limited liability companies, and such other legal entities” for “and limited liability companies” in two places, and, in third sentence, substituted “limited liability companies, and such other legal entities” for “and limited liability companies” in two places, “subparagraph (C)” for “clause (3)”, and “subparagraph (D)” for “clause (4)”. Subsec. (a)(2). Pub. L. 113–79, § 5001(a)(6), added par. (2). Subsec. (b)(1). Pub. L. 113–79, § 5001(b), in introductory provisions, inserted “or has other acceptable experience for a period of time, as determined by the Secretary,” after “3 years”. 2008—Pub. L. 110–246, § 5001(1), inserted “real estate” before “loans” in section catchline. Subsec. (a). Pub. L. 110–246, § 5001, inserted subsec. heading, substituted “The Secretary may” for “The Secretary is authorized to” in introductory provisions, and inserted “, taking into consideration all farming experience of the applicant, without regard to any lapse between farming experiences” after “farming operations” in cl. (2). 2002—Subsec. (a). Pub. L. 107–171, § 5302(a), substituted “joint operations, trusts, and limited liability companies” for “and joint operations” wherever appearing. Subsec. (b)(1). Pub. L. 107–171, § 5001, substituted “participated in the business operations of” for “operated” in introductory provisions. 1998—Subsec. (a). Pub. L. 105–277, § 101(a) [title VIII, § 805(1)], inserted “for direct loans only,” before “have either” in cl. (2). Subsec. (b)(3)(D). Pub. L. 105–277, § 101(a) [title VIII, § 804], added subpar. (D). 1996—Subsec. (b). Pub. L. 104–127 added subsec. (b) and struck out former subsec. (b) which read as follows: “The Secretary may not restrict eligibility for loans made or insured under this subchapter for purposes set forth in section 1923 of this title solely to borrowers of loans that are outstanding on December 23, 1985.” 1985—Subsec. (a). Pub. L. 99–198, §§ 1301(a), 1302(a)(1), designated existing provisions as subsec. (a) and substituted— (1) “, partnerships, and joint operations” for “and partnerships” wherever appearing after “corporations”; (2) “, partnerships, and joint operations” for “, and partnerships” wherever appearing after “corporations”; and (3) “individuals” for “members, stockholders, or partners, as applicable,” wherever appearing. Pub. L. 99–198, § 1303, in cl. (3) parenthetical, inserted provision treating blood or marriage related owner-operators of the entire farm interest as separate interest holders of not larger than family farms though collective ownership constitutes a larger than a family farm. Subsec. (b). Pub. L. 99–198, § 1302(a)(2), added subsec. (b). 1981—Pub. L. 97–98 substituted “corporations and partnerships, the family farm” for “cooperatives, corporations, and partnerships, the family farm”, and inserted “in the case of cooperatives, corporations, and partnerships” at end. 1978—Pub. L. 95–334 substituted provisions setting forth eligibility criteria for loans to farmers and ranchers in the United States, and to farm cooperatives and private domestic corporations and partnerships controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States, for provisions setting forth eligibility criteria for loans to farmers and ranchers in the United States, Puerto Rico, and the Virgin Islands. 1970—Pub. L. 91–620 provided that with respect to veterans as defined in section 1983(e) of this title, a farm background shall not be required as a condition precedent to obtaining any loan.
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Statutory Notes and Related Subsidiaries
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Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
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Effective Date of 1996 AmendmentPub. L. 104–127, title VI, § 663, Apr. 4, 1996, 110 Stat. 1108, provided that: “(a) In General.—Except as provided in subsection (b), the amendments made by this title [enacting sections 2008g to 2008i of this title, amending this section and sections 1631, 1923, 1924, 1927, 1928, 1929, 1929a, 1932, 1934, 1941, 1942, 1946, 1949, 1961 to 1964, 1981, 1981d, 1983, 1983a, 1985, 1991, 1992, 1994, 1997, 1999, 2000, 2001, 2002, and 2003 of this title, repealing sections 1936, 1945, 1947, 1948, and 1968 of this title, and repealing provisions set out as a note under section 1999 of this title] shall become effective on the date of enactment of this Act [Apr. 4, 1996]. “(b) Delayed Effective Dates.—The amendments made by sections 601, 606, 611, 612, 622, 623, 625, 633, 640(1), 642, 645(1), 648(a), and 649 [enacting sections 2008g and 2008i of this title and amending this section and sections 1929, 1941, 1942, 1962, 1963, 1964, 1981d, 1991, 1997, and 2001 of this title] shall become effective 90 days after the date of enactment of this Act [Apr. 4, 1996]. “(c) Transition Provision.—The amendments made by sections 638 and 644 [amending sections 1985 and 2000 of this title] shall not apply with respect to a complete application to acquire inventory property submitted prior to the date of enactment of this Act [Apr. 4, 1996]. “(d) Regulations.—Notwithstanding any other provision of law, regulations to implement the amendments made by this title shall be published as interim final rules with request for comments and may be made effective immediately on publication.”
|
||||
|
||||
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–98 effective Dec. 22, 1981, see section 1801 of Pub. L. 97–98, set out as an Effective Date note under section 4301 of this title.
|
||||
|
||||
Evaluations of Direct and Guaranteed Loan ProgramsPub. L. 107–171, title V, § 5301, May 13, 2002, 116 Stat. 344, directed the Secretary of Agriculture to conduct two 1-year studies of the direct and guaranteed loan programs under this section and section 1941 of this title, with each study examining the number, average principal amount, and delinquency and default rates of loans provided or guaranteed during the periods beginning 1 year after May 13, 2002, and 3 years after that date, and to submit a final evaluation report at the end of each study.
|
||||
@@ -0,0 +1,89 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1923"
|
||||
description: "Purposes of loans"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1923"
|
||||
citation: "7 U.S.C. § 1923"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
||||
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|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1923 - Purposes of loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) Allowed purposes (1) Direct loans A farmer or rancher may use a direct loan made under this subchapter only for—
|
||||
|
||||
(A) acquiring or enlarging a farm or ranch;
|
||||
|
||||
(B) making capital improvements to a farm or ranch;
|
||||
|
||||
(C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch;
|
||||
|
||||
(D) paying for activities to promote soil and water conservation and protection described in section 1924 of this title on a farm or ranch; or
|
||||
|
||||
(E) refinancing a temporary bridge loan made by a commercial or cooperative lender to a farmer or rancher for the acquisition of land for a farm or ranch, if—
|
||||
|
||||
(i) the Secretary approved an application for a direct farm ownership loan to the farmer or rancher for acquisition of the land; and
|
||||
|
||||
(ii) funds for direct farm ownership loans under section 1994(b) of this title were not available at the time at which the application was approved.
|
||||
|
||||
(2) Guaranteed loans A farmer or rancher may use a loan guaranteed under this subchapter only for—
|
||||
|
||||
(A) acquiring or enlarging a farm or ranch;
|
||||
|
||||
(B) making capital improvements to a farm or ranch;
|
||||
|
||||
(C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch;
|
||||
|
||||
(D) paying for activities to promote soil and water conservation and protection described in section 1924 of this title on a farm or ranch; or
|
||||
|
||||
(E) refinancing indebtedness.
|
||||
|
||||
(b) Preferences In making or guaranteeing a loan under this subchapter for purchase of a farm or ranch, the Secretary shall give preference to a person who—
|
||||
|
||||
(1) has a dependent family;
|
||||
|
||||
(2) to the extent practicable, is able to make an initial down payment on the farm or ranch; or
|
||||
|
||||
(3) is an owner of livestock or farm or ranch equipment that is necessary to successfully carry out farming or ranching operations.
|
||||
|
||||
(c) Hazard insurance requirement (1) In general After the Secretary makes the determination required by paragraph (2), the Secretary may not make a loan to a farmer or rancher under this subchapter unless the farmer or rancher has, or agrees to obtain, hazard insurance on any real property to be acquired or improved with the loan.
|
||||
|
||||
(2) Determination Not later than 180 days after April 4, 1996, the Secretary shall determine the appropriate level of insurance to be required under paragraph (1).
|
||||
|
||||
(Pub. L. 87–128, title III, § 303, Aug. 8, 1961, 75 Stat. 307; Pub. L. 87–703, title IV, § 401(1), Sept. 27, 1962, 76 Stat. 631; Pub. L. 90–488, § 1, Aug. 15, 1968, 82 Stat. 770; Pub. L. 95–113, title XIV, § 1448(a), Sept. 29, 1977, 91 Stat. 1011; Pub. L. 96–438, § 1(1), Oct. 13, 1980, 94 Stat. 1871; Pub. L. 97–98, title XVI, § 1602, Dec. 22, 1981, 95 Stat. 1346; Pub. L. 104–127, title VI, § 602(a), Apr. 4, 1996, 110 Stat. 1085; Pub. L. 107–171, title V, § 5002, May 13, 2002, 116 Stat. 341.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2002—Subsec. (a)(1)(E). Pub. L. 107–171 added subpar. (E). 1996—Pub. L. 104–127 amended section generally, substituting present provisions for provisions outlining preferences for loans made or insured under this subchapter and defining terms “improving farms” and “qualified non-fossil energy system”. 1981—Subsec. (a). Pub. L. 97–98 substituted “who have dependent families” for “who are married or have dependent families”. 1980—Subsec. (b)(1). Pub. L. 96–438 substituted “the acquisition, installation, and modification” for “the acquisition and installation” and struck out “in any residential structure” after “energy system”. 1977—Pub. L. 95–113 designated existing provisions as subsec. (a) and added subsec. (b). 1968—Pub. L. 90–488 designated existing provisions as cls. (1), (2), (4), (5), and added cl. (3). 1962—Pub. L. 87–703 authorized loans to be made or insured for recreational uses and facilities.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentPub. L. 104–127, title VI, § 602(b), Apr. 4, 1996, 110 Stat. 1085, provided that: “Section 303(c)(1) of the Consolidated Farm and Rural Development Act [7 U.S.C. 1923(c)(1)] shall not apply until the Secretary of Agriculture makes the determination required by section 303(c)(2) of the Act.” [The Secretary’s determination relating to hazard insurance under this provision was contained in interim rules published Mar. 3, 1997, and effective Mar. 24, 1997, see 62 F.R. 9351.]
|
||||
|
||||
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–98 effective Dec. 22, 1981, see section 1801 of Pub. L. 97–98, set out as an Effective Date note under section 4301 of this title.
|
||||
|
||||
Effective Date of 1977 AmendmentAmendment by Pub. L. 95–113 effective Oct. 1, 1977, see section 1901 of Pub. L. 95–113, set out as a note under section 1307 of this title.
|
||||
|
||||
Transfer of Functions Powers, duties, and assets of agencies, offices, and other entities within Department of Agriculture relating to rural development functions transferred to Rural Development Administration by section 2302(b) of Pub. L. 101–624.
|
||||
@@ -0,0 +1,95 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1924"
|
||||
description: "Conservation loan and loan guarantee program"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1924"
|
||||
citation: "7 U.S.C. § 1924"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1924 - Conservation loan and loan guarantee program
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may make or guarantee qualified conservation loans to eligible borrowers under this section.
|
||||
|
||||
(b) Definitions In this section:
|
||||
|
||||
(1) Qualified conservation loan The term “qualified conservation loan” means a loan, the proceeds of which are used to cover the costs to the borrower of carrying out a qualified conservation project.
|
||||
|
||||
(2) Qualified conservation project The term “qualified conservation project” means conservation measures that address provisions of a conservation plan of the eligible borrower.
|
||||
|
||||
(3) Conservation plan The term “conservation plan” means a plan, approved by the Secretary, that, for a farming or ranching operation, identifies the conservation activities that will be addressed with loan funds provided under this section, including—
|
||||
|
||||
(A) the installation of conservation structures to address soil, water, and related resources;
|
||||
|
||||
(B) the establishment of forest cover for sustained yield timber management, erosion control, or shelter belt purposes;
|
||||
|
||||
(C) the installation of water conservation measures;
|
||||
|
||||
(D) the installation of waste management systems;
|
||||
|
||||
(E) the establishment or improvement of permanent pasture;
|
||||
|
||||
(F) compliance with section 3812 of title 16; and
|
||||
|
||||
(G) other purposes consistent with the plan, including the adoption of any other emerging or existing conservation practices, techniques, or technologies approved by the Secretary.
|
||||
|
||||
(c) Eligibility (1) In general The Secretary may make or guarantee loans to farmers or ranchers in the United States, farm cooperatives, private domestic corporations, partnerships, joint operations, trusts, limited liability companies, or such other legal entities as the Secretary considers appropriate that are controlled by farmers or ranchers and engaged primarily and directly in agricultural production in the United States.
|
||||
|
||||
(2) Requirements To be eligible for a loan under this section, applicants shall meet the requirements in subparagraphs (A) and (B) of section 1922(a)(1) of this title.
|
||||
|
||||
(d) Priority In making or guaranteeing loans under this section, the Secretary shall give priority to—
|
||||
|
||||
(1) qualified beginning farmers or ranchers and socially disadvantaged farmers or ranchers;
|
||||
|
||||
(2) owners or tenants who use the loans to convert to sustainable or organic agricultural production systems; and
|
||||
|
||||
(3) producers who use the loans to build conservation structures or establish conservation practices to comply with section 3812 of title 16.
|
||||
|
||||
(e) Limitations applicable to loan guarantees The portion of a loan that the Secretary may guarantee under this section shall be—
|
||||
|
||||
(1) 80 percent of the principal amount of the loan; or
|
||||
|
||||
(2) in the case of a producer that is a qualified socially disadvantaged farmer or rancher or a beginning farmer or rancher, 90 percent of the principal amount of the loan.
|
||||
|
||||
(f) Administrative provisions The Secretary shall ensure, to the maximum extent practicable, that loans made or guaranteed under this section are distributed across diverse geographic regions.
|
||||
|
||||
(g) Credit eligibility The provisions of paragraphs (1) and (3) of section 1983 of this title shall not apply to loans made or guaranteed under this section.
|
||||
|
||||
(h) Authorization of appropriations There is authorized to be appropriated to the Secretary to carry out this section $150,000,000 for each of fiscal years 2014 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 304, Aug. 8, 1961, 75 Stat. 308; Pub. L. 90–488, § 2, Aug. 15, 1968, 82 Stat. 770; Pub. L. 92–419, title I, § 102, Aug. 30, 1972, 86 Stat. 657; Pub. L. 95–334, title I, § 102, Aug. 4, 1978, 92 Stat. 421; Pub. L. 101–624, title XVIII, § 1802(a), Nov. 28, 1990, 104 Stat. 3817; Pub. L. 102–237, title V, § 501(a), Dec. 13, 1991, 105 Stat. 1865; Pub. L. 104–127, title VI, § 603, Apr. 4, 1996, 110 Stat. 1085; Pub. L. 110–234, title V, § 5002, May 22, 2008, 122 Stat. 1142; Pub. L. 110–246, § 4(a), title V, § 5002, June 18, 2008, 122 Stat. 1664, 1904; Pub. L. 113–79, title V, §§ 5001(c)(1), 5002, Feb. 7, 2014, 128 Stat. 833; Pub. L. 115–334, title V, § 5102, Dec. 20, 2018, 132 Stat. 4669.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (h). Pub. L. 115–334 substituted “2023” for “2018”. 2014—Subsec. (c)(1). Pub. L. 113–79, § 5002(a), substituted “limited liability companies, or such other legal entities as the Secretary considers appropriate” for “or limited liability companies”. Subsec. (c)(2). Pub. L. 113–79, § 5001(c)(1), substituted “subparagraphs (A) and (B) of section 1922(a)(1)” for “paragraphs (1) and (2) of section 1922(a)”. Subsec. (e). Pub. L. 113–79, § 5002(b), substituted “shall be—” for “shall be 75 percent of the principal amount of the loan.” and added pars. (1) and (2). Subsec. (h). Pub. L. 113–79, § 5002(c), added subsec. (h) and struck out former subsec. (h). Prior to amendment, text read as follows: “For each of fiscal years 2008 through 2012, there are authorized to be appropriated to the Secretary such funds as are necessary to carry out this section.” 2008—Pub. L. 110–246, § 5002, amended section generally, substituting provisions relating to conservation loans and loan guarantee programs for former provisions which related to, in subsec. (a), authority to make or insure loans for soil and water conservation and protection, in subsec. (b), priority of producers who would build conservation structures or establish conservation practices to comply with section 3812 of title 16, and in subsec. (c), maximum amount of a loan. 1996—Pub. L. 104–127, § 603(2), inserted section catchline. Subsec. (a). Pub. L. 104–127, § 603(2), (5), redesignated subsec. (a)(1) as (a), inserted heading, and redesignated subpars. (A) to (F) as pars. (1) to (6), respectively. Former pars. (2) and (3) redesignated subsecs. (b) and (c), respectively. Subsec. (b). Pub. L. 104–127, § 603(1), (3), redesignated subsec. (a)(2) as (b), inserted heading, substituted “guaranteeing loans” for “insuring loans”, and struck out former subsec. (b) which read as follows: “Loans may also be made or insured under this subchapter to residents of rural areas without regard to the requirements of clauses (2) and (3) of section 1922 of this title to acquire or establish in rural areas small business enterprises to provide such residents with essential income.” Subsec. (c). Pub. L. 104–127, § 603(1), (4), (6), redesignated subsec. (a)(3) as (c), inserted heading, redesignated subpars. (A) and (B) as pars. (1) and (2), respectively, and struck out former subsec. (c) which read as follows: “Loans may also be made or insured under this subchapter to any farm owners or tenants without regard to the requirements of clauses (1), (2), and (3) of section 1922 of this title for the purposes of meeting Federal, State, or local requirements for agricultural, animal, or poultry waste pollution abatement and control facilities, including the construction, modification, or relocation of farm or other structures necessary to comply with such pollution abatement requirements.” 1991—Subsecs. (a), (d). Pub. L. 102–237 redesignated subsec. (d) as (a) and moved it to appear before subsec. (b) and struck out former subsec. (a) which read as follows: “Loans may also be made or insured under this subchapter to any farmowners or tenants without regard to the requirements of section 1922(1), (2), and (3) of this title for the purposes only of land and water development, use and conservation, not including recreational uses and facilities, and without regard to the requirements of section 1922(2) and (3) of this title, to farmowners or tenants to finance outdoor recreational enterprises or to convert to recreational uses their farming or ranching operations, including those heretofore financed under this chapter.” 1990—Subsec. (d). Pub. L. 101–624 added subsec. (d). 1978—Subsec. (a). Pub. L. 95–334, § 102(1), struck out “individual” after “title, to”. Subsec. (c). Pub. L. 95–334, § 102(2), added subsec. (c). 1972—Pub. L. 92–419 designated existing provisions as subsec. (a) and struck out item (a) and (b) designations appearing before “to any farmowners” and “without regard to”, respectively, and added subsec. (b). 1968—Pub. L. 90–488 designated existing provisions as cl. (a), excluded recreational uses and facilities, and added cl. (b).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(3) of Pub. L. 102–237, set out as a note under section 1421 of this title.
|
||||
@@ -0,0 +1,55 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
citation: "7 U.S.C. § 1925"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1925 - Limitations on amount of farm ownership loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall make or insure no loan under sections 1922, 1923, 1924, 1934, and 1935 of this title that would cause the unpaid indebtedness under such sections of any one borrower to exceed the smaller of (1) the value of the farm or other security, or (2) in the case of a loan other than a loan guaranteed by the Secretary, $600,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the amount of any unpaid indebtedness of the borrower on loans under subchapter II that are guaranteed by the Secretary).
|
||||
|
||||
(b) Determination of value In determining the value of the farm, the Secretary shall consider appraisals made by competent appraisers under rules established by the Secretary.
|
||||
|
||||
(c) Inflation percentage For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
|
||||
|
||||
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year; exceeds
|
||||
|
||||
(2) the average of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph (1).
|
||||
|
||||
(Pub. L. 87–128, title III, § 305, Aug. 8, 1961, 75 Stat. 308; Pub. L. 91–620, § 1, Dec. 31, 1970, 84 Stat. 1862; Pub. L. 92–419, title I, § 103, Aug. 30, 1972, 86 Stat. 658; Pub. L. 91–524, title VIII, § 807, as added Pub. L. 93–86, § 1(27)(B), Aug. 10, 1973, 87 Stat. 237; Pub. L. 95–334, title I, § 103, Aug. 4, 1978, 92 Stat. 421; Pub. L. 102–554, § 3, Oct. 28, 1992, 106 Stat. 4142; Pub. L. 105–277, div. A, § 101(a) [title VIII, § 806(a)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 110–234, title V, § 5003, May 22, 2008, 122 Stat. 1144; Pub. L. 110–246, § 4(a), title V, § 5003, June 18, 2008, 122 Stat. 1664, 1905; Pub. L. 115–334, title V, § 5103, Dec. 20, 2018, 132 Stat. 4669.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (a)(2). Pub. L. 115–334, § 5103(1), substituted “$600,000” for “$300,000”, “$1,750,000” for “$700,000”, and “2019” for “2000”. Subsec. (c)(1). Pub. L. 115–334, § 5103(2)(A), substituted “July” for “August”. Subsec. (c)(2). Pub. L. 115–334, § 5103(2)(B), substituted “that immediately precedes the 12-month period described in paragraph (1)” for “ending on August 31, 1996”. 2008—Subsec. (a)(2). Pub. L. 110–246, § 5003, substituted “$300,000” for “$200,000”. 1998—Pub. L. 105–277 inserted section catchline, designated first sentence as subsec. (a), inserted heading, and substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the amount of any unpaid indebtedness of the borrower on loans under subchapter II that are guaranteed by the Secretary)” for “$300,000”, designated second sentence as subsec. (b) and inserted heading, and added subsec. (c). 1992—Pub. L. 102–554 inserted reference to section 1935 of this title. 1978—Pub. L. 95–334 substituted provisions setting forth requirements for loans under sections 1922, 1923, 1924, and 1934 of this title for provisions setting forth requirements for loans under sections 1922, 1923, and 1924 of this title. 1973—Pub. L. 91–524, § 807, as added by Pub. L. 93–86, substituted “$225,000” for “$100,000” in cl. (a), added cl. (b), and redesignated former cl. (b) as (c). 1972—Pub. L. 92–419 struck out “normal” before “value” in first and second sentences and before “market value” in last sentence. 1970—Pub. L. 91–620 substituted “$100,000” for “$60,000”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926–1"
|
||||
description: "Repealed. Pub. L. 104–127, title VII, § 702, Apr. 4, 1996, 110 Stat. 1108"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1926–1"
|
||||
citation: "7 U.S.C. § 1926–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1926–1"
|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926–1 - Repealed. Pub. L. 104–127, title VII, § 702, Apr. 4, 1996, 110 Stat. 1108
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 101–624, title XXIII, § 2322, Nov. 28, 1990, 104 Stat. 4010; Pub. L. 102–237, title VII, § 702(f), Dec. 13, 1991, 105 Stat. 1880; Pub. L. 103–354, title II, § 235(b)(6), Oct. 13, 1994, 108 Stat. 3222, related to water and waste facility financing, including provisions relating to authority, limitation, priority, coordination, terms, private sector capital, appropriations, repayment, full use, and replenishment of water and waste facility fund.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,119 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926a"
|
||||
description: "Emergency and imminent community water assistance grant program"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1926a"
|
||||
citation: "7 U.S.C. § 1926a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1926a"
|
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926a - Emergency and imminent community water assistance grant program
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall provide grants in accordance with this section to assist the residents of rural areas and small communities to secure adequate quantities of safe water—
|
||||
|
||||
(1) after a significant decline in the quantity or quality of water available from the water supplies of such rural areas and small communities, or when such a decline is imminent; or
|
||||
|
||||
(2) when repairs, partial replacement, or significant maintenance efforts on established water systems would remedy—
|
||||
|
||||
(A) an acute, or imminent, shortage of quality water; or
|
||||
|
||||
(B) a significant decline, or imminent decline, in the quantity or quality of water that is available.
|
||||
|
||||
(b) Priority In carrying out subsection (a), the Secretary shall—
|
||||
|
||||
(1) give priority to projects described in subsection (a)(1), particularly to projects to address contamination that—
|
||||
|
||||
(A) poses a threat to human health or the environment; and
|
||||
|
||||
(B) was caused by circumstances beyond the control of the applicant for a grant, including circumstances that occurred over a period of time; and
|
||||
|
||||
(2) provide at least 70 percent of all such grants to such projects.
|
||||
|
||||
(c) Eligibility To be eligible to obtain a grant under this section, an applicant shall—
|
||||
|
||||
(1) be a public or private nonprofit entity; and
|
||||
|
||||
(2) in the case of a grant made under subsection (a)(1), demonstrate to the Secretary that the decline referred to in such subsection occurred, or will occur, within 2 years of the date the application was filed for such grant.
|
||||
|
||||
(d) Uses (1) In general Grants made under this section may be used—
|
||||
|
||||
(A) for waterline extensions from existing systems, laying of new waterlines, repairs, significant maintenance, digging of new wells, equipment replacement, and hook and tap fees;
|
||||
|
||||
(B) for any other appropriate purpose associated with developing sources of, treating, storing, or distributing water;
|
||||
|
||||
(C) to assist communities in complying with the requirements of the Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.) or the Safe Drinking Water Act (42 U.S.C. 300f et seq.); and
|
||||
|
||||
(D) to provide potable water to communities through other means, other than those covered above for not to exceed 120 days when a more permanent solution is not feasible in a shorter time frame. Where drinking water supplies are inadequate due to an event, as determined by the Secretary, including drought, severe weather, or contamination, the Secretary may provide potable water for an additional period of time not to exceed an additional 120 days in order to protect public health.
|
||||
|
||||
(2) Joint proposals Nothing in this section shall preclude rural communities from submitting joint proposals for emergency water assistance, subject to the restrictions contained in subsection (e). Such restrictions should be considered in the aggregate, depending on the number of communities involved.
|
||||
|
||||
(e) Restrictions (1) Maximum population and income No grant provided under this section shall be used to assist any rural area or community that—
|
||||
|
||||
(A) includes any area in any city or town with a population in excess of 10,000 inhabitants according to the most recent decennial census of the United States; or
|
||||
|
||||
(B) has a median household income in excess of the State nonmetropolitan median household income.
|
||||
|
||||
(2) Set-aside for smaller communities Not less than 50 percent of the funds allocated under this section shall be allocated to rural communities with populations that do not exceed 3,000 inhabitants.
|
||||
|
||||
(f) Maximum grants Grants made under this section may not exceed—
|
||||
|
||||
(1) in the case of each grant made under subsection (a)(1), $1,000,000; and
|
||||
|
||||
(2) in the case of each grant made under subsection (a)(2), $150,000.
|
||||
|
||||
(g) Full funding Subject to subsection (e), grants under this section shall be made in an amount equal to 100 percent of the costs of the projects conducted under this section.
|
||||
|
||||
(h) Application (1) Nationally competitive application process The Secretary shall develop a nationally competitive application process to award grants under this section. The process shall include criteria for evaluating applications, including population, median household income, and the severity of the decline, or imminent decline, in quantity or quality of water.
|
||||
|
||||
(2) Timing of review of applications (A) Simplified application The application process developed by the Secretary under paragraph (1) shall include a simplified application form that will permit expedited consideration of an application for a grant filed under this section.
|
||||
|
||||
(B) Priority review In processing applications for any water or waste grant or loan authorized under this chapter, the Secretary shall afford priority processing to an application for a grant under this section to the extent funds will be available for an award on the application at the conclusion of priority processing.
|
||||
|
||||
(C) Timing The Secretary shall, to the maximum extent practicable, review and act on an application under this section within 60 days after the date on which the application is submitted to the Secretary.
|
||||
|
||||
(i) Funding (1) Reservation (A) In general For each fiscal year, not less than 5 percent and not more than 7 percent of the total amount made available to carry out section 1926(a)(2) of this title for the fiscal year shall be reserved for grants under this section.
|
||||
|
||||
(B) Release (i) In general Funds reserved under subparagraph (A) for a fiscal year shall be reserved only until July 1 of the fiscal year.
|
||||
|
||||
(ii) Exception Notwithstanding clause (i), in response to an eligible community where the drinking water supplies are inadequate, as determined by the Secretary, due to an event, including drought, severe weather, or contamination, the Secretary may use funds described in subparagraph (A) from July 1 through September 30 each fiscal year to provide potable water under this section in order to protect public health.
|
||||
|
||||
(2) Authorization of appropriations In addition to funds made available under paragraph (1), there is authorized to be appropriated to carry out this section $50,000,000 for each of fiscal years 2019 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 306A, as added Pub. L. 101–82, title V, § 501(a), Aug. 14, 1989, 103 Stat. 584; amended Pub. L. 104–127, title VII, § 742, Apr. 4, 1996, 110 Stat. 1124; Pub. L. 107–171, title VI, § 6009, May 13, 2002, 116 Stat. 356; Pub. L. 110–234, title VI, § 6008, May 22, 2008, 122 Stat. 1163; Pub. L. 110–246, § 4(a), title VI, § 6008, June 18, 2008, 122 Stat. 1664, 1924; Pub. L. 113–79, title VI, § 6007, Feb. 7, 2014, 128 Stat. 843; Pub. L. 115–334, title VI, § 6407(a), Dec. 20, 2018, 132 Stat. 4759.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Federal Water Pollution Control Act, referred to in subsec. (d)(1)(C), is act June 30, 1948, ch. 758, as amended generally by Pub. L. 92–500, § 2, Oct. 18, 1972, 86 Stat. 816, which is classified generally to chapter 26 (§ 1251 et seq.) of Title 33, Navigation and Navigable Waters. For complete classification of this Act to the Code, see Short Title note set out under section 1251 of Title 33 and Tables. The Safe Drinking Water Act, referred to in subsec. (d)(1)(C), is title XIV of act July 1, 1944, as added Dec. 16, 1974, Pub. L. 93–523, § 2(a), 88 Stat. 1660, which is classified generally to subchapter XII (§ 300f et seq.) of chapter 6A of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 201 of Title 42 and Tables. This chapter, referred to in subsec. (h)(2)(B), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (b)(1). Pub. L. 115–334, § 6407(a)(1), substituted “, particularly to projects to address contamination that—” for “; and” and added subpars. (A) and (B). Subsec. (d)(1)(D). Pub. L. 115–334, § 6407(a)(2), inserted before period at end “, other than those covered above for not to exceed 120 days when a more permanent solution is not feasible in a shorter time frame. Where drinking water supplies are inadequate due to an event, as determined by the Secretary, including drought, severe weather, or contamination, the Secretary may provide potable water for an additional period of time not to exceed an additional 120 days in order to protect public health”. Subsec. (e)(1)(B). Pub. L. 115–334, § 6407(a)(3), struck out “according to the most recent decennial census of the United States” before period at end. Subsec. (f)(1). Pub. L. 115–334, § 6407(a)(4), substituted “$1,000,000” for “$500,000”. Subsec. (i)(1)(A). Pub. L. 115–334, § 6407(a)(5)(A)(i), substituted “5 percent and not more than 7” for “3 nor more than 5”. Subsec. (i)(1)(B). Pub. L. 115–334, § 6407(a)(5)(A)(ii), added subpar. (B) and struck out former subpar. (B). Prior to amendment, text read as follows: “Funds reserved under subparagraph (A) for a fiscal year shall be reserved only until July 1 of the fiscal year.” Subsec. (i)(2). Pub. L. 115–334, § 6407(a)(5)(B), substituted “$50,000,000 for each of fiscal years 2019 through 2023” for “$35,000,000 for each of fiscal years 2008 through 2018”. 2014—Subsec. (i)(2). Pub. L. 113–79 substituted “2018” for “2012”. 2008—Subsec. (i)(2). Pub. L. 110–246, § 6008, substituted “2008 through 2012” for “2003 through 2007”. 2002—Pub. L. 107–171, § 6009(1), inserted “and imminent” before “community water assistance” in section catchline. Subsec. (a)(1). Pub. L. 107–171, § 6009(2)(A), inserted “, or when such a decline is imminent” before semicolon at end. Subsec. (a)(2)(A). Pub. L. 107–171, § 6009(2)(B)(i), substituted “acute, or imminent,” for “acute”. Subsec. (a)(2)(B). Pub. L. 107–171, § 6009(2)(B)(ii), substituted “decline, or imminent decline,” for “decline”. Subsec. (c)(2). Pub. L. 107–171, § 6009(3), substituted “occurred, or will occur,” for “occurred”. Subsec. (d)(1). Pub. L. 107–171, § 6009(4), added par. (1) and struck out heading and text of former par. (1). Text read as follows: “Grants made under this section may be used for waterline extensions from existing systems, laying of new waterlines, repairs, significant maintenance, digging of new wells, equipment replacement, hook and tap fees, and any other appropriate purpose associated with developing sources of, or treating, storing, or distributing water, and to assist communities in complying with the requirements of the Federal Water Pollution Control Act (33 U.S.C. 1251 et seq.) or the Safe Drinking Water Act (42 U.S.C. 300f et seq.).” Subsec. (f)(2). Pub. L. 107–171, § 6009(5), substituted “$150,000” for “$75,000”. Subsec. (h)(1). Pub. L. 107–171, § 6009(6)(A), substituted “decline, or imminent decline,” for “decline” in second sentence. Subsec. (h)(2). Pub. L. 107–171, § 6009(6)(B), added par. (2) and struck out heading and text of former par. (2). Text read as follows: “The Secretary shall make every effort to review and act on applications within 60 days of the date that such applications are submitted.” Subsec. (i). Pub. L. 107–171, § 6009(7), added subsec. (i) and struck out heading and text of former subsec. (i). Text read as follows: “There are authorized to be appropriated to carry out this section $35,000,000 for each of fiscal years 1996 through 2002.” 1996—Subsec. (e)(1)(A). Pub. L. 104–127, § 742(1)(A), substituted “10,000” for “15,000”. Subsec. (e)(2). Pub. L. 104–127, § 742(1)(B), substituted “3,000” for “5,000”. Subsec. (i). Pub. L. 104–127, § 742(2), added subsec. (i) and struck out heading and text of former subsec. (i). Text read as follows: “There are authorized to be appropriated to carry out this section, $35,000,000 for each of the fiscal years 1990 and 1991, such sums to remain authorized until fully appropriated.”
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
ImplementationPub. L. 101–82, title V, § 501(b), Aug. 14, 1989, 103 Stat. 585, provided that: “(1) Regulations.—The Secretary of Agriculture shall publish—“(A) interim final regulations to carry out section 306A of the Consolidated Farm and Rural Development Act [7 U.S.C. 1926a] (as added by subsection (a) of this section) not later than 45 days after the date of enactment of this Act [Aug. 14, 1989]; and “(B) final regulations to carry out section 306A of such Act not later than 90 days after the date of enactment of this Act. “(2) Funds.—“(A) Obligation.—The Secretary shall designate 70 percent of the funds made available for the first fiscal year for which appropriations are made under section 306A(i) of the Consolidated Farm and Rural Development Act not later than 5 months after the date such funds are appropriated. “(B) Release.—The Secretary may release funds prior to the issuance of final regulations under paragraph (1)(B) for grants under section 306A(a)(1) of the Consolidated Farm and Rural Development Act.”
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926b"
|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1926b"
|
||||
citation: "7 U.S.C. § 1926b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1926b"
|
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||||
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||||
text_hash: "9ddeab8fd254b01e97799f01415f17a9458d19b2f4d519d16db2347202e547ff"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926b - Repealed. Pub. L. 104–127, title VII, § 743, Apr. 4, 1996, 110 Stat. 1125
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 306B, as added Pub. L. 101–624, title XXIII, § 2326(a), Nov. 28, 1990, 104 Stat. 4014, related to emergency community water assistance grant program, including general provisions and provisions relating to priority, eligibility, uses, restrictions, maximum grants, full funding, application, and limitations on authorization of appropriations.
|
||||
@@ -0,0 +1,85 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926c"
|
||||
description: "Water and waste facility loans and grants to alleviate health risks"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1926c"
|
||||
citation: "7 U.S.C. § 1926c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1926c"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "6e92bb0b456648fa7007452465d77b1af1cd83f4b894e65a24245f2943f0ddfd"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "6314383dc37d523c4ec5afcc59c7953b0c727288ea9b70ef27b496704b43f7af"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926c - Water and waste facility loans and grants to alleviate health risks
|
||||
|
||||
## Text
|
||||
|
||||
(a) Loans and grants to persons other than individuals (1) In general The Secretary shall make or insure loans and make grants to rural water supply corporations, cooperatives, or similar entities, Indian tribes on Federal and State reservations and other federally recognized Indian tribes, and public agencies, to provide for the conservation, development, use, and control of water (including the extension or improvement of existing water supply systems), and the installation or improvement of drainage or waste disposal facilities and essential community facilities including necessary related equipment. Such loans and grants shall be available only to provide such water and waste facilities and services to communities whose residents face significant health risks, as determined by the Secretary, due to the fact that a significant proportion of the community’s residents do not have access to, or are not served by, adequate affordable—
|
||||
|
||||
(A) water supply systems; or
|
||||
|
||||
(B) waste disposal facilities.
|
||||
|
||||
(2) Certain areas targeted (A) In general Loans and grants under paragraph (1) shall be made only if the loan or grant funds will be used primarily to provide water or waste services, or both, to residents of a county—
|
||||
|
||||
(i) the per capita income of the residents of which is not more than 70 percent of the national average per capita income, as determined by the Department of Commerce; and
|
||||
|
||||
(ii) the unemployment rate of the residents of which is not less than 125 percent of the national average unemployment rate, as determined by the Bureau of Labor Statistics.
|
||||
|
||||
(B) Exception Notwithstanding subparagraph (A), loans and grants under paragraph (1) may also be made if the loan or grant funds will be used primarily to provide water or waste services, or both, to residents of a rural area that was recognized as a colonia as of October 1, 1989.
|
||||
|
||||
(b) Loans and grants to individuals (1) In general The Secretary shall make or insure loans and make grants to individuals who reside in a community described in subsection (a)(1) for the purpose of extending water supply and waste disposal systems, connecting the systems to the residences of the individuals, or installing plumbing and fixtures within the residences of the individuals to facilitate the use of the water supply and waste disposal systems. Such loans shall be at a rate of interest no greater than the Federal Financing Bank rate on loans of a similar term at the time such loans are made. The repayment of such loans shall be amortized over the expected life of the water supply or waste disposal system to which the residence of the borrower will be connected.
|
||||
|
||||
(2) Manner in which loans and grants are to be made Loans and grants to individuals under paragraph (1) shall be made—
|
||||
|
||||
(A) directly to such individuals by the Secretary; or
|
||||
|
||||
(B) to such individuals through the rural water supply corporation, cooperative, or similar entity, or public agency, providing such water supply or waste disposal services, pursuant to regulations issued by the Secretary.
|
||||
|
||||
(c) Preference The Secretary shall give preference in the awarding of loans and grants—
|
||||
|
||||
(1) under subsection (a) to rural water supply corporations, cooperatives, or similar entities, or public agencies, that propose to provide water supply or waste disposal services to the residents of those rural subdivisions commonly referred to as colonias, that are characterized by substandard housing, inadequate roads and drainage, and a lack of adequate water or waste facilities; and
|
||||
|
||||
(2) under subsection (b) to individuals who reside in a rural subdivision commonly referred to as a colonia, that is characterized by substandard housing, inadequate roads and drainage, and a lack of adequate water or waste facilities.
|
||||
|
||||
(d) “Cooperative” defined For purposes of this section, the term “cooperative” means a cooperative formed specifically for the purpose of the installation, expansion, improvement, or operation of water supply or waste disposal facilities or systems.
|
||||
|
||||
(e) Authorization of appropriations (1) In general Subject to paragraph (2), there are authorized to be appropriated—
|
||||
|
||||
(A) for grants under this section, $30,000,000 for each fiscal year;
|
||||
|
||||
(B) for loans under this section, $30,000,000 for each fiscal year; and
|
||||
|
||||
(C) in addition to grants provided under subparagraph (A), for grants under this section to benefit Indian tribes (as defined in section 5304 of title 25), $20,000,000 for each fiscal year.
|
||||
|
||||
(2) Exception An entity eligible to receive funding through a grant made under section 1926d of this title shall not be eligible for a grant from funds made available under paragraph (1)(C).
|
||||
|
||||
(f) Regulations Not later than 30 days after October 28, 1992, the Secretary shall issue interim final regulations, with a request for public comments, implementing this section.
|
||||
|
||||
(Pub. L. 87–128, title III, § 306C, as added Pub. L. 101–624, title XXIII, § 2327, Nov. 28, 1990, 104 Stat. 4015; amended Pub. L. 102–237, title VII, § 701(b), Dec. 13, 1991, 105 Stat. 1879; Pub. L. 102–552, title V, § 516(l), (m), Oct. 28, 1992, 106 Stat. 4139; Pub. L. 102–554, § 24, Oct. 28, 1992, 106 Stat. 4161; Pub. L. 107–171, title VI, § 6010, May 13, 2002, 116 Stat. 357.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2002—Subsec. (e). Pub. L. 107–171 added subsec. (e) and struck out heading and text of former subsec. (e). Text read as follows: “There are authorized to be appropriated— “(1) for grants under this section, $30,000,000 for each fiscal year; and “(2) for loans under this section, $30,000,000 for each fiscal year.” 1992—Subsec. (a)(2). Pub. L. 102–554 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “(2) Certain counties targeted.—Loans and grants under paragraph (1) shall be made only if the loan or grant funds will be used primarily to provide water or waste services, or both, to residents of a county— “(A) the per capita income of the residents of which is not more than 70 percent of the national average per capita income, as determined by the Department of Commerce; and “(B) the unemployment rate of the residents of which is not less than 125 percent of the national average unemployment rate, as determined by the Bureau of Labor Statistics.” Subsec. (b)(1). Pub. L. 102–552, § 516(l), substituted “, connecting the systems to the residences of the individuals, or installing plumbing and fixtures within the residences of the individuals to facilitate the use of the water supply and waste disposal systems” for “or connecting such systems to the residences of such individuals”. Subsec. (f). Pub. L. 102–552, § 516(m), added subsec. (f). 1991—Subsec. (a)(2). Pub. L. 102–237 realigned margins of subpars. (A) and (B).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(6) of Pub. L. 102–237, set out as a note under section 1421 of this title.
|
||||
@@ -0,0 +1,59 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926d"
|
||||
description: "Water systems for rural and Native villages in Alaska"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "1926d"
|
||||
citation: "7 U.S.C. § 1926d"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926d - Water systems for rural and Native villages in Alaska
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may make grants to the State of Alaska, a consortium formed pursuant to section 325 of the Department of the Interior and Related Agencies Appropriations Act, 1998 (Public Law 105–83; 111 Stat. 1597), and Native villages (as defined in section 1602 of title 43) for the benefit of rural or Native villages in Alaska to provide for the development and construction of water and wastewater systems to improve the health and sanitation conditions in those villages.
|
||||
|
||||
(b) Matching funds To be eligible to receive a grant under subsection (a), the State of Alaska shall provide 25 percent in matching funds from non-Federal sources for any grant awarded under subsection (a).
|
||||
|
||||
(c) Consultation with State of Alaska The Secretary shall consult with the State of Alaska on a method of prioritizing the allocation of grants under subsection (a) according to the needs of, and relative health and sanitation conditions in, each village.
|
||||
|
||||
(d) Authorization of appropriations (1) In general There are authorized to be appropriated to carry out this section $30,000,000 for each of fiscal years 2008 through 2023.
|
||||
|
||||
(2) Training and technical assistance Not more than 2 percent of the amount made available under paragraph (1) for a fiscal year may be used by the State of Alaska, and not more than 2 percent of the amount made available under paragraph (1) for a fiscal year may be used by a consortium formed pursuant to section 325 of the Department of the Interior and Related Agencies Appropriations Act, 1998 (Public Law 105–83; 111 Stat. 1597), for training and technical assistance programs relating to the operation and management of water and waste disposal services in rural and Native villages.
|
||||
|
||||
(3) Availability Funds appropriated pursuant to the authorization of appropriations in paragraph (1) shall be available until expended.
|
||||
|
||||
(Pub. L. 87–128, title III, § 306D, as added Pub. L. 104–127, title VII, § 757, Apr. 4, 1996, 110 Stat. 1131; amended Pub. L. 105–277, div. A, § 101(a) [title VII, § 745], Oct. 21, 1998, 112 Stat. 2681, 2681–32; Pub. L. 106–224, title II, § 256, June 20, 2000, 114 Stat. 424; Pub. L. 107–171, title VI, § 6011, May 13, 2002, 116 Stat. 357; Pub. L. 110–234, title VI, § 6009(a), May 22, 2008, 122 Stat. 1163; Pub. L. 110–246, § 4(a), title VI, § 6009(a), June 18, 2008, 122 Stat. 1664, 1924; Pub. L. 113–79, title VI, § 6008, Feb. 7, 2014, 128 Stat. 843; Pub. L. 115–334, title VI, § 6408, Dec. 20, 2018, 132 Stat. 4761.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 325 of the Department of the Interior and Related Agencies Appropriations Act, 1998, referred to in subsecs. (a) and (d)(2), is section 325 of Pub. L. 105–83, title III, Nov. 14, 1997, 111 Stat. 1597, which is not classified to the Code.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (a). Pub. L. 115–334, § 6408(1), substituted “Alaska, a consortium formed pursuant to section 325 of the Department of the Interior and Related Agencies Appropriations Act, 1998 (Public Law 105–83; 111 Stat. 1597), and Native villages (as defined in section 1602 of title 43) for” for “Alaska for”. Subsec. (b). Pub. L. 115–334, § 6408(2), inserted “for any grant awarded under subsection (a)” before period at end. Subsec. (d)(1). Pub. L. 115–334, § 6408(3)(A), substituted “2023” for “2018”. Subsec. (d)(2). Pub. L. 115–334, § 6408(3)(B), substituted “Alaska, and not more than 2 percent of the amount made available under paragraph (1) for a fiscal year may be used by a consortium formed pursuant to section 325 of the Department of the Interior and Related Agencies Appropriations Act, 1998 (Public Law 105–83; 111 Stat. 1597),” for “Alaska”. 2014—Subsec. (d)(1). Pub. L. 113–79 substituted “2018” for “2012”. 2008—Subsec. (d)(1). Pub. L. 110–246, § 6009(a), substituted “2008 through 2012” for “2001 through 2007”. 2002—Subsec. (d)(1). Pub. L. 107–171 substituted “through 2007” for “and 2002”. 2000—Subsec. (d). Pub. L. 106–224 added subsec. (d) and struck out heading and text of former subsec. (d). Text read as follows: “There are authorized to be appropriated to carry out this section $20,000,000 for each of fiscal years 1996 through 2002.” 1998—Subsec. (b). Pub. L. 105–277 substituted “25 percent in matching” for “equal matching”. Subsec. (d). Pub. L. 105–277 substituted “$20,000,000” for “$15,000,000”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1926e"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
citation: "7 U.S.C. § 1926e"
|
||||
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|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926e - Rural decentralized water systems
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definition of eligible individual In this section, the term “eligible individual” means an individual who is a member of a household the members of which have a combined income (for the most recent 12-month period for which the information is available) that is not more than 60 percent of the median nonmetropolitan household income for the State or territory in which the individual resides, according to the most recent decennial census of the United States.
|
||||
|
||||
(b) Grants (1) In general The Secretary may make grants to private nonprofit organizations for the purpose of providing loans and subgrants to eligible individuals for the construction, refurbishing, and servicing of individual household water well systems and individually owned household decentralized wastewater systems in rural areas that are or will be owned by the eligible individuals.
|
||||
|
||||
(2) Terms and amounts (A) Terms of loans A loan made with grant funds under this section—
|
||||
|
||||
(i) shall have an interest rate of 1 percent; and
|
||||
|
||||
(ii) shall have a term not to exceed 20 years.
|
||||
|
||||
(B) Amounts A loan or subgrant made with grant funds under this section shall not exceed $15,000 for each water well system or decentralized wastewater system described in paragraph (1).
|
||||
|
||||
(3) Administrative expenses A recipient of a grant made under this section may use grant funds to pay administrative expenses associated with providing the assistance described in paragraph (1), as determined by the Secretary.
|
||||
|
||||
(4) Ground well water contamination In the event of ground well water contamination, the Secretary shall allow a loan or subgrant to be made with grant funds under this section for the installation of water treatment where needed beyond the point of entry, with or without the installation of a new water well system.
|
||||
|
||||
(c) Priority in awarding grants In awarding grants under this section, the Secretary shall give priority to an applicant that has substantial expertise and experience in promoting the safe and effective use of individually owned household water well systems, individually owned household decentralized wastewater systems, and ground water.
|
||||
|
||||
(d) Authorization of appropriations There is authorized to be appropriated to carry out this section $20,000,000 for each of fiscal years 2019 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 306E, as added Pub. L. 107–171, title VI, § 6012(a), May 13, 2002, 116 Stat. 357; amended Pub. L. 110–234, title VI, § 6010, May 22, 2008, 122 Stat. 1163; Pub. L. 110–246, § 4(a), title VI, § 6010, June 18, 2008, 122 Stat. 1664, 1925; Pub. L. 113–79, title VI, § 6009, Feb. 7, 2014, 128 Stat. 843; Pub. L. 115–334, title VI, § 6409, Dec. 20, 2018, 132 Stat. 4761.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Pub. L. 115–334, § 6409(1), substituted “Rural decentralized water systems” for “Grants to nonprofit organizations to finance the construction, refurbishing, and servicing of individually-owned household water well systems in rural areas for individuals with low or moderate incomes” in section catchline. Subsec. (a). Pub. L. 115–334, § 6409(2), substituted “60” for “100”. Subsec. (b)(1). Pub. L. 115–334, § 6409(3)(A), inserted “and subgrants” after “loans” and “and individually owned household decentralized wastewater systems” after “well systems”. Subsec. (b)(2). Pub. L. 115–334, § 6409(3)(B), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: “A loan made with grant funds under this section— “(A) shall have an interest rate of 1 percent; “(B) shall have a term not to exceed 20 years; and “(C) shall not exceed $11,000 for each water well system described in paragraph (1).” Subsec. (b)(4). Pub. L. 115–334, § 6409(3)(C), added par. (4). Subsec. (c). Pub. L. 115–334, § 6409(4), substituted “effective use of individually owned household water well systems, individually owned household decentralized wastewater systems,” for “productive use of individually-owned household water well systems”. Subsec. (d). Pub. L. 115–334, § 6409(5), substituted “$20,000,000” for “$5,000,000” and “2019 through 2023” for “2014 through 2018”. 2014—Subsec. (d). Pub. L. 113–79 substituted “$5,000,000 for each of fiscal years 2014 through 2018” for “$10,000,000 for each of fiscal years 2008 through 2012”. 2008—Subsec. (b)(2)(C). Pub. L. 110–246, § 6010(1), substituted “$11,000” for “$8,000”. Subsec. (d). Pub. L. 110–246, § 6010(2), substituted “2008 through 2012” for “2003 through 2007”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective DatePub. L. 107–171, title VI, § 6012(b), May 13, 2002, 116 Stat. 358, provided that: “The amendment made by subsection (a) [enacting this section] takes effect on October 1, 2002.”
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1926f - Contracts with not-for-profit third parties
|
||||
|
||||
## Text
|
||||
|
||||
On and after November 10, 2005, notwithstanding the provisions of the Consolidated Farm and Rural Development Act [7 U.S.C. 1921 et seq.] (including the associated regulations) governing the Community Facilities Program, the Secretary may allow all Community Facility Program facility borrowers and grantees to enter into contracts with not-for-profit third parties for services consistent with the requirements of the Program, grant, and/or loan: Provided, That the contracts protect the interests of the Government regarding cost, liability, maintenance, and administrative fees.
|
||||
|
||||
(Pub. L. 109–97, title VII, § 756, Nov. 10, 2005, 119 Stat. 2157.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Consolidated Farm and Rural Development Act, referred to in text, is title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, which is classified principally to this chapter. For complete classification of the Act to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Codification Section was enacted as part of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2006, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.
|
||||
|
||||
Prior ProvisionsProvisions similar to those in this section were contained in the following prior appropriation acts: Pub. L. 108–447, div. A, title VII, § 770, Dec. 8, 2004, 118 Stat. 2848. Pub. L. 108–199, div. A, title VII, § 775, Jan. 23, 2004, 118 Stat. 40.
|
||||
File diff suppressed because one or more lines are too long
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|
||||
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|
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|
||||
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||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
---
|
||||
|
||||
# 7 U.S.C. § 1927a - Loan interest rates charged by Farmers Home Administration; grant funds associated with loans
|
||||
|
||||
## Text
|
||||
|
||||
Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers, upon request of the borrower, the interest rate charged by the Farmers Home Administration to such borrowers shall be the lower of the rates in effect at either the time of loan approval or loan closing and any Farmers Home Administration grant funds associated with such loans shall be set in amount based on the interest rate in effect at the time of loan approval.
|
||||
|
||||
(Pub. L. 99–88, title I, § 100, Aug. 15, 1985, 99 Stat. 296; Pub. L. 100–233, title VI, § 615(b)(1)(A), Jan. 6, 1988, 101 Stat. 1681.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section was enacted as part of the Supplemental Appropriations Act, 1985, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.
|
||||
|
||||
Amendments1988—Pub. L. 100–233 substituted “Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers” for “Effective November 12, 1983, and thereafter” and “to such borrowers” for “to housing, farm, water and waste disposal, and community facility borrowers”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Applicability of 1988 AmendmentPub. L. 100–233, title VI, § 615(b)(1)(B), Jan. 6, 1988, 101 Stat. 1682, provided that: “The amendment made by subparagraph (A) [amending this section] shall not apply to any note or other obligation sold under section 1001 of the Omnibus [Budget] Reconciliation Act of 1986 [Pub. L. 99–509, 7 U.S.C. 1929a note] on or before the date of the enactment of this paragraph [Jan. 6, 1988].”
|
||||
@@ -0,0 +1,49 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1928"
|
||||
description: "Full faith and credit"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1928"
|
||||
citation: "7 U.S.C. § 1928"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1928"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "ea87f1f6651c8089f02f804e23649f17e54d2215f9b63ebabd255285efecb1ea"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "77391b5d9ff0db321494a0199150ee85aedf84b6bf9ed4604c26674f595a6db4"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1928 - Full faith and credit
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general A contract of insurance or guarantee executed by the Secretary under this chapter shall be an obligation supported by the full faith and credit of the United States.
|
||||
|
||||
(b) Contestability A contract of insurance or guarantee executed by the Secretary under this chapter shall be incontestable except for fraud or misrepresentation that the lender or any holder—
|
||||
|
||||
(1) has actual knowledge of at the time the contract or guarantee is executed; or
|
||||
|
||||
(2) participates in or condones.
|
||||
|
||||
(Pub. L. 87–128, title III, § 308, Aug. 8, 1961, 75 Stat. 308; Pub. L. 87–798, Oct. 11, 1962, 76 Stat. 908; Pub. L. 89–240, § 2(a), Oct. 7, 1965, 79 Stat. 932; Pub. L. 90–488, § 6, Aug. 15, 1968, 82 Stat. 770; Pub. L. 92–133, Oct. 5, 1971, 85 Stat. 364; Pub. L. 101–624, title XXIII, § 2388(a), Nov. 28, 1990, 104 Stat. 4052; Pub. L. 104–127, title VI, § 605, Apr. 4, 1996, 110 Stat. 1086.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1996—Pub. L. 104–127 amended section generally. Prior to amendment, section read as follows: “Loans under this subchapter may be insured by the Secretary whenever funds are advanced or a loan is purchased by a lender other than the United States. In connection with insurance of loans, the Secretary— “(1) is authorized to make agreements with respect to the servicing of loans insured hereunder and to purchase such loans on such terms and conditions as he may prescribe; and “(2) may retain out of payments by the borrower a charge at a rate specified in the insurance agreement applicable to the loan. Any contract of insurance executed by the Secretary under this subchapter shall be an obligation supported by the full faith and credit of the United States and incontestable except for fraud or misrepresentation of which the holder has actual knowledge.” 1990—Pub. L. 101–624 redesignated pars. (a) and (b) as pars. (1) and (2), respectively, and in par. (1), substituted “prescribe;” for “prescribe,;”. 1971—Pub. L. 92–133 eliminated October 1, 1971, as time limitation for insurance of loans. 1968—Pub. L. 90–488 authorized insurance of loans until Oct. 1, 1971, without the $450,000,000 limitation on aggregate amount in any one year. 1965—Pub. L. 89–240 substituted “$450,000,000” for “$200,000,000”, “may retain” for “shall retain”, and “specified in the insurance agreement applicable to the loan” for “determined by the Secretary from time to time equivalent to not less than one-half of 1 per centum per annum on the principal unpaid balance of the loan”, and struck out “except that no agreement shall provide for purchase by the Secretary at a date sooner than three years from the date of the note” after “he may prescribe”. 1962—Pub. L. 87–798 increased aggregate amount of loans that may be insured in any one year from $150,000,000 to $200,000,000.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1929–1"
|
||||
description: "Level of loan programs under Agricultural Credit Insurance Fund"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1929–1"
|
||||
citation: "7 U.S.C. § 1929–1"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1929–1"
|
||||
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|
||||
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||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1929–1 - Level of loan programs under Agricultural Credit Insurance Fund
|
||||
|
||||
## Text
|
||||
|
||||
On and after October 28, 1991, no funds in this Act or any other Act shall be available to carry out loan programs under the Agricultural Credit Insurance Fund at levels other than those provided for in advance in appropriations Acts.
|
||||
|
||||
(Pub. L. 102–142, title III, Oct. 28, 1991, 105 Stat. 899.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Section was enacted as part of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1992, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.
|
||||
@@ -0,0 +1,123 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1929"
|
||||
description: "Agricultural Credit Insurance Fund"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1929"
|
||||
citation: "7 U.S.C. § 1929"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1929"
|
||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1929 - Agricultural Credit Insurance Fund
|
||||
|
||||
## Text
|
||||
|
||||
(a) Revolving fund The fund established pursuant to section 11(a) of the Bankhead-Jones Farm Tenant Act, as amended, shall hereafter be called the Agricultural Credit Insurance Fund and is hereinafter in this subchapter referred to as the “fund”. The fund shall remain available as a revolving fund for the discharge of the obligations of the Secretary under agreements insuring loans under this subchapter and loans and mortgages insured under prior authority.
|
||||
|
||||
(b) Deposits of funds; investments; purchase of notes Moneys in the fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the fund or invested in direct obligations of the United States or obligations guaranteed by the United States. The Secretary may purchase with money in the fund any notes issued by the Secretary to the Secretary of the Treasury for the purpose of obtaining money for the fund.
|
||||
|
||||
(c) Notes; form and denominations; maturities; terms and conditions; interest rate; purchase by Treasury; public debt transaction The Secretary is authorized to make and issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under this section and for authorized expenditures out of the fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Such notes shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consideration the current average market yield of outstanding marketable obligations of the United States having maturities comparable to the notes issued by the Secretary under this subchapter. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and, for that purpose, the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, and the purposes for which such securities may be issued under such chapter are extended to include the purchase of notes issued by the Secretary. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes shall be treated as public debt transactions of the United States.
|
||||
|
||||
(d) Notes and security as part of fund; collection or sale of notes; deposit of net proceeds in fund Notes and security acquired by the Secretary in connection with loans insured under this subchapter and under prior authority shall become a part of the fund. Notes may be held in the fund and collected in accordance with their terms or may be sold by the Secretary with or without agreements for insurance thereof at the balance due thereon, or on such other basis as the Secretary may determine from time to time. All net proceeds from such collections, including sales of notes or property, shall be deposited in and become a part of the fund.
|
||||
|
||||
(e) Deposit in fund of portion of charge on outstanding principal obligations; availability of remainder of charge, and merger with appropriations, for administrative expenses The Secretary shall deposit in the fund all or a portion, not to exceed one-half of 1 per centum of the unpaid principal balance of the loan, of any charge collected in connection with the insurance of loans; and any remainder of any such charge shall be available for administrative expenses of the Farmers Home Administration and the Rural Development Administration, in proportion to such charges collected in connection with the insurance of loans by such agency, to be transferred annually and become merged with any appropriation for administrative expenses for such agency.
|
||||
|
||||
(f) Utilization of fund The Secretary may utilize the fund—
|
||||
|
||||
(1) to pay amounts to which the holder of the note is entitled on loans heretofore or hereafter insured accruing between the date of any payments made by the borrower and the date of transmittal of any such payments to the lender. In the discretion of the Secretary, payments other than final payments need not be remitted to the holder until due or until the next agreed annual or semiannual remittance date;
|
||||
|
||||
(2) to pay to the holder of the notes any deferred or defaulted installment or, upon assignment of the note to the Secretary at the Secretary’s request, the entire balance due on the loan;
|
||||
|
||||
(3) to purchase notes in accordance with agreements previously entered into;
|
||||
|
||||
(4) to pay for contract services, taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application and transmittal of collections and other expenses and advances authorized in connection with insured loans, including the difference between interest payable by borrowers and interest to which insured lenders or insured holders are entitled under agreements with the Secretary included in contracts of insurance;
|
||||
|
||||
(5) to pay the Secretary’s costs of administration necessary to insure, make grants, service, and otherwise carry out the programs under this chapter not specifically covered by the Rural Development Insurance Fund of section 1929a of this title, including costs of the Secretary incidental to guaranteeing loans under this chapter, either directly from the Fund or by transfers from the Fund to, and merger with, any appropriations for administrative expenses.
|
||||
|
||||
(g) Transfer of funds from Farmers Home Administration direct loan account and Emergency Credit Revolving Fund; abolition of such account and fund; payments from Agricultural Credit Insurance Fund; interest (1) The assets and liabilities of, and authorizations applicable to, the Farmers Home Administration direct loan account created by section 1988(c) of this title (before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996) and the Emergency Credit Revolving Fund referred to in section 1966 of this title are hereby transferred to the fund, and such account and such revolving fund are hereby abolished. Such assets and their proceeds, including loans made out of the fund pursuant to this section, shall be subject to the provisions of this section, the last sentence of section 1926(a)(1), and the last sentence of section 1927 of this title.
|
||||
|
||||
(2) From time to time, and at least at the close of each fiscal year, the Secretary shall pay from the fund into the Treasury as miscellaneous receipts interest on the value as determined by the Secretary, with the approval of the Comptroller General, of the Government’s equity transferred to the fund pursuant to the first sentence of this subsection plus the cumulative amount of appropriations made available after enactment of this provision as capital and for administration of the programs financed from the fund, less the average undisbursed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of loans made or insured from the fund, adjusted to the nearest one-eighth of 1 per centum. Interest payments may be deferred with the approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves bear interest. If at any time the Secretary determines that moneys in the fund exceed present and any reasonably prospective future requirements of the fund, such excess may be transferred to the general fund of the Treasury.
|
||||
|
||||
(h) Guaranteed loans; interest rate for loans sold into secondary market; loan fees (1) The Secretary may provide financial assistance to borrowers for purposes provided in this chapter by guaranteeing loans made by any Federal or State chartered bank, savings and loan association, cooperative lending agency, or other legally organized lending agency.
|
||||
|
||||
(2) The interest rate payable by a borrower on the portion of a guaranteed loan that is sold by a lender to the secondary market under this chapter may be lower than the interest rate charged on the portion retained by the lender, but shall not exceed the average interest rate charged by the lender on loans made to farm and ranch borrowers.
|
||||
|
||||
(3) With regard to any loan guarantee on a loan made by a commercial or cooperative lender related to a loan made by the Secretary under section 1935 of this title—
|
||||
|
||||
(A) the Secretary shall not charge a fee to any person (including a lender); and
|
||||
|
||||
(B) a lender may charge a loan origination and servicing fee in an amount not to exceed 1 percent of the amount of the loan.
|
||||
|
||||
(4) Maximum guarantee of 90 percent.— Except as provided in paragraphs (5), (6), and (7), a loan guarantee under this chapter shall be for not more than 90 percent of the principal and interest due on the loan.
|
||||
|
||||
(5) Refinanced loans guaranteed at 95 percent.— The Secretary shall guarantee 95 percent of—
|
||||
|
||||
(A) in the case of a loan that solely refinances a direct loan made under this chapter, the principal and interest due on the loan on the date of the refinancing; or
|
||||
|
||||
(B) in the case of a loan that is used for multiple purposes, the portion of the loan that refinances the principal and interest due on a direct loan made under this chapter that is outstanding on the date the loan is guaranteed.
|
||||
|
||||
(6) Beginning farmer loans guaranteed up to 95 percent.— The Secretary may guarantee not more than 95 percent of—
|
||||
|
||||
(A) a farm ownership loan for acquiring a farm or ranch to a borrower who is participating in the down payment loan program under section 1935 of this title; or
|
||||
|
||||
(B) an operating loan to a borrower who is participating in the down payment loan program under section 1935 of this title that is made during the period that the borrower has a direct loan outstanding under this subchapter for acquiring a farm or ranch.
|
||||
|
||||
(7) Amount of guarantee of loans for farm operations on tribal lands.— In the case of an operating loan made to a farmer or rancher whose farm or ranch land is subject to the jurisdiction of an Indian tribe and whose loan is secured by 1 or more security instruments that are subject to the jurisdiction of an Indian tribe, the Secretary shall guarantee 95 percent of the loan.
|
||||
|
||||
(i) Coordination of assistance for qualified beginning farmers and ranchers (1) Not later than 60 days after any State expresses to the Secretary, in writing, a desire to coordinate the provision of financial assistance to qualified beginning farmers and ranchers in the State, the Secretary and the State shall conclude a joint memorandum of understanding that shall govern the coordination of the provision of the financial assistance by the State and the Secretary.
|
||||
|
||||
(2) The memorandum of understanding shall provide that if a State beginning farmer program makes a commitment to provide a qualified beginning farmer or rancher with financing to establish or maintain a viable farming or ranching operation, the Secretary shall, subject to applicable law, normal loan approval criteria, and the availability of funds provide the farmer or rancher with a down payment loan under section 1935 of this title or a guarantee of the financing provided by the State program, or both.
|
||||
|
||||
(3) The Secretary shall not charge any person (including a lender) any fee with respect to the provision of any guarantee under this subsection.
|
||||
|
||||
(4) The Secretary shall notify each State of the provisions of this subsection.
|
||||
|
||||
(5) As used in paragraph (1), the term “State beginning farmer program” means any program that is—
|
||||
|
||||
(A) carried out by, or under contract with, a State; and
|
||||
|
||||
(B) designed to assist persons in obtaining the financial assistance necessary to enter agriculture and establish viable farming or ranching operations.
|
||||
|
||||
(j) Guarantee of loans made under State beginning farmer or rancher programs The Secretary may guarantee under this chapter a loan made under a State beginning farmer or rancher program, including a loan financed by the net proceeds of a qualified small issue agricultural bond for land or property described in section 144(a)(12)(B)(ii) of title 26.
|
||||
|
||||
(Pub. L. 87–128, title III, § 309, Aug. 8, 1961, 75 Stat. 309; Pub. L. 87–703, title IV, § 401(3), Sept. 27, 1962, 76 Stat. 632; Pub. L. 89–240, § 2(b), (c), Oct. 7, 1965, 79 Stat. 932; Pub. L. 89–633, Oct. 8, 1966, 80 Stat. 879; Pub. L. 90–488, § 7, Aug. 15, 1968, 82 Stat. 771; Pub. L. 92–419, title I, § 115, Aug. 30, 1972, 86 Stat. 660; Pub. L. 95–113, title XV, § 1510(a), Sept. 29, 1977, 91 Stat. 1022; Pub. L. 95–334, title I, § 109(a), Aug. 4, 1978, 92 Stat. 423; Pub. L. 101–624, title XXIII, § 2302(a)(2), Nov. 28, 1990, 104 Stat. 3980; Pub. L. 102–554, §§ 4, 5(a), Oct. 28, 1992, 106 Stat. 4143; Pub. L. 104–127, title VI, §§ 606, 661(b), title VII, §§ 744, 749(b)(1), Apr. 4, 1996, 110 Stat. 1086, 1106, 1125, 1129; Pub. L. 107–171, title V, §§ 5003, 5004, May 13, 2002, 116 Stat. 342.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 11(a) of the Bankhead-Jones Farm Tenant Act, referred to in subsec. (a), refers to section 11(a) of act July 22, 1937, ch. 517, title I, as added Aug. 14, 1946, ch. 964, § 5, 60 Stat. 1072, which was classified to section 1005a of this title and was repealed by section 341(a) of Pub. L. 87–128. This chapter, referred to in subsecs. (f)(5), (h)(1), (2), (4), (5), and (j), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 1988(c) of this title (before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996), referred to in subsec. (g)(1), means subsec. (c) of section 1988 of this title prior to repeal by section 749(a)(1) of Pub. L. 104–127.
|
||||
|
||||
Codification In subsec. (c), “chapter 31 of title 31” and “such chapter” substituted for “the Second Liberty Bond Act, as amended” and “such Act, as amended,” respectively, on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.
|
||||
|
||||
Amendments2002—Subsec. (h)(4). Pub. L. 107–171, § 5003(1), substituted “paragraphs (5), (6), and (7)” for “paragraphs (5) and (6)”. Subsec. (h)(7). Pub. L. 107–171, § 5003(2), added par. (7). Subsec. (j). Pub. L. 107–171, § 5004, added subsec. (j). 1996—Subsec. (f). Pub. L. 104–127, § 744, redesignated pars. (2) to (6) as (1) to (5), respectively, and struck out former par. (1) which read as follows: “to make loans which could be insured under this subchapter whenever the Secretary has reasonable assurance that they can be sold without undue delay, and may sell and insure such loans;”. Subsec. (g)(1). Pub. L. 104–127, § 749(b)(1), inserted “(before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996)” after “section 1988(c) of this title”. Pub. L. 104–127, § 661(b), struck out “section 1928,” after “provisions of this section,”. Subsec. (h)(4) to (6). Pub. L. 104–127, § 606, added pars. (4) to (6). 1992—Subsec. (h). Pub. L. 102–554, § 4, designated existing provisions as par. (1) and added pars. (2) and (3). Subsec. (i). Pub. L. 102–554, § 5(a), added subsec. (i). 1990—Subsec. (e). Pub. L. 101–624 inserted “and the Rural Development Administration, in proportion to such charges collected in connection with the insurance of loans by such agency” and substituted “expenses for such agency” for “expenses”. 1978—Subsec. (f)(1), (6). Pub. L. 95–334 in par. (1) struck out provisions limiting amount of loans outstanding at any one time, and added par. (6). 1977—Subsec. (f)(3). Pub. L. 95–113 substituted “any deferred or defaulted installment” for “any defaulted installment”. 1972—Subsec. (f)(1). Pub. L. 92–419, § 115(a)(1), substituted “$500,000,000” for “$100,000,000”. Subsec. (f)(2). Pub. L. 92–419, § 115(a)(2), substituted “amounts” for “the interest” and “payments” for “prepayments” in three places and inserted “or until the next agreed annual or semi-annual remittance date” after “until due”. Subsec. (f)(5). Pub. L. 92–419, § 115(a)(3), (4), substituted “connection with insured loans, including the difference between interest payable to borrowers and interest to which insured lenders or insured holders are entitled under agreements with the Secretary included in contracts of insurance” for “section 1985(a) of this title in connection with insured loans,” and provided payment for contract services. Subsecs. (g), (h). Pub. L. 92–419, § 115(b), added subsecs. (g) and (h). 1968—Subsec. (f)(1). Pub. L. 90–488 increased from $50,000,000 to $100,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time. 1966—Subsec. (f)(2). Pub. L. 89–633 substituted “until due” for “until the due date of the annual installment”. 1965—Subsec. (e). Pub. L. 89–240, § 2(b), substituted “all or a portion, not to exceed one-half of 1 per centum of the unpaid principal balance of the loan of any charge collected in connection with the insurance of loans; and any remainder of any such charge” for “such portion of the charge collected in connection with the insurance of loans at least equal to a rate of one-half of 1 per centum per annum on the outstanding principal obligations and the remainder of such charge”. Subsec. (f)(1). Pub. L. 89–240, § 2(c), substituted “$50,000,000” for “$25,000,000”. 1962—Subsec. (f)(1). Pub. L. 87–703 increased from $10,000,000 to $25,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by section 606 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(b) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1977 AmendmentAmendment by Pub. L. 95–113 effective Oct. 1, 1977, see section 1901 of Pub. L. 95–113, set out as a note under section 1307 of this title.
|
||||
|
||||
Advisory Committee on Beginning Farmers and RanchersPub. L. 102–554, § 5(b), Oct. 28, 1992, 106 Stat. 4143, as amended by Pub. L. 110–234, title VII, § 7511(c)(4), May 22, 2008, 122 Stat. 1267; Pub. L. 110–246, § 4(a), title VII, § 7511(c)(4), June 18, 2008, 122 Stat. 1664, 2029, provided that: “(1) Establishment; purpose.—Not later than 18 months after the date of enactment of this Act [Oct. 28, 1992], the Secretary of Agriculture shall establish an advisory committee, to be known as the ‘Advisory Committee on Beginning Farmers and Ranchers’, which shall provide advice to the Secretary on—“(A) the development of the program of coordinated assistance to qualified beginning farmers and ranchers under section 309(i) of the Consolidated Farm and Rural Development Act [7 U.S.C. 1929(i)] (as added by subsection (a) of this section); “(B) methods of maximizing the number of new farming and ranching opportunities created through the program; “(C) methods of encouraging States to participate in the program; “(D) the administration of the program; and “(E) other methods of creating new farming or ranching opportunities. “(2) Membership.—The Secretary shall appoint the members of the Advisory Committee. The Advisory Committee shall include representatives from the following:“(A) The Farmers Home Administration. “(B) State beginning farmer programs (as defined in section 309(i)(5) of the Consolidated Farm and Rural Development Act (as added by subsection (a) of this section)). “(C) Commercial lenders. “(D) Private nonprofit organizations with active beginning farmer or rancher programs. “(E) The National Institute of Food and Agriculture. “(F) Community colleges or other educational institutions with demonstrated experience in training beginning farmers or ranchers. “(G) Other entities or persons providing lending or technical assistance for qualified beginning farmers or ranchers.”
|
||||
|
||||
Limitation on Sales From Agricultural Credit Insurance FundPub. L. 99–509, title I, § 1002, Oct. 21, 1986, 100 Stat. 1875, provided that: “During fiscal years 1987 through 1989, no note shall be sold out of the Agricultural Credit Insurance Fund, except in connection with transactions with the Secretary of the Treasury, without prior approval by Congress.”
|
||||
|
||||
Loans to IndiansAuthority of the Secretary of Agriculture to make loans to Indian tribes and tribal corporations to acquire land within reservations, see sections 5136 to 5143 of Title 25, Indians.
|
||||
File diff suppressed because one or more lines are too long
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|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1929b - Purchase of guaranteed portions of loans; terms and conditions; exercise of authorities
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary may purchase, on such terms and conditions as the Secretary deems appropriate, the guaranteed portion of any loan guaranteed under this chapter: Provided, That the Secretary may not pay for any such guaranteed portion of a loan in excess of an amount equal to the unpaid principal balance and accrued interest on the guaranteed portion of the loan. The Secretary may use for such purchases funds from the Rural Development Insurance Fund with respect to rural development loans as defined in section 1929a(a) of this title and funds from the Agricultural Credit Insurance Fund with respect to all other loans under this chapter. This authority may be exercised only if the Secretary determines that an adequate secondary market is not available in the private sector.
|
||||
|
||||
(Pub. L. 87–128, title III, § 309B, as added Pub. L. 95–334, title I, § 111, Aug. 4, 1978, 92 Stat. 424.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1930 - Continued availability of appropriated funds for direct real estate loans to farmers and ranchers
|
||||
|
||||
## Text
|
||||
|
||||
Funds appropriated for the purpose of making direct real estate loans to farmers and ranchers under this subchapter shall remain available until expended.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310, as added Pub. L. 91–524, title VIII, § 806(b), Nov. 30, 1970, 84 Stat. 1383.)
|
||||
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|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1931"
|
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|
||||
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|
||||
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|
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1931 - Repealed. Pub. L. 104–127, title VII, § 746, Apr. 4, 1996, 110 Stat. 1125
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 310A, as added Pub. L. 92–419, title I, § 117, Aug. 30, 1972, 86 Stat. 663, related to insured watershed and resource conservation and development loans.
|
||||
File diff suppressed because one or more lines are too long
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||||
---
|
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type: "LegalText"
|
||||
title: "7 U.S.C. § 1933"
|
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|
||||
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|
||||
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||||
---
|
||||
|
||||
# 7 U.S.C. § 1933 - Guaranteed rural housing loans; Hawaiian home lands
|
||||
|
||||
## Text
|
||||
|
||||
(a) Rural Housing Loans which (1) are guaranteed by the Secretary under section 517(a)(2) 11 See References in Text note below. of the Housing Act of 1949 [42 U.S.C. 1487(a)(2)], (2) are made by other lenders approved by the Secretary to provide dwellings in rural areas for the applicants’ own use, and (3) bear interest and other charges at rates not above the maximum rates prescribed by the Secretary of Housing and Urban Development for loans made by private lenders for similar purposes and guaranteed by the Secretary of Housing and Urban Development under the National Housing Act [12 U.S.C. 1701 et seq.] or superseding legislation shall not be subject to sections 501(c) and 502(b)(3) of the Housing Act of 1949 [42 U.S.C. 1471(c) and 1472(b)(3)].
|
||||
|
||||
(b) For the purposes of title V of the Housing Act of 1949 [42 U.S.C. 1471 et seq.] or this chapter, a guarantee of payment given under the color of law by the Department of Hawaiian Home Lands (or its successor in function) shall be found by the Secretary reasonably to assure repayment of any indebtedness so guaranteed.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310C, as added Pub. L. 92–419, title I, § 119, Aug. 30, 1972, 86 Stat. 664; amended Pub. L. 101–624, title XVIII, § 1804, Nov. 28, 1990, 104 Stat. 3819.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 517(a) of the Housing Act of 1949 [42 U.S.C. 1487(a)], referred to in subsec. (a), was amended by Pub. L. 98–181, title I [title V, § 514(a)(1)], Nov. 30, 1983, 98 Stat. 1247, and, as so amended, does not contain a par. (2). The National Housing Act, referred to in subsec. (a), is act June 27, 1934, ch. 847, 48 Stat. 1246, which is classified principally to chapter 13 (§ 1701 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see References in Text note set out under section 1701 of Title 12 and Tables. Title V of the Housing Act of 1949, referred to in subsec. (b), is title V of act July 15, 1949, ch. 338, 63 Stat. 432, which is classified generally to subchapter III (§ 1471 et seq.) of chapter 8A of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see References in Text note set out under section 1441 of Title 42 and Tables. This chapter, referred to in subsec. (b), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1990—Subsec. (b). Pub. L. 101–624 substituted “or this chapter” for “, as amended”.
|
||||
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|
||||
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|
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1934 - Low-income farm ownership loan program; eligibility; repayment requirements
|
||||
|
||||
## Text
|
||||
|
||||
(a) The Secretary is authorized to make and insure loans for any of the purposes referred to in section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title, to farmers and ranchers in the United States who (1) are citizens of the United States, (2) meet the requirements of paragraphs (2) through (4) of section 1922 of this title, (3) are unable to obtain sufficient credit under section 1922 of this title to finance their actual needs, (4) are owners or operators of small or family farms (including new owners or operators), (5) are farmers or ranchers with a low income, and (6) demonstrate a need to maximize their income from farming or ranching operations. The Secretary is also authorized to make such loans to any farm cooperative or private domestic corporation or partnership, or such other legal entities as the Secretary considers appropriate, that is controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States if all of its members, stockholders, partners, or owners, as applicable, are citizens of the United States and the entity and all such members, stockholders, partners, or owners meet the requirements of paragraphs (2) through (6) of the preceding sentence.
|
||||
|
||||
(b) Each loan made or insured under this section shall be repayable in such installments as the Secretary determines will provide for reduced payments during the initial repayment period of the loan and larger payments during the remainder of the repayment period of the loan.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310D, as added Pub. L. 95–334, title I, § 113, Aug. 4, 1978, 92 Stat. 424; amended Pub. L. 101–624, title XVIII, § 1802(b), Nov. 28, 1990, 104 Stat. 3818; Pub. L. 102–552, title V, § 516(e)(1), Oct. 28, 1992, 106 Stat. 4137; Pub. L. 104–127, title VI, § 661(e), Apr. 4, 1996, 110 Stat. 1107; Pub. L. 113–79, title V, § 5001(c)(2), Feb. 7, 2014, 128 Stat. 833.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2014—Subsec. (a). Pub. L. 113–79 inserted “, or such other legal entities as the Secretary considers appropriate,” after “partnership” and substituted “partners, or owners” for “or partners” in two places. 1996—Subsec. (a). Pub. L. 104–127 substituted “section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title” for “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(a)(1) of this title”. 1992—Subsec. (a). Pub. L. 102–552 substituted “1924(a)(1)” for “1924(d)(1)”. 1990—Subsec. (a). Pub. L. 101–624 substituted “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(d)(1) of this title,” for “clauses (1) through (5) of section 1923(a) of this title”, substituted “paragraphs” for “clauses” before “(2) through (4) of section”, made technical amendment to reference to section 1922 of this title which required no change in text, and substituted “paragraphs” for “clauses” before “(2) through (6) of the”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–552, title V, § 516(e)(2), Oct. 28, 1992, 106 Stat. 4137, provided that: “The amendment made by paragraph (1) of this subsection [amending this section] shall take effect at the same time as the amendments made by section 501(a) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1865) [amending section 1924 of this title] took effect.”
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1935"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
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|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1935 - Down payment loan program
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general (1) Establishment Notwithstanding any other section of this subchapter, the Secretary shall establish, within the farm ownership loan program established under this subchapter, a program under which loans shall be made under this section to eligible farmers or ranchers for down payments on farm ownership loans.
|
||||
|
||||
(2) Administration The Secretary shall be the primary coordinator of credit supervision for the down payment loan program established under this section, in consultation with the commercial or cooperative lender and, if applicable, the contracting credit counseling service selected under section 2006b(c) of this title.
|
||||
|
||||
(b) Loan terms (1) Principal Each loan made under this section shall be in an amount that does not exceed 45 percent of the least of—
|
||||
|
||||
(A) the purchase price of the farm or ranch to be acquired;
|
||||
|
||||
(B) the appraised value of the farm or ranch to be acquired; or
|
||||
|
||||
(C) $667,000.
|
||||
|
||||
(2) Interest rate The interest rate on any loan made by the Secretary under this section shall be a rate equal to the greater of—
|
||||
|
||||
(A) the difference obtained by subtracting 4 percent from the interest rate for farm ownership loans under this subchapter; or
|
||||
|
||||
(B) 1.5 percent.
|
||||
|
||||
(3) Duration Each loan under this section shall be made for a period of 20 years or less, at the option of the borrower.
|
||||
|
||||
(4) Repayment Each borrower of a loan under this section shall repay the loan to the Secretary in equal annual installments.
|
||||
|
||||
(5) Nature of retained security interest The Secretary shall retain an interest in each farm or ranch acquired with a loan made under this section that shall—
|
||||
|
||||
(A) be secured by the farm or ranch;
|
||||
|
||||
(B) be junior only to such interests in the farm or ranch as may be conveyed at the time of acquisition to the person (including a lender) from whom the borrower obtained a loan used to acquire the farm or ranch; and
|
||||
|
||||
(C) require the borrower to obtain the permission of the Secretary before the borrower may grant an additional security interest in the farm or ranch.
|
||||
|
||||
(c) Limitations (1) Borrowers required to make minimum down payment The Secretary shall not make a loan under this section to any borrower with respect to a farm or ranch if the contribution of the borrower to the down payment on the farm or ranch will be less than 5 percent of the purchase price of the farm or ranch.
|
||||
|
||||
(2) Prohibited types of financing The Secretary shall not make a loan under this section with respect to a farm or ranch if the farm or ranch is to be acquired with other financing that contains any of the following conditions:
|
||||
|
||||
(A) The financing is to be amortized over a period of less than 30 years.
|
||||
|
||||
(B) A balloon payment will be due on the financing during the 20-year period beginning on the date the loan is to be made by the Secretary.
|
||||
|
||||
(d) Administration In carrying out this section, the Secretary shall, to the maximum extent practicable—
|
||||
|
||||
(1) facilitate the transfer of farms and ranches from retiring farmers and ranchers to persons eligible for insured loans under this subchapter;
|
||||
|
||||
(2) make efforts to widely publicize the availability of loans under this section among—
|
||||
|
||||
(A) potentially eligible farmers or ranchers;
|
||||
|
||||
(B) retiring farmers and ranchers; and
|
||||
|
||||
(C) applicants for farm ownership loans under this subchapter;
|
||||
|
||||
(3) encourage retiring farmers and ranchers to assist in the sale of their farms and ranches to eligible farmers or ranchers by providing seller financing;
|
||||
|
||||
(4) coordinate the loan program established by this section with State programs that provide farm ownership or operating loans for—
|
||||
|
||||
(A) beginning farmers or ranchers;
|
||||
|
||||
(B) socially disadvantaged farmers or ranchers, as defined in section 2003(e) of this title; or
|
||||
|
||||
(C) veteran farmers or ranchers, as defined in section 2279(a) of this title; and; and 11 So in original.
|
||||
|
||||
(5) establish annual performance goals to promote the use of the down payment loan program and other joint financing arrangements as the preferred choice for direct real estate loans made by any lender to an eligible farmer or rancher.
|
||||
|
||||
(e) Definition of eligible farmer or rancher In this section, the term “eligible farmer or rancher” means—
|
||||
|
||||
(1) a qualified beginning farmer or rancher;
|
||||
|
||||
(2) a socially disadvantaged farmer or rancher, as defined in section 2003(e) of this title; and
|
||||
|
||||
(3) a veteran farmer or rancher, as defined in section 2279(a) of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310E, as added Pub. L. 102–554, § 7(a), Oct. 28, 1992, 106 Stat. 4144; amended Pub. L. 107–171, title V, § 5005, May 13, 2002, 116 Stat. 342; Pub. L. 110–234, title V, § 5004, May 22, 2008, 122 Stat. 1144; Pub. L. 110–246, § 4(a), title V, § 5004, June 18, 2008, 122 Stat. 1664, 1905; Pub. L. 113–79, title V, § 5005, Feb. 7, 2014, 128 Stat. 834; Pub. L. 115–334, title XII, § 12306(c), Dec. 20, 2018, 132 Stat. 4969.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (a)(1). Pub. L. 115–334, § 12306(c)(1), substituted “eligible farmers or ranchers” for “qualified beginning farmers or ranchers and socially disadvantaged farmers or ranchers”. Subsec. (d)(2)(A). Pub. L. 115–334, § 12306(c)(2)(A), substituted “farmers or ranchers” for “recipients of the loans”. Subsec. (d)(3). Pub. L. 115–334, § 12306(c)(2)(B), added par. (3) and struck out former par. (3) which read as follows: “encourage retiring farmers and ranchers to assist in the sale of their farms and ranches to qualified beginning farmers and ranchers and socially disadvantaged farmers or ranchers by providing seller financing;”. Subsec. (d)(4). Pub. L. 115–334, § 12306(c)(2)(C), substituted “for—” for “for beginning farmers or ranchers or socially disadvantaged farmers or ranchers”, added subpars. (A) and (B) and subpar. (C) designation, and inserted “veteran farmers or ranchers, as defined in section 2279(a) of this title; and” before “; and” in subpar. (C). Subsec. (d)(5). Pub. L. 115–334, § 12306(c)(2)(D), substituted “an eligible farmer or rancher” for “a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher”. Subsec. (e). Pub. L. 115–334, § 12306(c)(3), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: “In this section, the term ‘socially disadvantaged farmer or rancher’ has the meaning given that term in section 2003(e)(2) of this title.” 2014—Subsec. (b)(1)(C). Pub. L. 113–79, § 5005(a), substituted “$667,000” for “$500,000”. Subsec. (b)(2). Pub. L. 113–79, § 5005(b), struck out second par. (2) which read as follows: “The interest rate on any loan made by the Secretary under this section shall be 4 percent.” 2008—Subsec. (a)(1). Pub. L. 110–246, § 5004(1), substituted “or ranchers and socially disadvantaged farmers or ranchers” for “and ranchers”. Subsec. (b)(1), (2). Pub. L. 110–246, § 5004(2)(A), added par. (1) and par. (2) consisting of subpars. (A) and (B) and struck out former par. (1). Prior to amendment, text of par. (1) read as follows: “Each loan made under this section shall be in an amount equal to 40 percent of the purchase price or appraisal value, whichever is lower, of the farm or ranch to be acquired, unless the borrower requests a lesser amount.” Subsec. (b)(3). Pub. L. 110–246, § 5004(2)(B), substituted “20” for “15”. Subsec. (c)(1). Pub. L. 110–246, § 5004(3)(A), substituted “5” for “10”. Subsec. (c)(2), (3). Pub. L. 110–246, § 5004(3)(B), (C), redesignated par. (3) as (2), in subpar. (B), substituted “20-year” for “15-year”, and struck out former par. (2). Prior to amendment, text read as follows: “The Secretary shall not make a loan under this section with respect to a farm or ranch for which the purchase price or appraisal value, whichever is lower, exceeds $250,000.” Subsec. (d)(3). Pub. L. 110–246, § 5004(4)(A)(ii), struck out “and” at end. Pub. L. 110–246, § 5004(4)(A)(i), which directed the insertion of “and socially disadvantaged farmers or ranchers” after “ranchers”, was executed by making the insertion after “ranchers” the second place it appeared to reflect the probable intent of Congress. Subsec. (d)(4). Pub. L. 110–246, § 5004(4)(B), substituted “or ranchers or socially disadvantaged farmers or ranchers; and” for “and ranchers.” Subsec. (d)(5). Pub. L. 110–246, § 5004(4)(C), added par. (5). Subsec. (e). Pub. L. 110–246, § 5004(5), added subsec. (e). 2002—Subsec. (b)(1). Pub. L. 107–171, § 5005(1)(A), substituted “40 percent” for “30 percent”. Subsec. (b)(3). Pub. L. 107–171, § 5005(1)(B), substituted “15 years” for “10 years”. Subsec. (c)(3)(B). Pub. L. 107–171, § 5005(2), substituted “15-year” for “10-year”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
@@ -0,0 +1,91 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1936"
|
||||
description: "Beginning farmer or rancher and socially disadvantaged farmer or rancher contract land sales program"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1936"
|
||||
citation: "7 U.S.C. § 1936"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
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|
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|
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1936 - Beginning farmer or rancher and socially disadvantaged farmer or rancher contract land sales program
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall, in accordance with this section, guarantee a loan made by a private seller of a farm or ranch to a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher (as defined in section 2003(e)(2) of this title) on a contract land sales basis.
|
||||
|
||||
(b) Eligibility In order to be eligible for a loan guarantee under subsection (a)—
|
||||
|
||||
(1) the qualified beginning farmer or rancher or socially disadvantaged farmer or rancher shall—
|
||||
|
||||
(A) on the date the contract land sale that is subject of the loan is complete, own and operate the farm or ranch that is the subject of the contract land sale;
|
||||
|
||||
(B) have a credit history that—
|
||||
|
||||
(i) includes a record of satisfactory debt repayment, as determined by the Secretary; and
|
||||
|
||||
(ii) is acceptable to the Secretary; and
|
||||
|
||||
(C) demonstrate to the Secretary that the farmer or rancher, as the case may be, is unable to obtain sufficient credit without a guarantee to finance any actual need of the farmer or rancher, as the case may be, at a reasonable rate or term; and
|
||||
|
||||
(2) the loan shall meet applicable underwriting criteria, as determined by the Secretary.
|
||||
|
||||
(c) Limitations (1) Down payment The Secretary shall not provide a loan guarantee under subsection (a) if the contribution of the qualified beginning farmer or rancher or socially disadvantaged farmer or rancher to the down payment for the farm or ranch that is the subject of the contract land sale would be less than 5 percent of the purchase price of the farm or ranch.
|
||||
|
||||
(2) Maximum purchase price The Secretary shall not provide a loan guarantee under subsection (a) if the purchase price or the appraisal value of the farm or ranch that is the subject of the contract land sale is greater than $500,000.
|
||||
|
||||
(d) Period of guarantee The period during which a loan guarantee under this section is in effect shall be the 10-year period beginning with the date the guarantee is provided.
|
||||
|
||||
(e) Guarantee plan (1) Selection of plan A private seller of a farm or ranch who makes a loan that is guaranteed by the Secretary under subsection (a) may select—
|
||||
|
||||
(A) a prompt payment guarantee plan, which shall cover—
|
||||
|
||||
(i) 3 amortized annual installments; or
|
||||
|
||||
(ii) an amount equal to 3 annual installments (including an amount equal to the total cost of any tax and insurance incurred during the period covered by the annual installments); or
|
||||
|
||||
(B) a standard guarantee plan, which shall cover an amount equal to 90 percent of the outstanding principal of the loan.
|
||||
|
||||
(2) Eligiblity 11 So in original. Probably should be “Eligibility”. for standard guarantee plan In order for a private seller to be eligible for a standard guarantee plan referred to in paragraph (1)(B), the private seller shall—
|
||||
|
||||
(A) secure a commercial lending institution or similar entity, as determined by the Secretary, to serve as an escrow agent; or
|
||||
|
||||
(B) in cooperation with the farmer or rancher, use an appropriate alternate arrangement, as determined by the Secretary.
|
||||
|
||||
(f) Transition from pilot program (1) In general The Secretary may phase-in the implementation of the changes to the Beginning Farmer and Rancher and Socially Disadvantaged Farmer or Rancher Contract Land Sales Program provided for in this section.
|
||||
|
||||
(2) Limitation All changes to the Beginning Farmer and Rancher and Socially Disadvantaged Farmer or Rancher Contract Land Sales Program must be implemented for the 2011 Fiscal Year.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310F, as added Pub. L. 107–171, title V, § 5006, May 13, 2002, 116 Stat. 342; amended Pub. L. 110–234, title V, § 5005, May 22, 2008, 122 Stat. 1145; Pub. L. 110–246, § 4(a), title V, § 5005, June 18, 2008, 122 Stat. 1664, 1906.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Prior ProvisionsA prior section 1936, Pub. L. 87–128, title III, § 310F, as added Pub. L. 102–554, § 7(b), Oct. 28, 1992, 106 Stat. 4146, related to availability of farm ownership loans and loan guarantees for certain qualified beginning farmers and ranchers, prior to repeal by Pub. L. 104–127, title VI, § 616(b), Apr. 4, 1996, 110 Stat. 1090.
|
||||
|
||||
Amendments2008—Pub. L. 110–246, § 5005, amended section generally, substituting provisions relating to guarantee of a loan made by a private seller of a farm or ranch to a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher on a contract land sales basis, for similar provisions relating to a pilot program in fiscal years 2003 through 2007.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1936a"
|
||||
description: "Use of rural development loans and grants for other purposes"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1936a"
|
||||
citation: "7 U.S.C. § 1936a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1936a - Use of rural development loans and grants for other purposes
|
||||
|
||||
## Text
|
||||
|
||||
If, after making a loan or a grant described in section 2009d(d) of this title, the Secretary determines that the circumstances under which the loan or grant was made have sufficiently changed to make the project or activity for which the loan or grant was made available no longer appropriate, the Secretary may allow the loan borrower or grant recipient to use property (real and personal) purchased or improved with the loan or grant funds, or proceeds from the sale of property (real and personal) purchased with such funds, for another project or activity that (as determined by the Secretary)—
|
||||
|
||||
(1) will be carried out in the same area as the original project or activity;
|
||||
|
||||
(2) meets the criteria for a loan or a grant described in section 2009d(d) of this title; and
|
||||
|
||||
(3) satisfies such additional requirements as are established by the Secretary.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310G, as added Pub. L. 107–171, title VI, § 6018, May 13, 2002, 116 Stat. 361.)
|
||||
@@ -0,0 +1,95 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1936b"
|
||||
description: "Intermediary relending program"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1936b"
|
||||
citation: "7 U.S.C. § 1936b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1936b"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
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|
||||
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|
||||
text_hash: "27efa1127233e92a84f37d73434c5f6d721d2c2946f4dcb133c2f316d0b71039"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1936b - Intermediary relending program
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may make or guarantee loans to eligible entities described in subsection (b) so that the eligible entities may relend the funds to individuals and entities for the purposes described in subsection (c).
|
||||
|
||||
(b) Eligible entities Entities eligible for loans and loan guarantees described in subsection (a) are—
|
||||
|
||||
(1) public agencies;
|
||||
|
||||
(2) Indian tribes;
|
||||
|
||||
(3) cooperatives; and
|
||||
|
||||
(4) nonprofit corporations.
|
||||
|
||||
(c) Eligible purposes The proceeds from loans made or guaranteed by the Secretary pursuant to subsection (a) may be relent by eligible entities for projects that—
|
||||
|
||||
(1) predominately serve communities in rural areas; and
|
||||
|
||||
(2) as determined by the Secretary—
|
||||
|
||||
(A) promote community development;
|
||||
|
||||
(B) establish new businesses;
|
||||
|
||||
(C) establish and support microlending programs; and
|
||||
|
||||
(D) create or retain employment opportunities.
|
||||
|
||||
(d) Limitation The Secretary shall not make loans under section 9812(a) of title 42.
|
||||
|
||||
(e) Limitation on loan amounts The maximum amount of a loan by an eligible entity described in subsection (b) to individuals and entities for a project under subsection (c), including the unpaid balance of any existing loans, shall be the lesser of—
|
||||
|
||||
(1) $400,000; and
|
||||
|
||||
(2) 50 percent of the loan to the eligible entity under subsection (a).
|
||||
|
||||
(f) Applications (1) In general To be eligible to receive a loan or loan guarantee under subsection (a), an eligible entity described in subsection (b) shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require.
|
||||
|
||||
(2) Evaluation In evaluating applications submitted under paragraph (1), the Secretary shall—
|
||||
|
||||
(A) (i) take into consideration the previous performance of an eligible entity in carrying out projects under subsection (c); and
|
||||
|
||||
(ii) in the case of satisfactory performance under clause (i), require the eligible entity to contribute less equity for subsequent loans without modifying the priority given to subsequent applications; and
|
||||
|
||||
(B) in assigning priorities to applications, require an eligible entity to demonstrate that it has a governing or advisory board made up of business, civic, and community leaders who are representative of the communities of the service area, without limitation to the size of the service area.
|
||||
|
||||
(g) Return of equity The Secretary shall establish a schedule that is consistent with the amortization schedules of the portfolio of loans made or guaranteed under subsection (a) for the return of any equity contribution made under this section by an eligible entity described in subsection (b), if the eligible entity is—
|
||||
|
||||
(1) current on all principal and interest payments; and
|
||||
|
||||
(2) in compliance with loan covenants.
|
||||
|
||||
(h) Regulations The Secretary shall promulgate regulations and establish procedures reducing the administrative requirements on eligible entities described in subsection (b), including regulations to carry out the amendments made to this section by the Agriculture Improvement Act of 2018.
|
||||
|
||||
(i) Authorization of appropriations There is authorized to be appropriated to carry out this subsection $25,000,000 for each of fiscal years 2014 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310H, as added Pub. L. 113–79, title VI, § 6017(a), Feb. 7, 2014, 128 Stat. 845; amended Pub. L. 115–334, title VI, § 6416, Dec. 20, 2018, 132 Stat. 4762.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe amendments made to this section by the Agriculture Improvement Act of 2018, referred to in subsec. (h), means the amendments made to this section by Pub. L. 115–334.
|
||||
|
||||
Amendments2018—Subsecs. (e) to (h). Pub. L. 115–334, § 6416(2), added subsecs. (e) to (h). Former subsec. (e) redesignated (i). Subsec. (i). Pub. L. 115–334, § 6416(1), (3), redesignated subsec. (e) as (i) and substituted “2023” for “2018”.
|
||||
@@ -0,0 +1,71 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1936c"
|
||||
description: "Relending program to resolve ownership and succession on farmland"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1936c"
|
||||
citation: "7 U.S.C. § 1936c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "61424e40e5a7b267557fe4a5a55fe23582abee560a117bf384ca0857a900459b"
|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1936c - Relending program to resolve ownership and succession on farmland
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may make loans to eligible entities described in subsection (b) so that the eligible entities may relend the funds to individuals and entities for the purposes described in subsection (c).
|
||||
|
||||
(b) Eligible entities Entities eligible for loans described in subsection (a) are cooperatives, credit unions, and nonprofit organizations with—
|
||||
|
||||
(1) certification under section 1805.201 of title 12, Code of Federal Regulations (or successor regulations), to operate as a lender;
|
||||
|
||||
(2) experience assisting socially disadvantaged farmers and ranchers (as defined in subsection (a) of section 2279 of this title) or limited resource or new and beginning farmers and ranchers, rural businesses, cooperatives, or credit unions, including experience in making and servicing agricultural and commercial loans; and
|
||||
|
||||
(3) the ability to provide adequate assurance of the repayment of a loan.
|
||||
|
||||
(c) Eligible purposes The proceeds from loans made by the Secretary pursuant to subsection (a) shall be re-lent by eligible entities for projects that assist heirs with undivided ownership interests to resolve ownership and succession on farmland that has multiple owners.
|
||||
|
||||
(d) Preference In making loans under subsection (a), the Secretary shall give preference to eligible entities—
|
||||
|
||||
(1) with not less than 10 years of experience serving socially disadvantaged farmers and ranchers; and
|
||||
|
||||
(2) in States that have adopted a statute consisting of an enactment or adoption of the Uniform Partition of Heirs Property Act, as approved and recommended for enactment in all States by the National Conference of Commissioners on Uniform State Laws in 2010, that relend to owners of heirs property (as defined in that Act).
|
||||
|
||||
(e) Loan terms and conditions The following terms and conditions shall apply to loans made under this section:
|
||||
|
||||
(1) The interest rate at which intermediaries may borrow funds under this section shall be determined by the Secretary.
|
||||
|
||||
(2) The rates, terms, and payment structure for borrowers to which intermediaries lend shall be—
|
||||
|
||||
(A) determined by the intermediary in an amount sufficient to cover the cost of operating and sustaining the revolving loan fund; and
|
||||
|
||||
(B) clearly and publicly disclosed to qualified ultimate borrowers.
|
||||
|
||||
(3) Borrowers to which intermediaries lend shall be—
|
||||
|
||||
(A) required to complete a succession plan as a condition of the loan; and
|
||||
|
||||
(B) be offered the opportunity to borrow sufficient funds to cover costs associated with the succession plan under subparagraph (A) and other associated legal and closing costs.
|
||||
|
||||
(f) Report Not later than 1 year after December 20, 2018, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing the operation and outcomes of the program under this section, with recommendations on how to strengthen the program.
|
||||
|
||||
(g) Authorization of appropriations There is authorized to be appropriated to carry out this section $10,000,000 for each of fiscal years 2019 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 310I, as added Pub. L. 115–334, title V, § 5104, Dec. 20, 2018, 132 Stat. 4669.)
|
||||
@@ -0,0 +1,133 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1941"
|
||||
description: "Persons eligible for loans"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1941"
|
||||
citation: "7 U.S.C. § 1941"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1941 - Persons eligible for loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general (1) Eligibility requirements The Secretary may make and insure loans under this subchapter to farmers and ranchers in the United States, and to farm cooperatives and private domestic corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities as the Secretary considers appropriate, that are controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States, subject to the conditions specified in this section. To be eligible for such loans, applicants who are individuals, or, in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities, individuals holding a majority interest in such entity, must (A) be citizens of the United States, (B) for direct loans only, have either training or farming experience that the Secretary determines is sufficient to assure reasonable prospects of success in the proposed farming operations, taking into consideration all farming experience of the applicant, without regard to any lapse between farming experiences, (C) be or will become operators of not larger than family farms (or in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities in which a majority interest is held by individuals who are related by blood or marriage, as defined by the Secretary, such individuals must be or will become either owners or operators of not larger than a family farm and at least one such individual must be or will become an operator of not larger than a family farm or, in the case of holders of the entire interest who are related by blood or marriage and all of whom are or will become farm operators, the ownership interest of each such holder separately constitutes not larger than a family farm, even if their interests collectively constitute larger than a family farm, as defined by the Secretary), and (D) be unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. In addition to the foregoing requirements of this subsection, in the case of corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities, the family farm requirement of subparagraph (C) of the preceding sentence shall apply as well to the farm or farms in which the entity has an operator interest and the requirement of subparagraph (D) of the preceding sentence shall apply as well to the entity in the case of cooperatives, corporations, partnerships, joint operations, trusts, limited liability companies, and such other legal entities.
|
||||
|
||||
(2) Special rule An entity that is an operator described in paragraph (1) that is owned, in whole or in part, by other entities, shall be considered to meet the direct ownership requirement imposed under paragraph (1) if at least 75 percent of the ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm.
|
||||
|
||||
(b) Rural youths in 4–H Clubs, Future Farmers of America, etc. (1) Loans may also be made under this subchapter without regard to the requirements of clauses (2) and (3) of subsection (a) to youths to enable them to operate enterprises in connection with their participation in 4–H Clubs, Future Farmers of America, and similar organizations.
|
||||
|
||||
(2) A person receiving a loan under this subsection who executes a promissory note therefor shall thereby incur full personal liability for the indebtedness evidenced by such note in accordance with its terms free of any disability of minority.
|
||||
|
||||
(3) For loans under this subsection the Secretary may accept the personal liability of a cosigner of the promissory note in addition to the borrowers’ personal liability.
|
||||
|
||||
(4) Youth enterprises not farming or ranching.— The operation of an enterprise by a youth under this subsection shall not be considered the operation of a farm or ranch under this chapter.
|
||||
|
||||
(5) Equitable considerations for default.— (A) Debt forgiveness.— (i) In general.— The Secretary may, on a case-by-case basis, provide debt forgiveness to a borrower for a loan made under this subsection if the borrower was unable to timely repay the loan due to circumstances beyond the control of the borrower, as determined by the Secretary, including any natural disaster, act of terrorism, or other man-made disaster that results in an inordinate level of damage or disruption severely affecting the borrower.
|
||||
|
||||
(ii) Eligibility for future loans.— Notwithstanding any other provision of law, debt forgiveness provided under this subparagraph shall not be used by any Federal agency in determining the eligibility of the borrower for any loan made or guaranteed by the agency.
|
||||
|
||||
(B) Education loans.— Notwithstanding any other provision of law, if a borrower becomes delinquent or is provided with debt forgiveness with respect to a youth loan made under this subsection, the borrower shall not become ineligible, as a result of the delinquency or debt forgiveness, to receive loans and loan guarantees from the Federal Government to pay for education expenses of the borrower.
|
||||
|
||||
(c) Direct loans (1) In general Subject to paragraphs (3) and (4), the Secretary may make a direct loan under this subchapter only to a farmer or rancher who—
|
||||
|
||||
(A) is a qualified beginning farmer or rancher;
|
||||
|
||||
(B) has not received a previous direct operating loan made under this subchapter; or
|
||||
|
||||
(C) has received a previous direct operating loan made under this subchapter during 6 or fewer years.
|
||||
|
||||
(2) Definition of direct operating loan In this subsection, the term “direct operating loan” does not include—
|
||||
|
||||
(A) a loan made to a youth under subsection (b); or
|
||||
|
||||
(B) a microloan made to a beginning farmer or rancher or a veteran farmer or rancher (as defined in section 2279(e) 11 See References in Text note below. of this title).
|
||||
|
||||
(3) Transition rule If, as of April 4, 1996, a farmer or rancher has received a direct operating loan under this subchapter during each of 4 or more previous years, the borrower shall be eligible to receive a direct operating loan under this subchapter during 3 additional years after April 4, 1996.
|
||||
|
||||
(4) Waivers (A) Farm and ranch operations on tribal lands The Secretary shall waive the limitation under paragraph (1)(C) or (3) for a direct loan made under this subchapter to a farmer or rancher whose farm or ranch land is subject to the jurisdiction of an Indian tribe and whose loan is secured by 1 or more security instruments that are subject to the jurisdiction of an Indian tribe if the Secretary determines that commercial credit is not generally available for such farm or ranch operations.
|
||||
|
||||
(B) Other farm and ranch operations On a case-by-case determination not subject to administrative appeal, the Secretary may grant a borrower a waiver, 1 time only for a period of 2 years, of the limitation under paragraph (1)(C) or (3) for a direct operating loan if the borrower demonstrates to the satisfaction of the Secretary that—
|
||||
|
||||
(i) the borrower has a viable farm or ranch operation;
|
||||
|
||||
(ii) the borrower applied for commercial credit from at least 2 commercial lenders;
|
||||
|
||||
(iii) the borrower was unable to obtain a commercial loan (including a loan guaranteed by the Secretary); and
|
||||
|
||||
(iv) the borrower successfully has completed, or will complete within 1 year, borrower training under section 2006a of this title (from which requirement the Secretary shall not grant a waiver under section 2006a(f) of this title).
|
||||
|
||||
(5) Annual report on term limits on direct operating loans (A) In general The Secretary shall prepare a report annually that describes—
|
||||
|
||||
(i) the status of the direct operating loan program of the Department of Agriculture; and
|
||||
|
||||
(ii) the impact of term limits on direct loan borrowers.
|
||||
|
||||
(B) Demographic information (i) In general The report shall provide a demographic breakdown, on a State-by-State basis, of—
|
||||
|
||||
(I) all direct loan borrowers; and
|
||||
|
||||
(II) borrowers that have reached the eligibility limit for direct lending programs during the previous calendar year.
|
||||
|
||||
(ii) Demographic information The available demographic information shall include, to the maximum extent practicable, a description of race or ethnicity, gender, age, type of farm or ranch, financial classification, number of years of indebtedness, veteran status, and other similar information, as determined by the Secretary.
|
||||
|
||||
(C) Additional content In addition to information described in subparagraph (B), the report shall provide—
|
||||
|
||||
(i) a demographic analysis of the borrowers impacted by term limits;
|
||||
|
||||
(ii) information on the conditions impacting the direct lending portfolio of the Department of Agriculture, including impacts by region and agriculture sector, and credit availability within those regions and sectors;
|
||||
|
||||
(iii) to the maximum extent practicable, information on the status of borrower operations impacted by term limits; and
|
||||
|
||||
(iv) recommendations, if appropriate, to address any identifiable unmet credit needs.
|
||||
|
||||
(D) Submission The Secretary shall—
|
||||
|
||||
(i) annually submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a copy of the report; and
|
||||
|
||||
(ii) make the report available to the public, including posting the report on the website of the Department of Agriculture.
|
||||
|
||||
(Pub. L. 87–128, title III, § 311, Aug. 8, 1961, 75 Stat. 310; Pub. L. 92–419, title I, § 120(a), Aug. 30, 1972, 86 Stat. 665; Pub. L. 95–334, title I, § 114, Aug. 4, 1978, 92 Stat. 425; Pub. L. 97–98, title XVI, § 1601(b), Dec. 22, 1981, 95 Stat. 1346; Pub. L. 99–198, title XIII, §§ 1301(a), 1302(b), 1303, Dec. 23, 1985, 99 Stat. 1518, 1519; Pub. L. 104–127, title VI, §§ 611, 661(f), Apr. 4, 1996, 110 Stat. 1087, 1107; Pub. L. 105–277, div. A, § 101(a) [title VIII, § 805(2)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 107–171, title V, §§ 5101, 5302(a), May 13, 2002, 116 Stat. 343, 344; Pub. L. 110–234, title V, § 5101, May 22, 2008, 122 Stat. 1146; Pub. L. 110–246, § 4(a), title V, § 5101, June 18, 2008, 122 Stat. 1664, 1907; Pub. L. 113–79, title V, §§ 5101–5104, 5106(b)(1), Feb. 7, 2014, 128 Stat. 834–836, 838.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (b)(4), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 2279(e) of this title, referred to in subsec. (c)(2)(B), was redesignated section 2279(a) of this title by section 12301(b)(3) of Pub. L. 115–334.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2014—Subsec. (a)(1). Pub. L. 113–79, § 5101(1)–(5), designated existing provisions as par. (1) and inserted heading, in first sentence, substituted “limited liability companies, and such other legal entities as the Secretary considers appropriate,” for “and limited liability companies”, in second sentence, redesignated pars. (1) to (4) as subpars. (A) to (D), respectively, and substituted “limited liability companies, and such other legal entities” for “and limited liability companies” in two places, and, in third sentence, substituted “limited liability companies, and such other legal entities” for “and limited liability companies” in two places, “subparagraph (C)” for “clause (3)” and “subparagraph (D)” for “clause (4)”. Subsec. (a)(2). Pub. L. 113–79, § 5101(6), added par. (2). Subsec. (b)(1). Pub. L. 113–79, § 5102, struck out “who are rural residents” after “youths”. Subsec. (b)(5). Pub. L. 113–79, § 5103, added par. (5). Subsec. (c)(2). Pub. L. 113–79, § 5106(b)(1), added par. (2) and struck out former par. (2). Prior to amendment, text read as follows: “In this subsection, the term ‘direct operating loan’ shall not include a loan made to a youth under subsection (b) of this section.” Subsec. (c)(5). Pub. L. 113–79, § 5104, added par. (5). 2008—Pub. L. 110–246, § 5101, inserted section catchline and, in subsec. (a), inserted heading, substituted “The Secretary may” for “The Secretary is authorized to” in introductory provisions, and inserted “, taking into consideration all farming experience of the applicant, without regard to any lapse between farming experiences” after “farming operations” in cl. (2). 2002—Subsec. (a). Pub. L. 107–171, § 5302(a), substituted “joint operations, trusts, and limited liability companies” for “and joint operations” wherever appearing. Subsec. (c)(1). Pub. L. 107–171, § 5101(1)(A), substituted “paragraphs (3) and (4)” for “paragraph (3)” in introductory provisions. Subsec. (c)(1)(A). Pub. L. 107–171, § 5101(1)(B), struck out “who has not operated a farm or ranch, or who has operated a farm or ranch for not more than 5 years” before semicolon. Subsec. (c)(4). Pub. L. 107–171, § 5101(2), added par. (4). 1998—Subsec. (a). Pub. L. 105–277 inserted “for direct loans only,” before “have either” in cl. (2). 1996—Subsec. (b)(1). Pub. L. 104–127, § 661(f), struck out “and for the purposes specified in section 1942 of this title” before period at end. Subsec. (b)(4). Pub. L. 104–127, § 611(b), added par. (4). Subsec. (c). Pub. L. 104–127, § 611(a), added subsec. (c) and struck out former subsec. (c) which read as follows: “The Secretary may not restrict eligibility for loans made or insured under this subchapter for purposes set forth in section 1942 of this title solely to borrowers of loans that are outstanding on December 23, 1985.” 1985—Subsec. (a). Pub. L. 99–198, § 1301(a), substituted— (1) “, partnerships, and joint operations” for “and partnerships” wherever appearing after “corporations”; (2) “, partnerships, and joint operations” for “, and partnerships” wherever appearing after “corporations”; and (3) “individuals” for “members, stockholders, or partners, as applicable,” wherever appearing. Pub. L. 99–198, § 1303, in cl. (3) parenthetical, inserted provision treating blood or marriage related owner-operators of the entire farm interest as separate interest holders of not larger than family farms though collective ownership constitutes a larger than a family farm. Subsec. (c). Pub. L. 99–198, § 1302(b), added subsec. (c). 1981—Subsec. (a). Pub. L. 97–98 substituted “corporations and partnerships, the family farm” for “cooperatives, corporations, and partnerships, the family farm” and “as well to the entity in the case of cooperatives, corporations, and partnerships” for “as well to the entity”. 1978—Pub. L. 95–334 substituted provisions setting forth eligibility criteria for loans to farmers and ranchers in the United States, and to farm cooperatives and private domestic corporations and partnerships controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States, for provisions setting forth eligibility criteria for loans to farmers and ranchers in the United States, Puerto Rico, and the Virgin Islands. 1972—Pub. L. 92–419 designated existing provisions as subsec. (a) and added subsec. (b).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by section 611 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(f) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–98 effective Dec. 22, 1981, see section 1801 of Pub. L. 97–98, set out as an Effective Date note under section 4301 of this title.
|
||||
|
||||
Farm Operating Loan EligibilityPub. L. 106–224, title II, § 255, June 20, 2000, 114 Stat. 424, provided that: “During the period beginning on the date of the enactment of this Act [June 20, 2000] and ending on December 31, 2002— “(1) sections 311(c) and 319 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941(c), 1949) shall have no force or effect; and “(2) in making direct loans under subtitle B of that Act (7 U.S.C. 1941 et seq.), the Secretary shall give priority to a qualified beginning farmer or rancher who has not operated a farm or ranch, or who has operated a farm or ranch for not more than 5 years.”
|
||||
|
||||
Authority of Secretary To Make or Guarantee Certain LoansPub. L. 104–134, title II, § 2002, Apr. 26, 1996, 110 Stat. 1321–313, provided that: “Notwithstanding any other provision of law, the Secretary of Agriculture is hereby authorized to make or guarantee an operating loan under Subtitle B [7 U.S.C. 1941 et seq.] or an emergency loan under Subtitle C [7 U.S.C. 1961 et seq.] of the Consolidated Farm and Rural Development Act (7 U.S.C. 1922 et. seq.), as in effect prior to April 4, 1996, to a loan applicant who was less than 90 days delinquent on April 4, 1996, if the loan applicant had submitted an application for the loan prior to April 5, 1996.”
|
||||
|
||||
1989 Farm Operating LoansPub. L. 101–82, title III, § 302, Aug. 14, 1989, 103 Stat. 582, required the Secretary of Agriculture to ensure that direct operating loans made or insured under this subchapter for 1990 crop production were to be made available to farmers and ranchers suffering major losses due to excess moisture, freeze, storm, or related condition occurring in 1989 or drought or related condition occurring in 1988 or 1989. Similar provisions were contained in the following prior act: Pub. L. 100–387, title III, § 312, Aug. 11, 1988, 102 Stat. 948.
|
||||
@@ -0,0 +1,119 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1942"
|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1942 - Purposes of loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general A direct loan (including a microloan, as defined by the Secretary) may be made under this subchapter only for—
|
||||
|
||||
(1) paying the costs incident to reorganizing a farm or ranch for more profitable operation;
|
||||
|
||||
(2) purchasing livestock, poultry, or farm or ranch equipment;
|
||||
|
||||
(3) purchasing feed, seed, fertilizer, insecticide, or farm or ranch supplies, or to meet other essential farm or ranch operating expenses, including cash rent;
|
||||
|
||||
(4) financing land or water development, use, or conservation;
|
||||
|
||||
(5) paying loan closing costs;
|
||||
|
||||
(6) assisting a farmer or rancher in changing the equipment, facilities, or methods of operation of a farm or ranch to comply with a standard promulgated under section 655 of title 29 or a standard adopted by a State under a plan approved under section 667 of title 29, if the Secretary determines that without assistance under this paragraph the farmer or rancher is likely to suffer substantial economic injury in complying with the standard;
|
||||
|
||||
(7) training a limited-resource borrower receiving a loan under section 1934 of this title in maintaining records of farming and ranching operations;
|
||||
|
||||
(8) training a borrower under section 2006a of this title;
|
||||
|
||||
(9) refinancing the indebtedness of a borrower, if the borrower—
|
||||
|
||||
(A) has refinanced a loan under this subchapter not more than 4 times previously; and
|
||||
|
||||
(B) (i) is a direct loan borrower under this chapter at the time of the refinancing and has suffered a qualifying loss because of a natural disaster declared by the Secretary under this chapter or a major disaster or emergency designated by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.); or
|
||||
|
||||
(ii) is refinancing a debt obtained from a creditor other than the Secretary; or
|
||||
|
||||
(10) providing other farm, ranch, or home needs, including family subsistence.
|
||||
|
||||
(b) Guaranteed loans A loan may be guaranteed under this subchapter only for—
|
||||
|
||||
(1) paying the costs incident to reorganizing a farm or ranch for more profitable operation;
|
||||
|
||||
(2) purchasing livestock, poultry, or farm or ranch equipment;
|
||||
|
||||
(3) purchasing feed, seed, fertilizer, insecticide, or farm or ranch supplies, or to meet other essential farm or ranch operating expenses, including cash rent;
|
||||
|
||||
(4) financing land or water development, use, or conservation;
|
||||
|
||||
(5) refinancing indebtedness;
|
||||
|
||||
(6) paying loan closing costs;
|
||||
|
||||
(7) assisting a farmer or rancher in changing the equipment, facilities, or methods of operation of a farm or ranch to comply with a standard promulgated under section 655 of title 29 or a standard adopted by a State under a plan approved under section 667 of title 29, if the Secretary determines that without assistance under this paragraph the farmer or rancher is likely to suffer substantial economic injury due to compliance with the standard;
|
||||
|
||||
(8) training a borrower under section 2006a of this title; or
|
||||
|
||||
(9) providing other farm, ranch, or home needs, including family subsistence.
|
||||
|
||||
(c) Hazard insurance requirement (1) In general After the Secretary makes the determination required by paragraph (2), the Secretary may not make a loan to a farmer or rancher under this subchapter unless the farmer or rancher has, or agrees to obtain, hazard insurance on the property to be acquired with the loan.
|
||||
|
||||
(2) Determination Not later than 180 days after April 4, 1996, the Secretary shall determine the appropriate level of insurance to be required by paragraph (1).
|
||||
|
||||
(d) Private reserve (1) In general Notwithstanding any other provision of this chapter, the Secretary may reserve a portion of any loan made under this subchapter to be placed in an unsupervised bank account that may be used at the discretion of the borrower for the basic family needs of the borrower and the immediate family of the borrower.
|
||||
|
||||
(2) Limit on size of the reserve The size of the reserve shall not exceed the least of—
|
||||
|
||||
(A) 10 percent of the loan;
|
||||
|
||||
(B) $5,000; or
|
||||
|
||||
(C) the amount needed to provide for the basic family needs of the borrower and the borrower’s immediate family for 3 calendar months.
|
||||
|
||||
(e) Valuation of local or regional crops (1) In general The Secretary shall develop ways to determine unit prices (or other appropriate forms of valuation) for crops and other agricultural products, the end use of which is intended to be in locally or regionally produced agricultural food products, to facilitate lending to local and regional food producers.
|
||||
|
||||
(2) Price history The Secretary shall implement a mechanism for local and regional food producers to establish price history for the crops and other agricultural products produced by local and regional food producers.
|
||||
|
||||
(Pub. L. 87–128, title III, § 312, Aug. 8, 1961, 75 Stat. 310; Pub. L. 87–703, title IV, § 401(4), Sept. 27, 1962, 76 Stat. 632; Pub. L. 90–488, § 8, Aug. 15, 1968, 82 Stat. 771; Pub. L. 92–419, title I, §§ 120(b), 121, Aug. 30, 1972, 86 Stat. 665; Pub. L. 95–113, title XIV, § 1448(b), Sept. 29, 1977, 91 Stat. 1012; Pub. L. 95–334, title I, § 115, Aug. 4, 1978, 92 Stat. 425; Pub. L. 96–438, § 1(3), Oct. 13, 1980, 94 Stat. 1871; Pub. L. 99–198, title XIII, §§ 1306, 1307, Dec. 23, 1985, 99 Stat. 1521; Pub. L. 101–624, title XVIII, § 1818(b), Nov. 28, 1990, 104 Stat. 3830; Pub. L. 102–237, title V, § 501(b), Dec. 13, 1991, 105 Stat. 1866; Pub. L. 102–552, title V, § 516(f)(1)(A), (2), Oct. 28, 1992, 106 Stat. 4137, 4138; Pub. L. 104–127, title VI, § 612(a), Apr. 4, 1996, 110 Stat. 1087; Pub. L. 113–79, title V, §§ 5105, 5106(b)(2), Feb. 7, 2014, 128 Stat. 836, 838.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a)(9)(B)(i) and (d)(1), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (a)(9)(B)(i), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143, which is classified principally to chapter 68 (§ 5121 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of Title 42 and Tables.
|
||||
|
||||
Amendments2014—Subsec. (a). Pub. L. 113–79, § 5106(b)(2), inserted “(including a microloan, as defined by the Secretary)” after “A direct loan” in introductory provisions. Subsec. (e). Pub. L. 113–79, § 5105, added subsec. (e). 1996—Pub. L. 104–127 amended section generally, substituting present provisions for provisions outlining purposes of loans made under this subchapter, authorizing loans to rural area residents to operate small business enterprises, authorizing loans for pollution abatement and control projects in rural areas and providing for limitations on such loans, and authorizing creation, from loan funds, of nonsupervised bank accounts to be used at discretion of borrower for necessary family living expenses. 1992—Subsec. (a). Pub. L. 102–552, § 516(f)(2), repealed amendment by Pub. L. 102–237, § 501(b). See 1991 Amendment note below. Pub. L. 102–552, § 516(f)(1)(A), made technical correction to directory language of Pub. L. 101–624, § 1818(b). See 1990 Amendment note below. 1991—Subsec. (a). Pub. L. 102–237, § 501(b), which directed the substitution of “systems (for purposes of this subchapter, the term ‘solar energy’ means energy derived from sources (other than fossil fuels) and technologies included in the Federal Nonnuclear Energy Research and Development Act of 1974) (42 U.S.C. 5901 et seq.), (12) training in maintaining records of farming and ranching operations for limited resource borrowers receiving loans under section 1934 of this title, and (13) borrower training under section 2006a of this title.” for “ ‘systems.’ and all that follows”, could not be executed because “systems.” does not appear in subsec. (a) was repealed by Pub. L. 102–552, § 516(f)(2). See Construction of 1991 Amendment note below. 1990—Subsec. (a). Pub. L. 101–624, § 1818(b), as amended by Pub. L. 102–552, § 516(f)(1)(A), added cl. (13). 1985—Subsec. (a). Pub. L. 99–198, § 1306, added cl. (12). Subsec. (e). Pub. L. 99–198, § 1307, added subsec. (e). 1980—Subsec. (a). Pub. L. 96–438 added cl. (11). 1978—Subsec. (a). Pub. L. 95–334, struck out “individual” after “title, to”. 1977—Subsec. (a). Pub. L. 95–113 inserted parenthetical provision extending the section to include farm equipment which utilizes solar energy and inserted definition of “solar energy”. 1972—Subsec. (a). Pub. L. 92–419, §§ 120(b), 121(1), (2), substituted “section 1941(a) for “section 1941”, designated existing provisions as subsec. (a), and added cl. (10). Subsecs. (b) to (d). Pub. L. 92–419, § 121(3), added subsecs. (b) to (d). 1968—Pub. L. 90–488 struck out from cl. (4) the concluding phrase, “including recreational uses and facilities”, added cls. (5) and (6), and redesignated former cls. (5) to (7) as (7) to (9), respectively. 1962—Pub. L. 87–703 authorized, in cl. (4), loans to be made for recreational uses and facilities.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentPub. L. 104–127, title VI, § 612(b), Apr. 4, 1996, 110 Stat. 1089, provided that: “Section 312(c)(1) of the Consolidated Farm and Rural Development Act [7 U.S.C. 1942(c)(1)] shall not apply until the Secretary of Agriculture makes the determination required by section 312(c)(2) of the Act.” [The Secretary’s determination relating to hazard insurance under this provision was contained in interim rules published Mar. 3, 1997, and effective Mar. 24, 1997, see 62 F.R. 9351.] Amendment by Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–552, title V, § 516(f)(1)(B), Oct. 28, 1992, 106 Stat. 4137, provided that: “The amendment made by subparagraph (A) [amending this section] shall take effect as if included in the Food, Agriculture, Conservation, and Trade Act of 1990 [Pub. L. 101–624] at the time such Act became law.”
|
||||
|
||||
Effective Date of 1977 AmendmentAmendment by Pub. L. 95–113 effective Oct. 1, 1977, see section 1901 of Pub. L. 95–113, set out as a note under section 1307 of this title.
|
||||
|
||||
Transfer of Functions Powers, duties, and assets of agencies, offices, and other entities within Department of Agriculture relating to rural development functions transferred to Rural Development Administration by section 2302(b) of Pub. L. 101–624.
|
||||
|
||||
Construction of 1991 AmendmentPub. L. 102–552, title V, § 516(f)(2), Oct. 28, 1992, 106 Stat. 4138, provided that: “Subsection (b) of section 501 of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1866) [amending this section] is repealed. The Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) shall be applied and administered as if such subsection had never become law.”
|
||||
@@ -0,0 +1,91 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1943 - Limitations on amount of operating loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall make or insure no loan under this subchapter—
|
||||
|
||||
(1) that would cause the total principal indebtedness outstanding at any one time for loans made under this subchapter to any one borrower to exceed, in the case of a loan other than a loan guaranteed by the Secretary, $400,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or
|
||||
|
||||
(2) for the purchasing or leasing of land other than for cash rent, or for carrying on any land leasing or land purchasing program.
|
||||
|
||||
(b) Inflation percentage For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
|
||||
|
||||
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year; exceeds
|
||||
|
||||
(2) the average of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph (1).
|
||||
|
||||
(c) Microloans (1) In general Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans.
|
||||
|
||||
(2) Limitations The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this subsection to any 1 borrower to exceed $50,000.
|
||||
|
||||
(3) Applications To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection.
|
||||
|
||||
(4) Cooperative lending pilot projects (A) In general Subject to subparagraph (B), during each of the 2014 through 2023 fiscal years, the Secretary may carry out a pilot project to make loans to community development financial institutions, as the Secretary determines appropriate—
|
||||
|
||||
(i) to make or guarantee microloans consistent with the terms provided under this subsection; and
|
||||
|
||||
(ii) to provide business, financial, marketing, and credit management services to microloan borrowers.
|
||||
|
||||
(B) Requirements Prior to making a loan to an institution described in subparagraph (A), the Secretary shall—
|
||||
|
||||
(i) review and approve—
|
||||
|
||||
(I) the loan loss reserve fund for microloans established by the institution; and
|
||||
|
||||
(II) the underwriting standards for microloans of the institution; and
|
||||
|
||||
(ii) establish such other requirements for making a loan to the institution as the Secretary determines necessary.
|
||||
|
||||
(C) Eligibility To be eligible for a loan under subparagraph (A), an institution described in subparagraph (A) shall, as determined by the Secretary—
|
||||
|
||||
(i) have the legal authority necessary to carry out the actions described in subparagraph (A);
|
||||
|
||||
(ii) have a proven track record of successfully assisting agricultural borrowers; and
|
||||
|
||||
(iii) have the services of a staff with appropriate loan making and servicing expertise.
|
||||
|
||||
(D) Oversight Not less often than annually, on a date determined by the Secretary, an institution that has a loan under this paragraph shall provide to the Secretary such information as the Secretary may require to ensure that the services provided by the institution are serving the purposes of this subsection.
|
||||
|
||||
(E) Limitation The Secretary shall not make more than $10,000,000 in loans under this paragraph in any fiscal year.
|
||||
|
||||
(Pub. L. 87–128, title III, § 313, Aug. 8, 1961, 75 Stat. 310; Pub. L. 90–488, § 9, Aug. 15, 1968, 82 Stat. 771; Pub. L. 92–419, title I, § 122, Aug. 30, 1972, 86 Stat. 665; Pub. L. 95–334, title I, § 116, Aug. 4, 1978, 92 Stat. 426; Pub. L. 98–258, title VI, § 604(a), Apr. 10, 1984, 98 Stat. 139; Pub. L. 105–277, div. A, § 101(a) [title VIII, § 806(b)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 110–234, title V, § 5102, May 22, 2008, 122 Stat. 1146; Pub. L. 110–246, § 4(a), title V, § 5102, June 18, 2008, 122 Stat. 1664, 1908; Pub. L. 113–79, title V, § 5106(a), Feb. 7, 2014, 128 Stat. 837; Pub. L. 115–334, title V, §§ 5201–5203, Dec. 20, 2018, 132 Stat. 4671.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification The authorities provided by each provision of, and each amendment made by, Pub. L. 115–334, as in effect on Sept. 30, 2023, to continue, and authorities to be carried out, until the later of Sept. 30, 2024, or the date specified in the provision of, or amendment made by, Pub. L. 115–334, see section 102(a) of Pub. L. 118–22, set out in an Extension of Agricultural Programs note under section 9001 of this title. Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (a)(1). Pub. L. 115–334, § 5201(1), substituted “$400,000” for “$300,000”, “$1,750,000” for “$700,000”, and “2019” for “2000”. Subsec. (b)(1). Pub. L. 115–334, § 5201(2)(A), substituted “July” for “August”. Subsec. (b)(2). Pub. L. 115–334, § 5201(2)(B), substituted “that immediately precedes the 12-month period described in paragraph (1)” for “ending on August 31, 1996”. Subsec. (c)(2). Pub. L. 115–334, § 5202, substituted “subsection to any 1 borrower” for “chapter to any 1 borrower”. Subsec. (c)(4)(A). Pub. L. 115–334, § 5203, substituted “2023” for “2018” in introductory provisions. 2014—Subsec. (c). Pub. L. 113–79 added subsec. (c). 2008—Subsec. (a)(1). Pub. L. 110–246, § 5102, substituted “$300,000” for “$200,000”. 1998—Pub. L. 105–277 inserted section catchline, designated existing provisions as subsec. (a), inserted heading, substituted “this subchapter—” for “this subchapter”, in introductory provisions, realigned margin of par. (1) and substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or” for “$400,000; or”, realigned margin of par. (2), and added subsec. (b). 1984—Pub. L. 98–258 substituted “$200,000” and “$400,000” for “$100,000” and “$200,000”, respectively. 1978—Pub. L. 95–334 substituted provisions setting forth criteria for Secretary to make or insure loans under this subchapter for provisions setting forth criteria for Secretary to make loans under this subchapter. 1972—Pub. L. 92–419 substituted “$50,000” for “$35,000”. 1968—Pub. L. 90–488 struck out from item (1) the proviso which limited the amount to be used for loans which would cause the indebtedness of any borrower to exceed $15,000 to 25 per centum of the sums made available for loans.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
@@ -0,0 +1,35 @@
|
||||
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|
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||||
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|
||||
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---
|
||||
|
||||
# 7 U.S.C. § 1944 - Soil conservation district loans; limitation; purchase of conservation equipment
|
||||
|
||||
## Text
|
||||
|
||||
Loans aggregating not more than $500,000 in any one year may also be made to soil conservation districts which cannot obtain necessary credit elsewhere upon reasonable terms and conditions for the purchase of equipment customarily used for soil conservation purposes.
|
||||
|
||||
(Pub. L. 87–128, title III, § 314, Aug. 8, 1961, 75 Stat. 311.)
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1945"
|
||||
description: "Repealed. Pub. L. 104–127, title VI, § 613, Apr. 4, 1996, 110 Stat. 1089"
|
||||
jurisdiction: "us"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1945"
|
||||
citation: "7 U.S.C. § 1945"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1945"
|
||||
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|
||||
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|
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|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1945 - Repealed. Pub. L. 104–127, title VI, § 613, Apr. 4, 1996, 110 Stat. 1089
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 315, Aug. 8, 1961, 75 Stat. 311, authorized Secretary to participate in certain loans made under this subchapter.
|
||||
@@ -0,0 +1,81 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1946"
|
||||
description: "Liability of borrower"
|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1946 - Liability of borrower
|
||||
|
||||
## Text
|
||||
|
||||
(a) Determination of interest rates (1) The Secretary shall make all loans under this subchapter upon the full personal liability of the borrower and upon such security as the Secretary may prescribe. The interest rates on such loans, except for guaranteed loans and loans as provided in paragraphs (2) and (3),11 See References in Text note below. shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, plus an additional charge not to exceed 1 per centum as determined by the Secretary, which charge shall be deposited in the Rural Development Insurance Fund or the Agricultural Credit Insurance Fund, as appropriate, and adjusted to the nearest one-eighth of 1 per centum. The interest rate on any guaranteed loan made under this subchapter shall be such rate as may be agreed upon by the borrower and lender, but not in excess of a rate as may be determined by the Secretary.
|
||||
|
||||
(2) The interest rate on a microloan to a beginning farmer or rancher or veteran farmer or rancher (as defined in section 2279(e) 1 of this title), or any loan (other than a guaranteed loan) to a low income, limited resource borrower under this subchapter shall not be—
|
||||
|
||||
(A) greater than the sum of—
|
||||
|
||||
(i) an amount that does not exceed one-half of the current average market yield on outstanding marketable obligations of the United States with maturities of 5 years; and
|
||||
|
||||
(ii) an amount not exceeding 1 percent per year, as the Secretary determines is appropriate; or
|
||||
|
||||
(B) less than 5 percent per year.
|
||||
|
||||
(b) Payment period; consolidation and rescheduling of loans Loans made under this subchapter shall be payable in not to exceed seven years. The Secretary may consolidate or reschedule outstanding loans for payment over a period not to exceed seven years (or, in the case of loans for farm operating purposes, fifteen years) from the date of such consolidation or rescheduling, and the amount of unpaid principal and interest of the prior loans so consolidated or rescheduled shall not create a new charge against any loan levels authorized by law. A new loan may be included in a consolidation. Such new loan shall be charged against any loan level authorized by law. Except as otherwise provided for farm loans under section 1981b of this title, the interest rate on such consolidated or rescheduled loans, other than guaranteed loans, may be changed by the Secretary to a rate not to exceed the rate being charged for loans made under this subchapter at the time of the consolidation or rescheduling. The interest rate on any guaranteed loan under this subchapter that may be consolidated or rescheduled for payment shall be such rate as may be agreed upon by the borrower and the lender, but not in excess of a rate as may be determined by the Secretary.
|
||||
|
||||
(c) Line-of-credit loans (1) In general A loan made or guaranteed by the Secretary under this subchapter may be in the form of a line-of-credit loan.
|
||||
|
||||
(2) Term A line-of-credit loan under paragraph (1) shall terminate not later than 5 years after the date that the loan is made or guaranteed.
|
||||
|
||||
(3) Eligibility For purposes of determining eligibility for a farm operating loan under this subchapter, each year during which a farmer or rancher takes an advance or draws on a line-of-credit loan the farmer or rancher shall be considered to have received an operating loan for 1 year.
|
||||
|
||||
(4) Termination of delinquent loans If a borrower does not pay an installment on a line-of-credit loan on schedule, the borrower may not take an advance or draw on the line-of-credit, unless the Secretary determines that—
|
||||
|
||||
(A) the borrower’s failure to pay on schedule was due to unusual conditions that the borrower could not control; and
|
||||
|
||||
(B) the borrower will reduce the line-of-credit balance to the scheduled level at the end of—
|
||||
|
||||
(i) the production cycle; or
|
||||
|
||||
(ii) the marketing of the borrower’s agricultural products.
|
||||
|
||||
(5) Agricultural commodities A line-of-credit loan may be used to finance the production or marketing of an agricultural commodity that—
|
||||
|
||||
(A) is eligible for a price support program of the Department of Agriculture; or
|
||||
|
||||
(B) was eligible for a price support program of the Department of Agriculture on the day before April 4, 1996.
|
||||
|
||||
(Pub. L. 87–128, title III, § 316, Aug. 8, 1961, 75 Stat. 311; Pub. L. 90–488, § 10, Aug. 15, 1968, 82 Stat. 771; Pub. L. 95–334, title I, § 117, Aug. 4, 1978, 92 Stat. 426; Pub. L. 97–35, title I, § 160(b), Aug. 13, 1981, 95 Stat. 377; Pub. L. 98–258, title VI, § 604(b), Apr. 10, 1984, 98 Stat. 139; Pub. L. 101–624, title XVIII, § 1803(b), Nov. 28, 1990, 104 Stat. 3818; Pub. L. 104–127, title VI, §§ 614, 661(g), Apr. 4, 1996, 110 Stat. 1089, 1107; Pub. L. 113–79, title V, § 5106(b)(3), Feb. 7, 2014, 128 Stat. 838.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextParagraph (3), referred to in subsec. (a)(1), was repealed by Pub. L. 104–127, title VI, § 661(g), Apr. 4, 1996, 110 Stat. 1107. Section 2279(e) of this title, referred to in subsec. (a)(2), was redesignated section 2279(a) of this title by section 12301(b)(3) of Pub. L. 115–334.
|
||||
|
||||
Amendments2014—Subsec. (a)(2). Pub. L. 113–79 inserted “a microloan to a beginning farmer or rancher or veteran farmer or rancher (as defined in section 2279(e) of this title), or” after “The interest rate on”. 1996—Subsec. (a)(3). Pub. L. 104–127, § 661(g), struck out par. (3) which read as follows: “The interest rate on any loan (other than a guaranteed loan) made or insured under clause (5) of section 1942(a) of this title for activities that involve the use of prime farmland as defined in section 1927(a)(6)(C) of this title shall be the interest rate otherwise applicable under this section increased by 2 per centum per annum.” Subsec. (c). Pub. L. 104–127, § 614, added subsec. (c). 1990—Subsec. (a)(2). Pub. L. 101–624 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “The interest rate on any loan (other than a guaranteed loan) to a low-income, limited resource borrower under this subchapter shall be the interest rate otherwise applicable under this section reduced by 3 per centum per annum.” 1984—Subsec. (b). Pub. L. 98–258 inserted “(or, in the case of loans for farm operating purposes, fifteen years)” and substituted “Except as otherwise provided for farm loans under section 1981b of this title, the interest rate” for “The interest rate”. 1981—Subsec. (a). Pub. L. 97–35 redesignated existing provisions as par. (1), inserted reference to loans guaranteed under pars. (2) and (3), and added pars. (2) and (3). 1978—Pub. L. 95–334 designated existing provisions as subsec. (a), inserted provisions relating to depositing of charges and provisions relating to interest rates on guaranteed loans, struck out provisions relating to payment and renewal of loans, and added subsec. (b). 1968—Pub. L. 90–488 substituted provisions for determination of interest rate by taking into consideration current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of the loans, adjusted to the nearest one-eighth of 1 per centum, plus not to exceed 1 per centum per annum as determined by the Secretary, for former prohibition of an interest rate exceeding 5 per centum per annum.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1981 AmendmentAmendment by Pub. L. 97–35 applicable to loans made after Sept. 30, 1981, see section 160(c) of Pub. L. 97–35, set out as a note under section 1927 of this title.
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "1949"
|
||||
citation: "7 U.S.C. § 1949"
|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1949 - Graduation of borrowers with operating loans or guarantees to private commercial credit
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall establish a plan, in coordination with activities under sections 2006a, 2006b, 2006c, and 2006d of this title, to encourage each borrower with an outstanding loan under this subchapter or with respect to whom there is an outstanding guarantee under this subchapter to graduate to private commercial or other sources of credit.
|
||||
|
||||
(Pub. L. 87–128, title III, § 319, as added Pub. L. 102–554, § 9, Oct. 28, 1992, 106 Stat. 4150; amended Pub. L. 104–127, title VI, § 617, Apr. 4, 1996, 110 Stat. 1090; Pub. L. 113–79, title V, § 5107, Feb. 7, 2014, 128 Stat. 838.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2014—Pub. L. 113–79 struck out subsec. (a) designation and heading before “The Secretary” and struck out subsec. (b) which related to limitation on period borrowers were eligible for guaranteed assistance under this subchapter and contained transition rule. 1996—Subsec. (b). Pub. L. 104–127 added subsec. (b) and struck out former subsec. (b) which provided for limitation on period for which borrowers were eligible for assistance under this subchapter and contained transition rule.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Suspension of Limitation on Period for Which Borrowers Are Eligible for Guaranteed AssistancePub. L. 107–171, title V, § 5102, May 13, 2002, 116 Stat. 343, as amended by Pub. L. 109–467, § 1, Dec. 22, 2006, 120 Stat. 3485; Pub. L. 110–234, title V, § 5103, May 22, 2008, 122 Stat. 1146; Pub. L. 110–246, § 4(a), title V, § 5103, June 18, 2008, 122 Stat. 1664, 1908, provided for the suspension of former 7 U.S.C. 1949(b) limitation on period borrowers were eligible for guaranteed assistance, beginning Jan. 1, 2002, and ending Dec. 31, 2010.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,49 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1962 - Loan determination factors; written credit declinations
|
||||
|
||||
## Text
|
||||
|
||||
(a) For the purpose of determining whether to make or insure any loan under this subchapter, the Secretary shall take into consideration the net worth of the applicant involved, including all the assets and liabilities of the applicant.
|
||||
|
||||
(b) For the purpose of determining whether an applicant under this subchapter is not able to obtain sufficient credit elsewhere, the Secretary shall require at least one written indication of declination of credit, from a legally organized lending institution within reasonable proximity to the applicant, that specifies the reasons for the declination: Provided, That for loans in excess of $300,000, the Secretary shall require at least two such written declinations: Provided further, That for loans of $100,000 or less, the Secretary may waive the requirement of this subsection if the Secretary determines that it would impose an undue burden on the applicant.
|
||||
|
||||
(Pub. L. 87–128, title III, § 322, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 4, Aug. 5, 1975, 89 Stat. 381; Pub. L. 96–438, § 3(b)(1), Oct. 13, 1980, 94 Stat. 1873; Pub. L. 104–127, title VI, § 622, Apr. 4, 1996, 110 Stat. 1091.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1996—Subsec. (b). Pub. L. 104–127 substituted “loans of $100,000 or less” for “loans of $300,000 or less”. 1980—Pub. L. 96–438 substituted provisions prescribing factors to be considered in determining whether to make or insure a loan and relating to the need for applicants unable to obtain sufficient credit elsewhere to provide written credit declinations for provisions relating to the purpose and extent of loans under this subchapter. 1975—Pub. L. 94–68 extended authority to finance crop or livestock changes deemed desirable as a result of changes in market demand, and to make emergency loans in excess of the actual loss sustained as a result of the natural disaster.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1980 AmendmentAmendment by Pub. L. 96–438 effective with respect to loans approved after Oct. 13, 1980, except for certain subsequent emergency loans, see section 3(d) of Pub. L. 96–438, set out as a note under section 1961 of this title.
|
||||
@@ -0,0 +1,49 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1963 - Purpose and extent of loans
|
||||
|
||||
## Text
|
||||
|
||||
Loans may be made or insured under this subchapter for any purpose authorized for loans under subchapter I or II of this chapter and for crop or livestock changes that are necessitated by a quarantine, natural disaster, major disaster, or emergency and that are deemed desirable by the applicant, subject to the limitations on the amounts of loans provided in section 1964(a) of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 323, Aug. 8, 1961, 75 Stat. 311; Pub. L. 96–438, § 3(b)(1), Oct. 13, 1980, 94 Stat. 1873; Pub. L. 104–127, title VI, § 623, Apr. 4, 1996, 110 Stat. 1091; Pub. L. 107–171, title V, § 5201(b), May 13, 2002, 116 Stat. 344.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2002—Pub. L. 107–171 inserted “quarantine,” before “natural disaster”. 1996—Pub. L. 104–127 inserted “that are necessitated by a natural disaster, major disaster, or emergency and that are” after “livestock changes”. 1980—Pub. L. 96–438 substituted provisions relating to the purposes and extent of loans made or insured under this subchapter for provisions limiting loans to amounts certified by the county committee.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1980 AmendmentAmendment by Pub. L. 96–438 effective with respect to loans approved after Oct. 13, 1980, except for certain subsequent emergency loans, see section 3(d) of Pub. L. 96–438, set out as a note under section 1961 of this title.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1965"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1965"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "fe5124c24158d183c4928bfab9b1ca1142ed2d1e272d506f3a4d76422707fb9b"
|
||||
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|
||||
text_hash: "03d8b254d58d64e70f1c4e54123899197e03fcec2861e449b93b61953b2999f9"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1965 - Repealed. Pub. L. 95–334, title I, § 120, Aug. 4, 1978, 92 Stat. 427
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 325, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 6, Aug. 5, 1975, 89 Stat. 382, authorized delegation of authority to State Directors of Farmers Home Administration for making emergency loans.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1966"
|
||||
description: "Emergency Credit Revolving Fund utilization"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1966"
|
||||
citation: "7 U.S.C. § 1966"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1966"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "221092fdc8698037ab69736ba784ca27436a3f1e8af55346412a0df9ddf36ca8"
|
||||
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||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1966 - Emergency Credit Revolving Fund utilization
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary is authorized to utilize the revolving fund created by section 1148a 11 See References in Text note below. of title 12 (hereinafter in this subchapter referred to as the “Emergency Credit Revolving Fund”) for carrying out the purposes of this subchapter.
|
||||
|
||||
(Pub. L. 87–128, title III, § 326, Aug. 8, 1961, 75 Stat. 312.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextSection 1148a of title 12, referred to in text, was repealed by Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624. See section 2252 of Title 12, Banks and Banking. The Emergency Credit Revolving Fund, referred to in text, was abolished and its assets and liabilities transferred to the Agricultural Credit Insurance Fund by section 1929 of this title.
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1967"
|
||||
description: "Addition to Emergency Credit Revolving Fund of sums from liquidation of loans; authorization of appropriations"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1967"
|
||||
citation: "7 U.S.C. § 1967"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1967"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1967 - Addition to Emergency Credit Revolving Fund of sums from liquidation of loans; authorization of appropriations
|
||||
|
||||
## Text
|
||||
|
||||
(a) All sums received by the Secretary from the liquidation of loans made under the provisions of this subchapter or under the Act of April 6, 1949, as amended, or the Act of August 31, 1954, and from the liquidation of any other assets acquired with money from the Emergency Credit Revolving Fund shall be added to and become a part of such fund.
|
||||
|
||||
(b) There are authorized to be appropriated to the Emergency Credit Revolving Fund such additional sums as the Congress shall from time to time determine to be necessary.
|
||||
|
||||
(Pub. L. 87–128, title III, § 327, Aug. 8, 1961, 75 Stat. 312.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextAct of April 6, 1949, as amended, referred to in subsec. (a), is act Apr. 6, 1949, ch. 49, 63 Stat. 43, which was classified to sections 1148a–1 to 1148a–3 of Title 12, Banks and Banking, was repealed by section 341(a) of Pub. L. 87–128, and is covered by this chapter. Act of August 31, 1954, referred to in subsec. (a), is act Aug. 31, 1954, ch. 1145, 68 Stat. 999, which was classified as a note under section 1148a–1 of Title 12, was repealed by section 341(a) of Pub. L. 87–128, and is covered by this chapter.
|
||||
|
||||
Abolition of Emergency Credit Revolving Fund The Emergency Credit Revolving Fund, referred to in this section and in section 1966 of this title, was abolished and its assets and liabilities transferred to the Agricultural Credit Insurance Fund by section 1929 of this title.
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1968"
|
||||
description: "Repealed. Pub. L. 104–127, title VI, § 626, Apr. 4, 1996, 110 Stat. 1092"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
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kind: "code_section"
|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1968"
|
||||
citation: "7 U.S.C. § 1968"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1968"
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source_file: "data/legal/raw/us/code/title-07/usc07.xml"
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source_hash: "b8d666cfe2deb45e5099aa499681604ced5f5e61afbbf07009d9a7ccd30af83c"
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retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1968 - Repealed. Pub. L. 104–127, title VI, § 626, Apr. 4, 1996, 110 Stat. 1092
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 328, as added Pub. L. 92–173, Nov. 24, 1971, 85 Stat. 491; amended Pub. L. 93–24, § 5, Apr. 20, 1973, 87 Stat. 25; Pub. L. 95–334, title I, § 109(b), Aug. 4, 1978, 92 Stat. 423, related to insurance of loans.
|
||||
@@ -0,0 +1,39 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1969"
|
||||
description: "Repealed. Pub. L. 93–24, § 1, Apr. 20, 1973, 87 Stat. 24"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1969"
|
||||
citation: "7 U.S.C. § 1969"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1969"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "f247a83f8c303ccc51b2fe77afc244c8c345494da8c3456e89b2e4fcd9799e4a"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
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||||
text_hash: "760021b941c98c33985e3739e9fd3dafcd0b9561250eaf77bd3e8f57cb283526"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1969 - Repealed. Pub. L. 93–24, § 1, Apr. 20, 1973, 87 Stat. 24
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 328, as added Pub. L. 92–385, § 5, Aug. 16, 1972, 86 Stat. 557, provided for emergency loans for major and natural disasters occurring between June 30, 1971, and July 1, 1973, providing in: subsec. (a) for cancellation of existing loans and the considerations in making grants, loans, and refinancing of loans; subsec. (b) for loans for loss or damage to agricultural crops; subsec. (c) for amount of loans and interest rates; subsec. (d) for availability of benefits irrespective of age; subsec. (e) for availability of benefits irrespective of approval date; and subsec. (f) for report to Congress.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Loans to Eligible Applicants in Areas Determined as Natural Disaster Areas After January 1, 1972, and Before December 27, 1972; Time for Acceptance of ApplicationsPub. L. 93–24, § 8, Apr. 20, 1973, 87 Stat. 25, provided that: “Notwithstanding the repeal herein of section 5 of Public Law 92–385 [this section], and notwithstanding any other provision of law, the Secretary of Agriculture shall make loans in accordance with the provisions of section 5 of Public Law 92–385 [this section] to eligible applicants in natural disaster areas determined or designated by the Secretary of Agriculture where such determination or designation had been made after January 1, 1972 and prior to December 27, 1972. The authority to accept applications for such loans shall expire 18 days after the effective date of this Act [Apr. 20, 1973].”
|
||||
|
||||
Continuation of Secretary’s Authority With Respect to Natural Disasters Occurring After December 26, 1972, and Prior to April 20, 1973Pub. L. 93–237, § 4, Jan. 2, 1974, 87 Stat. 1024, provided that: “Notwithstanding the provisions of Public Law 93–24 [which repealed this section], the Secretary of Agriculture shall continue to exercise his authority with respect to natural disasters which occurred after December 26, 1972, but prior to April 20, 1973, in accordance with the provisions of section 5 of Public Law 92–385 [this section] as such section was in effect prior to April 20, 1973.”
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1970"
|
||||
description: "Eligibility for assistance based on production loss"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1970"
|
||||
citation: "7 U.S.C. § 1970"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1970"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "52e86764b84016164c9ce68e184c32148c0e8c5df55ca2d60602e780098c858b"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "ba00addc66cb3f652d5cbe877b225a734b8ddfa0cc603f2c0507116cc9c65901"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1970 - Eligibility for assistance based on production loss
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall make financial assistance under this subchapter available to any applicant seeking assistance based on production losses if the applicant shows that a single enterprise which constitutes a basic part of the applicant’s farming, ranching, or aquaculture operation has sustained at least a 30 per centum loss of normal per acre or per animal production, or such lesser per centum of loss as the Secretary may determine, as a result of the disaster based upon the average monthly price in effect for the previous year and the applicant otherwise meets the conditions of eligibility prescribed under this subchapter. Such loans shall be made available based upon 80 per centum, or such greater per centum as the Secretary may determine, of the total calculated actual production loss sustained by the applicant.
|
||||
|
||||
(Pub. L. 87–128, title III, § 329, as added Pub. L. 94–68, § 7, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 97–35, title I, § 163, Aug. 13, 1981, 95 Stat. 378.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1981—Pub. L. 97–35 increased specific per centum loss from 20 to 30, and authorized a lesser per centum loss pursuant to determinations by the Secretary under applicable criteria.
|
||||
@@ -0,0 +1,33 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1971"
|
||||
description: "Repealed. Pub. L. 99–198, title XIII, § 1308(d), Dec. 23, 1985, 99 Stat. 1523"
|
||||
jurisdiction: "us"
|
||||
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|
||||
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|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1971"
|
||||
citation: "7 U.S.C. § 1971"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
source_identifier: "/us/usc/t7/s1971"
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||||
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|
||||
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||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1971 - Repealed. Pub. L. 99–198, title XIII, § 1308(d), Dec. 23, 1985, 99 Stat. 1523
|
||||
|
||||
## Notes
|
||||
|
||||
Section, Pub. L. 87–128, title III, § 330, as added Pub. L. 94–68, § 8, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 96–438, § 3(b)(2), Oct. 13, 1980, 94 Stat. 1875, authorized additional emergency loans.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,69 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1981a"
|
||||
description: "Loan moratorium and policy on foreclosures"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1981a"
|
||||
citation: "7 U.S.C. § 1981a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1981a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "9a092a76361f1d9dd2184bbfb9cfc8957879f83e12eb678da5ced39c100eebd5"
|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981a - Loan moratorium and policy on foreclosures
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general In addition to any other authority that the Secretary may have to defer principal and interest and forego foreclosure, the Secretary may permit, at the request of the borrower, the deferral of principal and interest on any outstanding loan made, insured, or held by the Secretary under this chapter, or under the provisions of any other law administered by the Farmers Home Administration or by the Rural Development Administration, and may forego foreclosure of any such loan, for such period as the Secretary deems necessary upon a showing by the borrower that due to circumstances beyond the borrower’s control, the borrower is temporarily unable to continue making payments of such principal and interest when due without unduly impairing the standard of living of the borrower. The Secretary may permit interest that accrues during the deferral period on any loan deferred under this section to bear no interest during or after such period: Provided, That if the security instrument securing such loan is foreclosed such interest as is included in the purchase price at such foreclosure shall become part of the principal and draw interest from the date of foreclosure at the rate prescribed by law.
|
||||
|
||||
(b) Moratorium (1) In general Subject to the other provisions of this subsection, effective beginning on the date of the enactment of this subsection, there shall be in effect a moratorium, with respect to farmer program loans made under subchapter I, II, or III, on all acceleration and foreclosure proceedings instituted by the Department of Agriculture against any farmer or rancher who—
|
||||
|
||||
(A) has pending against the Department a claim of program discrimination that is accepted by the Department as valid; or
|
||||
|
||||
(B) files a claim of program discrimination that is accepted by the Department as valid.
|
||||
|
||||
(2) Waiver of interest and offsets During the period of the moratorium, the Secretary shall waive the accrual of interest and offsets on all farmer program loans made under subchapter I, II, or III for which loan acceleration or foreclosure proceedings have been suspended under paragraph (1).
|
||||
|
||||
(3) Termination of moratorium The moratorium shall terminate with respect to a claim of discrimination by a farmer or rancher on the earlier of—
|
||||
|
||||
(A) the date the Secretary resolves the claim; or
|
||||
|
||||
(B) if the farmer or rancher appeals the decision of the Secretary on the claim to a court of competent jurisdiction, the date that the court renders a final decision on the claim.
|
||||
|
||||
(4) Failure to prevail If a farmer or rancher does not prevail on a claim of discrimination described in paragraph (1), the farmer or rancher shall be liable for any interest and offsets that accrued during the period that loan acceleration or foreclosure proceedings have been suspended under paragraph (1).
|
||||
|
||||
(Pub. L. 87–128, title III, § 331A, as added Pub. L. 95–334, title I, § 122, Aug. 4, 1978, 92 Stat. 427; amended Pub. L. 101–624, title XXIII, § 2303(b), Nov. 28, 1990, 104 Stat. 3981; Pub. L. 110–234, title XIV, § 14002(a), May 22, 2008, 122 Stat. 1442; Pub. L. 110–246, § 4(a), title XIV, § 14002(a), June 18, 2008, 122 Stat. 1664, 2204.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (a), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. The date of the enactment of this subsection, referred to in subsec. (b)(1), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Prior ProvisionsProvisions similar to those in this section were contained in the following appropriation acts: Pub. L. 102–341, title III, Aug. 14, 1992, 106 Stat. 897. Pub. L. 102–142, title III, Oct. 28, 1991, 105 Stat. 902. Pub. L. 101–506, title II, Nov. 5, 1990, 104 Stat. 1333. Pub. L. 101–161, title II, Nov. 21, 1989, 103 Stat. 969. Pub. L. 100–460, title II, Oct. 1, 1988, 102 Stat. 2246. Pub. L. 100–202, § 101(k) [title II], Dec. 22, 1987, 101 Stat. 1329–322, 1329–340. Pub. L. 99–500, § 101(a) [title II], Oct. 18, 1986, 100 Stat. 1783, 1783–16, and Pub. L. 99–591, § 101(a) [title II], Oct. 30, 1986, 100 Stat. 3341, 3341–16. Pub. L. 99–190, § 101(a) [H.R. 3037, title II], Dec. 19, 1985, 99 Stat. 1185; Pub. L. 100–202, § 106, Dec. 22, 1987, 101 Stat. 1329–433. Pub. L. 97–370, title II, Dec. 18, 1982, 96 Stat. 1800.
|
||||
|
||||
Amendments2008—Pub. L. 110–246, § 14002(a), designated existing provisions as subsec. (a) and added subsec. (b). 1990—Pub. L. 101–624 inserted “or by the Rural Development Administration” after “Farmers Home Administration”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Forbearance and Restructuring for Farm LoansPub. L. 100–387, title III, § 313(a), Aug. 11, 1988, 102 Stat. 949, provided that: “It is the sense of Congress that the Secretary of Agriculture should, with respect to farmers and ranchers who suffer major losses due to drought, hail, excessive moisture, or related condition in 1988— “(1) exercise forbearance in the collection of interest and principal on direct farmer program loans under the Consolidated Farm and Rural Development Act [7 U.S.C. 1921 et seq.] outstanding for such farmers and ranchers; “(2) expedite the use of credit restructuring and other credit relief mechanisms authorized under the Agricultural Credit Act of 1987 [Pub. L. 100–233, Jan. 6, 1988, 101 Stat. 1568, see Tables for classification] and similar provisions of law for such farmers and ranchers; and “(3) encourage commercial lenders participating in guaranteed farmer lending programs under the Consolidated Farm and Rural Development Act to exercise forbearance before declaring loans to such farmers and ranchers under such programs in default.”
|
||||
@@ -0,0 +1,53 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1981b"
|
||||
description: "Farm loan interest rates"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981b - Farm loan interest rates
|
||||
|
||||
## Text
|
||||
|
||||
Any loan for farm ownership purposes under subchapter I of this chapter, farm operating purposes under subchapter II of this chapter, or disaster emergency purposes under subchapter III of this chapter, other than a guaranteed loan, that is deferred, consolidated, rescheduled, or reamortized under this chapter shall, notwithstanding any other provision of this chapter, bear interest on the balance of the original loan and for the term of the original loan at a rate that is the lowest of—
|
||||
|
||||
(1) the rate of interest on the original loan;
|
||||
|
||||
(2) the rate being charged by the Secretary for loans, other than guaranteed loans, of the same type at the time at which the borrower applies for a deferral, consolidation, rescheduling, or reamortization; or
|
||||
|
||||
(3) the rate being charged by the Secretary for loans, other than guaranteed loans, of the same type at the time of the deferral, consolidation, rescheduling, or reamortization.
|
||||
|
||||
(Pub. L. 87–128, title III, § 331B, as added Pub. L. 98–258, title VI, § 605, Apr. 10, 1984, 98 Stat. 139; amended Pub. L. 107–171, title V, § 5305, May 13, 2002, 116 Stat. 345.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2002—Pub. L. 107–171 substituted “lowest of—” for “lower of”, realigned margins for pars., substituted “original loan;” for “original loan or (2) the”, added par. (2), and redesignated former par. (2) as (3).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Adjustment of Interest RatesPub. L. 100–71, title I, July 11, 1987, 101 Stat. 428, provided that: “The Secretary may adjust interest rates on existing nonsubsidized loans if he determines such interest rates are excessive in relation to prevailing commercial rates for comparable loans: Provided, That such rate adjustments shall constitute a change in the loan agreement and not a new loan.”
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1981c"
|
||||
description: "Oil and gas royalty payments on loans"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981c - Oil and gas royalty payments on loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) The Secretary shall permit a borrower of a loan made or insured under this chapter to make a prospective payment on such loan with proceeds from—
|
||||
|
||||
(1) the leasing of oil, gas, or other mineral rights to real property used to secure such loan; or
|
||||
|
||||
(2) the sale of oil, gas, or other minerals removed from real property used to secure such loan, if the value of the rights to such oil, gas, or other minerals has not been used to secure such loan.
|
||||
|
||||
(b) Subsection (a) shall not apply to a borrower of a loan made or insured under this chapter with respect to which a liquidation or foreclosure proceeding is pending on December 23, 1985.
|
||||
|
||||
(Pub. L. 87–128, title III, § 331C, as added Pub. L. 99–198, title XIII, § 1310(a), Dec. 23, 1985, 99 Stat. 1523.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
@@ -0,0 +1,89 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1981d"
|
||||
description: "Notice of loan service programs"
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981d - Notice of loan service programs
|
||||
|
||||
## Text
|
||||
|
||||
(a) Requirement The Secretary shall provide notice by certified mail to each borrower who is at least 90 days past due on the payment of principal or interest on a loan made or insured under this chapter.
|
||||
|
||||
(b) Contents The notice required under subsection (a) shall—
|
||||
|
||||
(1) include a summary of all primary loan service programs, preservation loan service programs, debt settlement programs, and appeal procedures, including the eligibility criteria, and terms and conditions of such programs and procedures;
|
||||
|
||||
(2) include a summary of the manner in which the borrower may apply, and be considered, for all such programs, except that the Secretary shall not require the borrower to select among such programs or waive any right in order to be considered for any program carried out by the Secretary;
|
||||
|
||||
(3) advise the borrower regarding all filing requirements and any deadlines that must be met for requesting loan servicing;
|
||||
|
||||
(4) provide any relevant forms, including applicable response forms;
|
||||
|
||||
(5) advise the borrower that a copy of regulations is available on request; and
|
||||
|
||||
(6) be designed to be readable and understandable by the borrower.
|
||||
|
||||
(c) Contained in regulations All notices required by this section shall be contained in the regulations implementing this chapter.
|
||||
|
||||
(d) Timing The notice described in subsection (b) shall be provided—
|
||||
|
||||
(1) at the time an application is made for participation in a loan service program;
|
||||
|
||||
(2) on written request of the borrower; and
|
||||
|
||||
(3) before the earliest of—
|
||||
|
||||
(A) initiating any liquidation;
|
||||
|
||||
(B) requesting the conveyance of security property;
|
||||
|
||||
(C) accelerating the loan;
|
||||
|
||||
(D) repossessing property;
|
||||
|
||||
(E) foreclosing on property; or
|
||||
|
||||
(F) taking any other collection action.
|
||||
|
||||
(e) Consideration of borrowers for loan service programs The Secretary shall consider a farmer program borrower for all loan service programs if, within 60 days after receipt of the notice required in this section or, in extraordinary circumstances as determined by the applicable State director, after the 60-day period, the borrower requests such consideration in writing. In considering a borrower for loan service programs, the Secretary shall place the highest priority on the preservation of the borrower’s farming operations.
|
||||
|
||||
(Pub. L. 87–128, title III, § 331D, as added Pub. L. 100–233, title VI, § 605, Jan. 6, 1988, 101 Stat. 1666; amended Pub. L. 101–624, title XVIII, § 1807, Nov. 28, 1990, 104 Stat. 3819; Pub. L. 102–554, § 10, Oct. 28, 1992, 106 Stat. 4151; Pub. L. 104–127, title VI, § 633, Apr. 4, 1996, 110 Stat. 1092; Pub. L. 115–334, title V, § 5401(b)(1), Dec. 20, 2018, 132 Stat. 4674.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a) and (c), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2018—Subsec. (e). Pub. L. 115–334 inserted “or, in extraordinary circumstances as determined by the applicable State director, after the 60-day period” after “within 60 days after receipt of the notice required in this section”. 1996—Subsec. (a). Pub. L. 104–127 substituted “90 days past due on” for “180 days delinquent in”. 1992—Subsec. (e). Pub. L. 102–554, which directed the insertion of “or, in extraordinary circumstances as determined by the applicable State director, after the 60-day period” after “not later than 60 days after receipt of the notice required in this section”, could not be executed because the phrase “not later than 60 days after receipt of the notice required in this section” did not appear in text. Corrected amendment was made by Pub. L. 115–334, effective as if included in Pub. L. 102–554. See 2018 Amendment note above and Effective Date of 2018 Amendment note below. 1990—Subsec. (b)(1). Pub. L. 101–624, § 1807(1), inserted “debt settlement programs,” after “preservation loan service programs”. Subsec. (e). Pub. L. 101–624, § 1807(2), substituted “60 days” for “45 days”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2018 AmendmentPub. L. 115–334, title V, § 5401(b)(2), Dec. 20, 2018, 132 Stat. 4674, provided that: “The amendment made by this subsection [amending this section] shall take effect as if included in the enactment of section 10 of the Agricultural Credit Improvement Act of 1992 (Public Law 102–554).”
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1990 AmendmentAmendment by section 1807(1) of Pub. L. 101–624 effective 120 days after Nov. 28, 1990, see section 1861(b) of Pub. L. 101–624, set out as a note under section 2001 of this title.
|
||||
@@ -0,0 +1,57 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981e - Planting and production history guidelines
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall ensure that appropriate procedures, including to the extent practicable onsite inspections, or use of county or State yield averages, are used in calculating future yields for an applicant for a loan, when an accurate projection cannot be made because the applicant’s past production history has been affected by natural disasters declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.).
|
||||
|
||||
(b) Calculation of yields (1) In general For purposes of averaging past yields of the farm of a borrower or applicant over a period of crop years to calculate future yields for the farm under this chapter (except for loans under subchapter III), the Secretary shall permit the borrower or applicant to exclude the crop year with the lowest actual or county average yield for the farm from the calculation, if the borrower or applicant was affected by a disaster during at least 2 of the crop years during the period.
|
||||
|
||||
(2) Affected by a disaster For purposes of paragraph (1), a borrower or applicant was affected by a disaster if the Secretary finds that the borrower or applicant’s farming operations have been substantially affected by a natural disaster in the United States or by a major disaster or emergency designated by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.), including a borrower or applicant who has a qualifying loss but is not located in a designated or declared disaster area.
|
||||
|
||||
(3) Application of subsection Paragraph (1) shall apply to all actions taken by the Secretary to carry out this chapter (except for loans under subchapter III) that involve the yields of a farm of a borrower or applicant, including making loans and loan guarantees, servicing loans, and making credit sales.
|
||||
|
||||
(Pub. L. 87–128, title III, § 331E, as added Pub. L. 100–233, title VI, § 606, Jan. 6, 1988, 101 Stat. 1667; amended Pub. L. 102–237, title V, § 501(d)(1), Dec. 13, 1991, 105 Stat. 1866; Pub. L. 102–552, title V, § 516(g)(1), Oct. 28, 1992, 106 Stat. 4138.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsecs. (a) and (b)(2), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143, which is classified principally to chapter 68 (§ 5121 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 5121 of Title 42 and Tables. This chapter, referred to in subsec. (b)(1), (3), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1992—Subsec. (a). Pub. L. 102–552, § 516(g)(1)(A), substituted “Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.)” for “Disaster Relief Act of 1974”. Subsec. (b)(2). Pub. L. 102–552, § 516(g)(1)(B), inserted “Robert T. Stafford” before “Disaster Relief”. 1991—Pub. L. 102–237 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–552, title V, § 516(g)(2), Oct. 28, 1992, 106 Stat. 4138, provided that: “The amendments made by paragraph (1) of this subsection [amending this section] shall take effect immediately after section 501(d) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1866) [amending this section and enacting provisions set out below] took effect.”
|
||||
|
||||
Effective Date of 1991 AmendmentPub. L. 102–237, title V, § 501(d)(3), Dec. 13, 1991, 105 Stat. 1867, provided that: “(A) In general.—Except as provided in subparagraph (B), the amendment made by paragraph (1) [amending this section] shall become effective on the date of publication of the interim regulations issued pursuant to paragraph (2)(A) [set out below]. “(B) Exception.—The amendment made by paragraph (1) shall apply to each primary loan servicing application submitted on or after the date of enactment of this Act [Dec. 13, 1991].”
|
||||
|
||||
RegulationsPub. L. 102–237, title V, § 501(d)(2), Dec. 13, 1991, 105 Stat. 1867, provided that: “(A) Interim regulations.—Notwithstanding section 553 of title 5, United States Code, as soon as practicable after the date of enactment of this Act [Dec. 13, 1991] and without a requirement for prior public notice and comment, the Secretary of Agriculture shall issue interim regulations that provide for the implementation of the amendment made by paragraph (1) [amending this section] beginning in crop year 1992. “(B) Final regulations.—The Secretary of Agriculture shall provide for public notice and comment before the issuance of final regulations to implement the amendment made by paragraph (1).”
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1981f"
|
||||
description: "Underwriting forms and standards"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1981f"
|
||||
citation: "7 U.S.C. § 1981f"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1981f - Underwriting forms and standards
|
||||
|
||||
## Text
|
||||
|
||||
In the administration of this chapter, the Secretary shall, to the extent practicable, use underwriting forms, standards, practices, and terminology similar to the forms, standards, practices, and terminology used by lenders in the private sector.
|
||||
|
||||
(Pub. L. 87–128, title III, § 331F, as added Pub. L. 101–624, title XVIII, § 1808(a), Nov. 28, 1990, 104 Stat. 3820.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
RegulationsPub. L. 101–624, title XVIII, § 1808(b), Nov. 28, 1990, 104 Stat. 3820, provided that: “The Secretary of Agriculture shall not issue final regulations providing for the use of ratios and standards for determining the degree of potential loan risk under section 331F of the Consolidated Farm and Rural Development Act [7 U.S.C. 1981f] (as added by subsection (a) of this section), prior to the submission of the study and report on the effects of the regulations required by section 621 of the Agricultural Credit Act of 1987 (7 U.S.C. 1989 note).”
|
||||
@@ -0,0 +1,57 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1982"
|
||||
description: "Relief for mobilized military reservists from certain agricultural loan obligations"
|
||||
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|
||||
corpus: "united_states_code"
|
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|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1982"
|
||||
citation: "7 U.S.C. § 1982"
|
||||
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|
||||
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|
||||
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|
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|
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1982 - Relief for mobilized military reservists from certain agricultural loan obligations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definition of mobilized military reservist In this section, the term “mobilized military reservist” means an individual who—
|
||||
|
||||
(1) is on active duty under section 688, 12301(a), 12301(g), 12302, 12304, 12306, or 12406, or chapter 13 of title 10, or any other provision of law during a war or during a national emergency declared by the President or Congress, regardless of the location at which the active duty service is performed; or
|
||||
|
||||
(2) in the case of a member of the National Guard, is on full-time National Guard duty (as defined in section 101(d)(5) of title 10) under a call to active service authorized by the President or the Secretary of Defense for a period of more than 30 consecutive days under section 502(f) of title 32 for purposes of responding to a national emergency declared by the President and supported by Federal funds.
|
||||
|
||||
(b) Forgiveness of interest payments due while borrower is a mobilized military reservist Any requirement that a borrower of a direct loan made under this chapter make any interest payment on the loan that would otherwise be required to be made while the borrower is a mobilized military reservist is rescinded.
|
||||
|
||||
(c) Deferral of principal payments due while or after borrower is a mobilized military reservist The due date of any payment of principal on a direct loan made to a borrower under this chapter that would otherwise be required to be made while or after the borrower is a mobilized military reservist is deferred for a period equal in length to the period for which the borrower is a mobilized military reservist.
|
||||
|
||||
(d) Nonaccrual of interest Interest on a direct loan made to a borrower described in this section shall not accrue during the period the borrower is a mobilized military reservist.
|
||||
|
||||
(e) Borrower not considered to be delinquent or receiving debt forgiveness Notwithstanding section 2008h of this title or any other provision of this chapter, a borrower who receives assistance under this section shall not, as a result of the assistance, be considered to be delinquent or receiving debt forgiveness for purposes of receiving a direct or guaranteed loan under this chapter.
|
||||
|
||||
(Pub. L. 87–128, title III, § 332, as added Pub. L. 108–375, div. A, title VI, § 664, Oct. 28, 2004, 118 Stat. 1974; amended Pub. L. 115–232, div. A, title XII, § 1204(a)(2), Aug. 13, 2018, 132 Stat. 2017.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (b), (c), and (e), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Prior ProvisionsA prior section 1982, Pub. L. 87–128, title III, § 332, Aug. 8, 1961, 75 Stat. 314; Pub. L. 99–198, title XIII, § 1311, Dec. 23, 1985, 99 Stat. 1524; Pub. L. 100–233, title VI, § 607, Jan. 6, 1988, 101 Stat. 1667; Pub. L. 101–624, title XVIII, § 1809, Nov. 28, 1990, 104 Stat. 3820; Pub. L. 102–554, § 11, Oct. 28, 1992, 106 Stat. 4151, related to county committees, prior to repeal by Pub. L. 103–354, title II, § 227(b)(1), Oct. 13, 1994, 108 Stat. 3218.
|
||||
|
||||
Amendments2018—Subsec. (a)(1). Pub. L. 115–232 substituted “chapter 13” for “chapter 15”.
|
||||
File diff suppressed because one or more lines are too long
@@ -0,0 +1,145 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1983a"
|
||||
description: "Prompt approval of loans and loan guarantees"
|
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1983a"
|
||||
citation: "7 U.S.C. § 1983a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1983a - Prompt approval of loans and loan guarantees
|
||||
|
||||
## Text
|
||||
|
||||
(a) Applications; time for action by Secretary; notice; statement of reasons (1) The Secretary shall approve or disapprove an application for a loan or loan guarantee made under this chapter, and notify the applicant of such action, not later than 60 days after the Secretary has received a complete application for such loan or loan guarantee.
|
||||
|
||||
(2) (A) If an application for a loan or loan guarantee under this chapter (other than under subchapter II) is incomplete, the Secretary shall inform the applicant of the reasons such application is incomplete not later than 20 days after the Secretary has received such application.
|
||||
|
||||
(B) (i) Not later than 10 calendar days after the Secretary receives an application for an operating loan or loan guarantee under subchapter II, the Secretary shall notify the applicant of any information required before a decision may be made on the application. On receipt of an application, the Secretary shall request from other parties such information as may be needed in connection with the application.
|
||||
|
||||
(ii) Not later than 15 calendar days after the date an agency of the Department of Agriculture receives a request for information made pursuant to clause (i), the agency shall provide the Secretary with the requested information.
|
||||
|
||||
(iii) If, not later than 20 calendar days after the date a request is made pursuant to clause (i) with respect to an application, the Secretary has not received the information requested, the Secretary shall notify the applicant and the district office of the Farmers Home Administration, in writing, of the outstanding information.
|
||||
|
||||
(iv) A county office shall notify the district office of the Farmers Home Administration of each application for an operating loan or loan guarantee under subchapter II that is pending more than 45 days after receipt, and the reasons the application is pending.
|
||||
|
||||
(v) A district office that receives a notice provided under clause (iv) with respect to an application shall immediately take steps to ensure that final action is taken on the application not later than 15 days after the date of the receipt of the notice.
|
||||
|
||||
(vi) The district office shall report to the State office of the Farmers Home Administration on each application for an operating loan or loan guarantee under subchapter II that is pending more than 45 days after receipt by the county committee, and the reasons the application is pending.
|
||||
|
||||
(vii) Each month, the Secretary shall notify the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate, on a State-by-State basis, as to each application for an operating loan or loan guarantee under subchapter II of this chapter on which final action had not been taken within 60 calendar days after receipt by the Secretary, and the reasons final action had not been taken.
|
||||
|
||||
(3) If an application for a loan or loan guarantee under this chapter is disapproved by the Secretary, the Secretary shall state the reasons for the disapproval in the notice required under paragraph (1).
|
||||
|
||||
(4) (A) Notwithstanding paragraph (1), each application for a loan or loan guarantee under section 1932(a) of this title, or for a loan under section 1926(a) of this title, that is to be disapproved by the Secretary solely because the Secretary lacks the necessary amount of funds to make the loan or guarantee shall not be disapproved but shall be placed in pending status.
|
||||
|
||||
(B) The Secretary shall retain the pending application and reconsider the application beginning on the date that sufficient funds become available.
|
||||
|
||||
(C) Not later than 60 days after funds become available regarding each pending application, the Secretary shall notify the applicant of the approval or disapproval of funding for the application.
|
||||
|
||||
(b) Loan proceeds; time for receipt (1) Except as provided in paragraph (2), if an application for an insured loan under this chapter is approved by the Secretary, the Secretary shall provide the loan proceeds to the applicant not later than 15 days (or such longer period as the applicant may approve) after the application for the loan is approved by the Secretary.
|
||||
|
||||
(2) If the Secretary is unable to provide the loan proceeds to the applicant within such 15-day period because sufficient funds are not available to the Secretary for such purpose, the Secretary shall provide the loan proceeds to the applicant as soon as practicable (but in no event later than 15 days unless the applicant agrees to a longer period) after sufficient funds for such purpose become available to the Secretary.
|
||||
|
||||
(c) Reconsideration of applications; time for action by Secretary If an application for a loan or loan guarantee under this chapter is disapproved by the Secretary, but such action is subsequently reversed or revised as the result of an appeal within the Department of Agriculture or to the courts of the United States and the application is returned to the Secretary for further consideration, the Secretary shall act on the application and provide the applicant with notice of the action within 15 days after return of the application to the Secretary.
|
||||
|
||||
(d) Approved lender designation applications; time for decision by Secretary In carrying out the approved lender program established by exhibit A to subpart B of part 1980 of title 7, Code of Federal Regulations, the Secretary shall ensure that each request of a lending institution for designation as an approved lender under such program is reviewed, and a decision made on the application, not later than 15 days after the Secretary has received a complete application for such designation.
|
||||
|
||||
(e) Processing loan applications; personnel and other resources made available; use of authorities of law (1) As soon as practicable after December 23, 1985, the Secretary shall take such steps as are necessary to make personnel, including the payment of overtime for such personnel, and other resources of the Department of Agriculture available to the Farmers Home Administration as are sufficient to enable the Farmers Home Administration to expeditiously process loan applications that are submitted by farmers and ranchers.
|
||||
|
||||
(2) In carrying out paragraph (1), the Secretary may use any authority of law provided to the Secretary, including—
|
||||
|
||||
(A) the Agricultural Credit Insurance Fund established under section 1929 of this title; and
|
||||
|
||||
(B) the employment procedures used in connection with the emergency loan program established under subchapter III.
|
||||
|
||||
(f) Graduation of seasoned direct loan borrowers to loan guarantee program (1) As used in this subsection:
|
||||
|
||||
(A) The term “approved lender” means a lender approved prior to October 28, 1992, by the Secretary under the approved lender program established by exhibit A to subpart B of part 1980 of title 7, Code of Federal Regulations (as in effect on January 1, 1991), or a lender certified under section 1989 of this title.
|
||||
|
||||
(B) The term “seasoned direct loan borrower” means a borrower receiving a direct loan under this chapter who has been classified as “commercial” or “standard” under subpart W of part 2006 of the Instruction Manual (as in effect on January 1, 1991).
|
||||
|
||||
(2) The Secretary, or a contracting third party, shall annually review under section 2006b of this title the loans of each seasoned loan borrower. If, based on the review, it is determined that a borrower would be able to obtain a loan, guaranteed by the Secretary, from a commercial or cooperative lender at reasonable rates and terms for loans for similar purposes and periods of time, the Secretary shall assist the borrower in applying for the commercial or cooperative loan.
|
||||
|
||||
(3) In accordance with section 2006d of this title, the Secretary shall prepare a prospectus on each seasoned direct loan borrower determined eligible to obtain a guaranteed loan. The prospectus shall contain a description of the amounts of loan guarantee and interest assistance that the Secretary will provide to the seasoned direct loan borrower to enable the seasoned direct loan borrower to carry out a financially viable farming plan if a guaranteed loan is made.
|
||||
|
||||
(4) Verification.— (A) In general.— The Secretary shall provide a prospectus of a seasoned direct loan borrower to each approved lender whose lending area includes the location of the seasoned direct loan borrower.
|
||||
|
||||
(B) Notification.— The Secretary shall notify each borrower of a loan that a prospectus has been provided to a lender under subparagraph (A).
|
||||
|
||||
(C) Credit extended.— If the Secretary receives an offer from an approved lender to extend credit to the seasoned direct loan borrower under terms and conditions contained in the prospectus, the seasoned direct loan borrower shall not be eligible for an insured loan from the Secretary under subchapter I or II, except as otherwise provided in this subsection.
|
||||
|
||||
(5) If the Secretary is unable to provide loan guarantees and, if necessary, interest assistance to the seasoned direct loan borrower under this subsection in amounts sufficient to enable the seasoned direct loan borrower to borrow from commercial sources the amount required to carry out a financially viable farming plan, or if the Secretary does not receive an offer from an approved lender to extend credit to a seasoned direct loan borrower under the terms and conditions contained in the prospectus, the Secretary shall make an insured loan to the seasoned direct loan borrower under subchapter I or II, whichever is applicable.
|
||||
|
||||
(6) To the extent necessary for the borrower to obtain a loan, guaranteed by the Secretary, from a commercial or cooperative lender, the Secretary shall provide interest rate reductions as provided for under section 1999 of this title.
|
||||
|
||||
(g) Simplified application forms for loan guarantees (1) In general The Secretary shall provide to lenders a short, simplified application form for guarantees under this chapter of—
|
||||
|
||||
(A) farmer program loans the principal amount of which is $125,000 or less; and
|
||||
|
||||
(B) business and industry guaranteed loans under section 1932(a)(2)(A) of this title the principal amount of which is—
|
||||
|
||||
(i) in the case of a loan guarantee made during fiscal year 2002 or 2003, $400,000 or less; and
|
||||
|
||||
(ii) in the case of a loan guarantee made during any subsequent fiscal year—
|
||||
|
||||
(I) $400,000 or less; or
|
||||
|
||||
(II) if the Secretary determines that there is not a significant increased risk of a default on the loan, $600,000 or less.
|
||||
|
||||
(2) Water and waste disposal grants and loans The Secretary shall develop an application process that accelerates, to the maximum extent practicable, the processing of applications for water and waste disposal grants or direct or guaranteed loans under paragraph (1) or (2) of section 1926(a) of this title the grant award amount or principal loan amount, respectively, of which is $300,000 or less.
|
||||
|
||||
(3) Administration In developing an application under this subsection, the Secretary shall—
|
||||
|
||||
(A) consult with commercial and cooperative lenders; and
|
||||
|
||||
(B) ensure that—
|
||||
|
||||
(i) the form can be completed manually or electronically, at the option of the lender;
|
||||
|
||||
(ii) the form minimizes the documentation required to accompany the form;
|
||||
|
||||
(iii) the cost of completing and processing the form is minimal; and
|
||||
|
||||
(iv) the form can be completed and processed in an expeditious manner.
|
||||
|
||||
(h) Simplified application forms Except as provided in subsection (g)(2), the Secretary shall, to the maximum extent practicable, develop a simplified application process, including a single page application if practicable, for grants and relending authorized under sections 1926, 1926c, 1926d, 1926e, 1932(b), 1932(c), 1932(e), 1936b, 2008p, and 2008s of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 333A, as added Pub. L. 99–198, title XIII, § 1312(a), Dec. 23, 1985, 99 Stat. 1524; amended Pub. L. 101–624, title XVIII, § 1811, title XXIII, § 2388(f), Nov. 28, 1990, 104 Stat. 3821, 4053; Pub. L. 102–554, §§ 13–15, Oct. 28, 1992, 106 Stat. 4152, 4153; Pub. L. 104–127, title VI, § 637, Apr. 4, 1996, 110 Stat. 1093; Pub. L. 107–171, title V, § 5307, title VI, § 6019, May 13, 2002, 116 Stat. 345, 362; Pub. L. 110–234, title VI, § 6012(b)(3), May 22, 2008, 122 Stat. 1165; Pub. L. 110–246, § 4(a), title VI, § 6012(b)(3), June 18, 2008, 122 Stat. 1664, 1927; Pub. L. 113–79, title VI, § 6020(a), Feb. 7, 2014, 128 Stat. 847; Pub. L. 115–334, title V, § 5401(c)(1), title VI, § 6601(a)(2), Dec. 20, 2018, 132 Stat. 4674, 4776.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a), (b)(1), (c), (f)(1)(B), and (g)(1), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2018—Subsec. (f)(1)(A). Pub. L. 115–334, § 5401(c)(1), made technical amendment to reference in original act which appears in text as reference to section 1989 of this title. Subsec. (h). Pub. L. 115–334, § 6601(a)(2), struck out “1932(f),” after “1932(e),”. 2014—Subsec. (h). Pub. L. 113–79 added subsec. (h). 2008—Subsec. (g)(1)(B). Pub. L. 110–246, § 6012(b)(3), substituted “1932(a)(2)(A)” for “1932(a)(1)” in introductory provisions. 2002—Subsec. (g). Pub. L. 107–171, § 6019, added subsec. (g) and struck out former subsec. (g) which read as follows: “(1) The Secretary shall provide to lenders a short, simplified application form for guarantees under this chapter of loans the principal amount of which is $125,000 or less. “(2) In developing the application, the Secretary shall— “(A) consult with commercial and cooperative lenders; and “(B) ensure that— “(i) the form can be completed manually or electronically, at the option of the lender; “(ii) the form minimizes the documentation required to accompany the form; “(iii) the cost of completing and processing the form is minimal; and “(iv) the form can be completed and processed in an expeditious manner.” Subsec. (g)(1). Pub. L. 107–171, § 5307, substituted “$125,000” for “$50,000”. 1996—Subsec. (f)(4). Pub. L. 104–127, § 637(1), inserted heading. Subsec. (f)(4)(A). Pub. L. 104–127, § 637(1), designated first sentence of par. (4) as subpar. (A), inserted heading, and directed the substitution of “The Secretary shall provide a prospectus of a seasoned” for “With” and all that follows through “seasoned”, which was executed by making the substitution for all that follows through “seasoned” the first place appearing resulting in making the substitution for “With the approval of the borrower, the Secretary shall provide the prospectus of the seasoned”, to reflect the probable intent of Congress. Subsec. (f)(4)(B), (C). Pub. L. 104–127, § 637(2), added subpar. (B), designated second sentence of par. (4) as subpar. (C), and inserted heading. 1992—Subsec. (a)(2). Pub. L. 102–554, § 13, designated existing provisions as subpar. (A), inserted “(other than under subchapter II of this chapter)” after “under this chapter”, and added subpar. (B). Subsec. (f). Pub. L. 102–554, § 14, added subsec. (f). Subsec. (g). Pub. L. 102–554, § 15, added subsec. (g). 1990—Subsec. (a)(4). Pub. L. 101–624, § 1811, added par. (4). Subsec. (c). Pub. L. 101–624, § 2388(f), substituted “If” for “In”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2018 AmendmentPub. L. 115–334, title V, § 5401(c)(2), Dec. 20, 2018, 132 Stat. 4674, provided that: “The amendment made by this subsection [amending this section] shall take effect as if included in the enactment of section 14 of the Agricultural Credit Improvement Act of 1992 (Public Law 102–554).”
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective DatePub. L. 99–198, title XIII, § 1312(b), Dec. 23, 1985, 99 Stat. 1525, provided that: “The amendment made by subsection (a) [enacting this section] shall be effective with respect to applications for loans or loan guarantees under the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) received by the Secretary of Agriculture after the date of enactment of this Act [Dec. 23, 1985].”
|
||||
@@ -0,0 +1,207 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1983b"
|
||||
description: "Beginning farmer and rancher individual development accounts pilot program"
|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1983b - Beginning farmer and rancher individual development accounts pilot program
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definitions In this section:
|
||||
|
||||
(1) Demonstration program The term “demonstration program” means a demonstration program carried out by a qualified entity under the pilot program established in subsection (b)(1).
|
||||
|
||||
(2) Eligible participant The term “eligible participant” means a qualified beginning farmer or rancher that—
|
||||
|
||||
(A) lacks significant financial resources or assets; and
|
||||
|
||||
(B) has an income that is less than—
|
||||
|
||||
(i) 80 percent of the median income of the State in which the farmer or rancher resides; or
|
||||
|
||||
(ii) 200 percent of the most recent annual Federal Poverty Income Guidelines published by the Department of Health and Human Services for the State.
|
||||
|
||||
(3) Individual development account The term “individual development account” means a savings account described in subsection (b)(4)(A).
|
||||
|
||||
(4) Qualified entity (A) In general The term “qualified entity” means—
|
||||
|
||||
(i) 1 or more organizations—
|
||||
|
||||
(I) described in section 501(c)(3) of title 26; and
|
||||
|
||||
(II) exempt from taxation under section 501(a) of such title; or
|
||||
|
||||
(ii) a State, local, or tribal government submitting an application jointly with an organization described in clause (i).
|
||||
|
||||
(B) No prohibition on collaboration An organization described in subparagraph (A)(i) may collaborate with a financial institution or for-profit community development corporation to carry out the purposes of this section.
|
||||
|
||||
(b) Pilot program (1) In general The Secretary shall establish a pilot program to be known as the “New Farmer Individual Development Accounts Pilot Program” under which the Secretary shall work through qualified entities to establish demonstration programs—
|
||||
|
||||
(A) of at least 5 years in duration; and
|
||||
|
||||
(B) in at least 15 States.
|
||||
|
||||
(2) Coordination The Secretary shall operate the pilot program through, and in coordination with the farm loan programs of, the Farm Service Agency.
|
||||
|
||||
(3) Reserve funds (A) In general A qualified entity carrying out a demonstration program under this section shall establish a reserve fund consisting of a non-Federal match of 50 percent of the total amount of the grant awarded to the demonstration program under this section.
|
||||
|
||||
(B) Federal funds After the qualified entity has deposited the non-Federal matching funds described in subparagraph (A) in the reserve fund, the Secretary shall provide the total amount of the grant awarded under this section to the demonstration program for deposit in the reserve fund.
|
||||
|
||||
(C) Use of funds Of the funds deposited under subparagraph (B) in the reserve fund established for a demonstration program, the qualified entity carrying out the demonstration program—
|
||||
|
||||
(i) may use up to 10 percent for administrative expenses; and
|
||||
|
||||
(ii) shall use the remainder in making matching awards described in paragraph (4)(B)(ii)(I).
|
||||
|
||||
(D) Interest Any interest earned on amounts in a reserve fund established under subparagraph (A) may be used by the qualified entity as additional matching funds for, or to administer, the demonstration program.
|
||||
|
||||
(E) Guidance The Secretary shall issue guidance regarding the investment requirements of reserve funds established under this paragraph.
|
||||
|
||||
(F) Reversion On the date on which all funds remaining in any individual development account established by a qualified entity have reverted under paragraph (5)(B)(ii) to the reserve fund established by the qualified entity, there shall revert to the Treasury of the United States a percentage of the amount (if any) in the reserve fund equal to—
|
||||
|
||||
(i) the amount of Federal funds deposited in the reserve fund under subparagraph (B) that were not used for administrative expenses; divided by
|
||||
|
||||
(ii) the total amount of funds deposited in the reserve fund.
|
||||
|
||||
(4) Individual development accounts (A) In general A qualified entity receiving a grant under this section shall establish and administer individual development accounts for eligible participants.
|
||||
|
||||
(B) Contract requirements To be eligible to receive funds under this section from a qualified entity, an eligible participant shall enter into a contract with only 1 qualified entity under which—
|
||||
|
||||
(i) the eligible participant agrees—
|
||||
|
||||
(I) to deposit a certain amount of funds of the eligible participant in a personal savings account, as prescribed by the contractual agreement between the eligible participant and the qualified entity;
|
||||
|
||||
(II) to use the funds described in subclause (I) only for 1 or more eligible expenditures described in paragraph (5)(A); and
|
||||
|
||||
(III) to complete financial training; and
|
||||
|
||||
(ii) the qualified entity agrees—
|
||||
|
||||
(I) to deposit, not later than 1 month after an amount is deposited pursuant to clause (i)(I), at least a 100-percent, and up to a 200-percent, match of that amount into the individual development account established for the eligible participant; and
|
||||
|
||||
(II) with uses of funds proposed by the eligible participant.
|
||||
|
||||
(C) Limitation (i) In general A qualified entity administering a demonstration program under this section may provide not more than $6,000 for each fiscal year in matching funds to the individual development account established by the qualified entity for an eligible participant.
|
||||
|
||||
(ii) Treatment of amount An amount provided under clause (i) shall not be considered to be a gift or loan for mortgage purposes.
|
||||
|
||||
(5) Eligible expenditures (A) In general An eligible expenditure described in this subparagraph is an expenditure—
|
||||
|
||||
(i) to purchase farmland or make a down payment on an accepted purchase offer for farmland;
|
||||
|
||||
(ii) to make mortgage payments on farmland purchased pursuant to clause (i), for up to 180 days after the date of the purchase;
|
||||
|
||||
(iii) to purchase breeding stock, fruit or nut trees, or trees to harvest for timber; and
|
||||
|
||||
(iv) for other similar expenditures, as determined by the Secretary.
|
||||
|
||||
(B) Timing (i) In general An eligible participant may make an eligible expenditure at any time during the 2-year period beginning on the date on which the last matching funds are provided under paragraph (4)(B)(ii)(I) to the individual development account established for the eligible participant.
|
||||
|
||||
(ii) Unexpended funds At the end of the period described in clause (i), any funds remaining in an individual development account established for an eligible participant shall revert to the reserve fund of the demonstration program under which the account was established.
|
||||
|
||||
(c) Applications (1) In general A qualified entity that seeks to carry out a demonstration program under this section may submit to the Secretary an application at such time, in such form, and containing such information as the Secretary may prescribe.
|
||||
|
||||
(2) Criteria In considering whether to approve an application to carry out a demonstration program under this section, the Secretary shall assess—
|
||||
|
||||
(A) the degree to which the demonstration program described in the application is likely to aid eligible participants in successfully pursuing new farming opportunities;
|
||||
|
||||
(B) the experience and ability of the qualified entity to responsibly administer the demonstration program;
|
||||
|
||||
(C) the experience and ability of the qualified entity in recruiting, educating, and assisting eligible participants to increase economic independence and pursue or advance farming opportunities;
|
||||
|
||||
(D) the aggregate amount of direct funds from non-Federal public sector and private sources that are formally committed to the demonstration program as matching contributions;
|
||||
|
||||
(E) the adequacy of the plan of the qualified entity to provide information relevant to an evaluation of the demonstration program; and
|
||||
|
||||
(F) such other factors as the Secretary considers to be appropriate.
|
||||
|
||||
(3) Preferences In considering an application to conduct a demonstration program under this section, the Secretary shall give preference to an application from a qualified entity that demonstrates—
|
||||
|
||||
(A) a track record of serving clients targeted by the program, including, as appropriate, socially disadvantaged farmers or ranchers (as defined in section 2003(e)(2) of this title); and
|
||||
|
||||
(B) expertise in dealing with financial management aspects of farming.
|
||||
|
||||
(4) Approval Not later than 1 year after the date of enactment of this section, in accordance with this section, the Secretary shall, on a competitive basis, approve such applications to conduct demonstration programs as the Secretary considers appropriate.
|
||||
|
||||
(5) Term of authority If the Secretary approves an application to carry out a demonstration program, the Secretary shall authorize the applicant to carry out the project for a period of 5 years, plus an additional 2 years to make eligible expenditures in accordance with subsection (b)(5)(B).
|
||||
|
||||
(d) Grant authority (1) In general The Secretary shall make a grant to a qualified entity authorized to carry out a demonstration program under this section.
|
||||
|
||||
(2) Maximum amount of grants The aggregate amount of grant funds provided to a demonstration program carried out under this section shall not exceed $250,000.
|
||||
|
||||
(3) Timing of grant payments The Secretary shall pay the amounts awarded under a grant made under this section—
|
||||
|
||||
(A) on the awarding of the grant; or
|
||||
|
||||
(B) pursuant to such payment plan as the qualified entity may specify.
|
||||
|
||||
(e) Reports (1) Annual progress reports (A) In general Not later than 60 days after the end of the calendar year in which the Secretary authorizes a qualified entity to carry out a demonstration program under this section, and annually thereafter until the conclusion of the demonstration program, the qualified entity shall prepare an annual report that includes, for the period covered by the report—
|
||||
|
||||
(i) an evaluation of the progress of the demonstration program;
|
||||
|
||||
(ii) information about the demonstration program, including the eligible participants and the individual development accounts that have been established; and
|
||||
|
||||
(iii) such other information as the Secretary may require.
|
||||
|
||||
(B) Submission of reports A qualified entity shall submit each report required under subparagraph (A) to the Secretary.
|
||||
|
||||
(2) Reports by the Secretary Not later than 1 year after the date on which all demonstration programs under this section are concluded, the Secretary shall submit to Congress a final report that describes the results and findings of all reports and evaluations carried out under this section.
|
||||
|
||||
(f) Annual review The Secretary may conduct an annual review of the financial records of a qualified entity—
|
||||
|
||||
(1) to assess the financial soundness of the qualified entity; and
|
||||
|
||||
(2) to determine the use of grant funds made available to the qualified entity under this section.
|
||||
|
||||
(g) Regulations In carrying out this section, the Secretary may promulgate regulations to ensure that the program includes provisions for—
|
||||
|
||||
(1) the termination of demonstration programs;
|
||||
|
||||
(2) control of the reserve funds in the case of such a termination;
|
||||
|
||||
(3) transfer of demonstration programs to other qualified entities; and
|
||||
|
||||
(4) remissions from a reserve fund to the Secretary in a case in which a demonstration program is terminated without transfer to a new qualified entity.
|
||||
|
||||
(h) Authorization of appropriations There is authorized to be appropriated to carry out this section $5,000,000 for each of fiscal years 2008 through 2023.
|
||||
|
||||
(Pub. L. 87–128, title III, § 333B, as added Pub. L. 110–234, title V, § 5301, May 22, 2008, 122 Stat. 1147, and Pub. L. 110–246, § 4(a), title V, § 5301, June 18, 2008, 122 Stat. 1664, 1908; amended Pub. L. 113–79, title V, § 5301, Feb. 7, 2014, 128 Stat. 839; Pub. L. 115–334, title V, § 5301, Dec. 20, 2018, 132 Stat. 4671.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe date of enactment of this section, referred to in subsec. (c)(4), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Prior ProvisionsA prior section 1983b, Pub. L. 87–128, title III, § 333B, as added Pub. L. 99–198, title XIII, § 1313(a), Dec. 23, 1985, 99 Stat. 1525; amended Pub. L. 100–233, title VI, § 608, Jan. 6, 1988, 101 Stat. 1667; Pub. L. 101–624, title XVIII, § 1812, Nov. 28, 1990, 104 Stat. 3821, related to appeals from adverse decisions under the Consolidated Farm and Rural Development Act, prior to repeal by Pub. L. 103–354, title II, § 281(c), Oct. 13, 1994, 108 Stat. 3233. See section 6991 et seq. of this title.
|
||||
|
||||
Amendments2018—Subsec. (h). Pub. L. 115–334 substituted “2023” for “2018”. 2014—Subsec. (h). Pub. L. 113–79 substituted “2018” for “2012”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateEnactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of this title.
|
||||
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|
||||
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||||
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||||
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1983c - Provision of information to borrowers
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general On request of a farm borrower of a farmer program loan, the Secretary shall make available to the borrower the following:
|
||||
|
||||
(1) One copy of each document signed by the borrower.
|
||||
|
||||
(2) One copy of each appraisal performed with respect to the loan.
|
||||
|
||||
(3) All documents that the Secretary otherwise is required to provide to the borrower under any law or rule of law in effect on the date of such request.
|
||||
|
||||
(b) Construction of section Subsection (a) shall not be construed to supersede any duty imposed on the Secretary by any law or rule of law in effect immediately before January 6, 1988, unless such duty is in direct conflict with any duty imposed by subsection (a).
|
||||
|
||||
(Pub. L. 87–128, title III, § 333C, as added Pub. L. 100–233, title VI, § 609, Jan. 6, 1988, 101 Stat. 1668.)
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
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||||
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|
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|
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||||
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|
||||
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||||
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1983d - Farmer loan pilot projects
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may conduct pilot projects of limited scope and duration that are consistent with subchapter I through this subchapter to evaluate processes and techniques that may improve the efficiency and effectiveness of the programs carried out under subchapter I through this subchapter.
|
||||
|
||||
(b) Notification The Secretary shall—
|
||||
|
||||
(1) not less than 60 days before the date on which the Secretary initiates a pilot project under subsection (a), submit notice of the proposed pilot project to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate; and
|
||||
|
||||
(2) consider any recommendations or feedback provided to the Secretary in response to the notice provided under paragraph (1).
|
||||
|
||||
(Pub. L. 87–128, title III, § 333D, as added Pub. L. 113–79, title V, § 5302, Feb. 7, 2014, 128 Stat. 839.)
|
||||
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||||
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|
||||
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|
||||
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||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1984 - Taxation
|
||||
|
||||
## Text
|
||||
|
||||
All property subject to a lien held by the United States or the title to which is acquired or held by the Secretary under this chapter other than property used for administrative purposes shall be subject to taxation by State, territory, district, and local political subdivisions in the same manner and to the same extent as other property is taxed: Provided, however, That no tax shall be imposed or collected on or with respect to any instrument if the tax is based on—
|
||||
|
||||
(1) the value of any notes or mortgages or other lien instruments held by or transferred to the Secretary;
|
||||
|
||||
(2) any notes or lien instruments administered under this chapter which are made, assigned, or held by a person otherwise liable for such tax; or
|
||||
|
||||
(3) the value of any property conveyed or transferred to the Secretary,
|
||||
|
||||
whether as a tax on the instrument, the privilege of conveying or transferring or the recordation thereof; nor shall the failure to pay or collect any such tax be a ground for refusal to record or file such instruments, or for failure to impart notice, or prevent the enforcement of its provisions in any State or Federal court.
|
||||
|
||||
(Pub. L. 87–128, title III, § 334, Aug. 8, 1961, 75 Stat. 315.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
File diff suppressed because one or more lines are too long
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---
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|
||||
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|
||||
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|
||||
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1986"
|
||||
citation: "7 U.S.C. § 1986"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1986"
|
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source_file: "data/legal/raw/us/code/title-07/usc07.xml"
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1986 - Conflicts of interests
|
||||
|
||||
## Text
|
||||
|
||||
(a) Acceptance of fees, commissions, gifts, or other considerations prohibited No officer, attorney, or other employee of the Secretary shall, directly or indirectly, be the beneficiary of or receive any fee, commission, gift, or other consideration for or in connection with any transaction or business under this chapter other than such salary, fee, or other compensation as he may receive as such officer, attorney, or employee.
|
||||
|
||||
(b) Acquisition of interest in land by certain officers or employees of Department of Agriculture prohibited; 3-year period Except as otherwise provided in this subsection, no officer or employee of the Department of Agriculture who acts on or reviews an application made by any person under this chapter for a loan to purchase land may acquire, directly or indirectly, any interest in such land for a period of three years after the date on which such action is taken or such review is made. This prohibition shall not apply to a former member of a county committee upon a determination by the Secretary, prior to the acquisition of such interest, that such former member acted in good faith when acting on or reviewing such application.
|
||||
|
||||
(c) Certifications on loans to family members prohibited No member of a county committee shall knowingly make or join in making any certification with respect to a loan to purchase any land in which he or any person related to him within the second degree of consanguinity or affinity has or may acquire any interest or with respect to any applicant related to him within the second degree of consanguinity or affinity.
|
||||
|
||||
(d) Penalties Any persons violating any provision of this section shall, upon conviction thereof, be punished by a fine of not more than $2,000 or imprisonment for not more than two years, or both.
|
||||
|
||||
(Pub. L. 87–128, title III, § 336, Aug. 8, 1961, 75 Stat. 316; Pub. L. 98–258, title VI, § 606, Apr. 10, 1984, 98 Stat. 140; Pub. L. 107–171, title V, § 5501(b), May 13, 2002, 116 Stat. 351.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a) and (b), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2002—Subsec. (b). Pub. L. 107–171 struck out “provided for in section 1982 of this title” after “former member of a county committee”. 1984—Pub. L. 98–258 designated first, second, and third sentences of existing provisions as subsecs. (a), (c), and (d), respectively, and added subsec. (b).
|
||||
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1987"
|
||||
description: "Debt adjustment and credit counseling; “summary period” defined; loan summary statements"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1987"
|
||||
citation: "7 U.S.C. § 1987"
|
||||
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|
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|
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|
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1987 - Debt adjustment and credit counseling; “summary period” defined; loan summary statements
|
||||
|
||||
## Text
|
||||
|
||||
(a) The Secretary may provide voluntary debt adjustment assistance between farmers and their creditors and may cooperate with State, territorial, and local agencies and committees engaged in such debt adjustment, and may give credit counseling.
|
||||
|
||||
(b) (1) As used in this subsection, the term “summary period” means—
|
||||
|
||||
(A) the period beginning on December 23, 1985, and ending on the date on which the first loan summary statement is issued after December 23, 1985; or
|
||||
|
||||
(B) the period beginning on the date of issuance of the preceding loan summary statement and ending on the date of issuance of the current loan summary statement.
|
||||
|
||||
(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this chapter, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this chapter to such borrower, including—
|
||||
|
||||
(A) the outstanding amount of principal due on each such loan at the beginning of the summary period;
|
||||
|
||||
(B) the interest rate charged on each such loan;
|
||||
|
||||
(C) the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments;
|
||||
|
||||
(D) the amount of principal and interest due on each such loan at the end of the summary period;
|
||||
|
||||
(E) the total amount of unpaid principal and interest on all such loans at the end of the summary period;
|
||||
|
||||
(F) any delinquency in the repayment of any such loan;
|
||||
|
||||
(G) a schedule of the amount and date of payments due on each such loan; and
|
||||
|
||||
(H) the procedure the borrower may use to obtain more information concerning the status of such loans.
|
||||
|
||||
(Pub. L. 87–128, title III, § 337, Aug. 8, 1961, 75 Stat. 316; Pub. L. 99–198, title XIII, § 1316, Dec. 23, 1985, 99 Stat. 1528.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (b)(2), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1985—Pub. L. 99–198 designated existing provisions as subsec. (a) and added subsec. (b).
|
||||
@@ -0,0 +1,103 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1988"
|
||||
description: "Appropriations"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1988"
|
||||
citation: "7 U.S.C. § 1988"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1988 - Appropriations
|
||||
|
||||
## Text
|
||||
|
||||
(a) Authorization There is authorized to be appropriated to the Secretary such sums as the Congress may from time to time determine to be necessary to enable the Secretary to carry out the purposes of this chapter and for the administration of assets transferred to the Farmers Home Administration or the Rural Development Administration.
|
||||
|
||||
(b) Sale by lender and any holder of guaranteed portion of loan pursuant to regulations governing such sales; limitations; issuance of pool certificates representing ownership of guaranteed portion of guaranteed loan; terms and conditions, etc.; reporting requirements (1) (A) The guaranteed portion of any loan made under this chapter may be sold by the lender, and by any subsequent holder, in accordance with regulations governing such sales as the Secretary shall establish, subject to the following limitations:
|
||||
|
||||
(i) All fees due the Secretary with respect to a guaranteed loan are to be paid in full before any sale.
|
||||
|
||||
(ii) The loan is to have been fully disbursed to the borrower before the sale.
|
||||
|
||||
(B) After a loan is sold in the secondary market, the lender shall remain obligated under its guarantee agreement with the Secretary, and shall continue to service the loan in accordance with the terms and conditions of such agreement.
|
||||
|
||||
(C) The Secretary shall develop such procedures as are necessary for the facilitation, administration, and promotion of secondary market operations, and for determining the increase of farmers’ access to capital at reasonable rates and terms as a result of secondary market operations.
|
||||
|
||||
(D) This subsection shall not be interpreted to impede or extinguish the right of the borrower or the successor in interest to such borrower to prepay (in whole or in part) any loan made under this chapter, or to impede or extinguish the rights of any party under any provision of this chapter.
|
||||
|
||||
(2) (A) The Secretary may, directly or through a market maker approved by the Secretary, issue pool certificates representing ownership of part or all of the guaranteed portion of any loan guaranteed by the Secretary under this chapter. Such certificates shall be based on and backed by a pool established or approved by the Secretary and composed solely of the entire guaranteed portion of such loans.
|
||||
|
||||
(B) The Secretary may, on such terms and conditions as the Secretary deems appropriate, guarantee the timely payment of the principal and interest on pool certificates issued on behalf of the Secretary by approved market makers for purposes of this subsection. Such guarantee shall be limited to the extent of principal and interest on the guaranteed portions of loans that compose the pool. If a loan in such pool is prepaid, either voluntarily or by reason of default, the guarantee of timely payment of principal and interest on the pool certificates shall be reduced in proportion to the amount of principal and interest such prepaid loan represents in the pool. Interest on prepaid or defaulted loans shall accrue and be guaranteed by the Secretary only through the date of payment on the guarantee. During the term of the pool certificate, the certificate may be called for redemption due to prepayment or default of all loans constituting the pool.
|
||||
|
||||
(C) The full faith and credit of the United States is pledged to the payment of all amounts that may be required to be paid under any guarantee of such pool certificates issued by approved market makers under this subsection. The Secretary may expend amounts in the Agricultural Credit Insurance Fund to make payments on such guarantees.
|
||||
|
||||
(D) The Secretary shall not collect any fee for any guarantee under this subsection. The preceding sentence shall not preclude the Secretary from collecting a fee for the functions described in paragraph (3).
|
||||
|
||||
(E) Within 30 days after a borrower of a guaranteed loan is in default of any principal or interest payment due for 60 days or more, the Secretary shall—
|
||||
|
||||
(i) purchase the pool certificates representing ownership of the guaranteed portion of the loan; and
|
||||
|
||||
(ii) pay the registered holder of the certificates an amount equal to the guaranteed portion of the loan represented by the certificate.
|
||||
|
||||
(F) (i) If the Secretary pays a claim under a guarantee issued under this subsection, the claim shall be subrogated fully to the rights satisfied by such payment, as may be provided by the Secretary.
|
||||
|
||||
(ii) No State or local law, and no Federal law, shall preclude or limit the exercise by the Secretary of the Secretary’s ownership rights in the portions of loans constituting the pool against which the certificates are issued.
|
||||
|
||||
(3) On the adoption of final rules and regulations, the Secretary shall do the following:
|
||||
|
||||
(A) Provide for the central collection of registration information from all participating market makers for all loans and pool certificates sold under paragraphs (1) and (2). Such information shall include, with respect to each original sale and any subsequent sale, identification of the interest rate paid by the borrower to the lender, the lender’s servicing fee, whether interest on the loan is at a fixed or variable rate, identification of each purchaser of a pool certificate, the interest rate paid on the certificate, and such other information as the Secretary deems appropriate.
|
||||
|
||||
(B) Before any sale, require the seller to disclose to each prospective purchaser of the portion of a loan guaranteed under this chapter and to each prospective purchaser of a pool certificate issued under paragraph (2), information on the terms, conditions, and yield of such instrument. As used in this subparagraph, if the instrument being sold is a loan, the term “seller” does not include (i) the person who made the loan or (ii) any person who sells three or fewer guaranteed loans per year.
|
||||
|
||||
(C) Provide for adequate custody of any pooled guaranteed loans.
|
||||
|
||||
(D) Take such actions as are necessary, in restructuring pools of the guaranteed portion of loans, to minimize the estimated costs of paying claims under guarantees issued under this subsection.
|
||||
|
||||
(E) Require each market maker—
|
||||
|
||||
(i) to service all pools formed, and participations sold, by the market maker; and
|
||||
|
||||
(ii) to provide the Secretary with information relating to the collection and disbursement of all periodic payments, prepayments, and default funds from lenders, to or from the reserve fund that the Secretary shall establish to enable the timely payment guarantee to be self-funding, and from all beneficial holders.
|
||||
|
||||
(F) Regulate market makers in pool certificates sold under this subsection.
|
||||
|
||||
(4) The Secretary may contract for goods and services to be used for the purposes of this subsection without regard to the provisions of titles 5, 40, and 41, and any regulations issued thereunder.
|
||||
|
||||
(Pub. L. 87–128, title III, § 338, Aug. 8, 1961, 75 Stat. 316; Pub. L. 89–429, § 5, May 24, 1966, 80 Stat. 167; Pub. L. 100–233, title VII, § 711(a), Jan. 6, 1988, 101 Stat. 1707; Pub. L. 100–399, title VI, § 605, Aug. 17, 1988, 102 Stat. 1006; Pub. L. 101–624, title XXIII, § 2303(d), Nov. 28, 1990, 104 Stat. 3981; Pub. L. 104–127, title VII, § 749(a), Apr. 4, 1996, 110 Stat. 1129; Pub. L. 105–362, title I, § 101(a), Nov. 10, 1998, 112 Stat. 3281.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1998—Subsec. (b)(4), (5). Pub. L. 105–362 redesignated par. (5) as (4) and struck out former par. (4) which provided that not later than March 31 of each year, Secretary was to transmit to Congress a report on secondary market operations under subsec. (b) during preceding calendar year, and described contents of reports. 1996—Subsecs. (b) to (f). Pub. L. 104–127 redesignated subsec. (f) as (b) and struck out former subsecs. (b) to (e) which provided for: in subsec. (b), form and denomination of notes to obtain funds for making direct loans under this chapter as well as maturities, terms and conditions, interest rate, purchase by Treasury, and public debt transaction; in subsec. (c), establishment of Farmers Home Administration direct loan account as well as deposits into account, liabilities, obligations, expenditures, and net expenditure basis of budgeting; in subsec. (d), sale of notes and mortgages; and in subsec. (e), distribution of real estate loans among States. 1990—Subsec. (a). Pub. L. 101–624 inserted “or the Rural Development Administration” after “Farmers Home Administration”. 1988—Subsec. (f)(5). Pub. L. 100–399 added par. (5). Subsec. (f). Pub. L. 100–233 added subsec. (f). 1966—Subsec. (c). Pub. L. 89–429 inserted references to section 8 of the Watershed Protection and Flood Prevention Act, as amended, and section 32(e) of the Bankhead-Jones Farm Tenant Act, as amended.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1988 AmendmentAmendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of Title 12, Banks and Banking.
|
||||
|
||||
RegulationsPub. L. 100–233, title VII, § 711(b), Jan. 6, 1988, 101 Stat. 1709, provided that: “Within 180 days after the date of the enactment of this Act [Jan. 6, 1988], the Secretary shall develop and promulgate final regulations to implement this section and the amendment made by this section [amending this section and enacting provisions set out below].”
|
||||
|
||||
Pool Certificates Not To Be Issued Until Final Regulations Take EffectPub. L. 100–233, title VII, § 711(c), Jan. 6, 1988, 101 Stat. 1709, provided that: “The Secretary of Agriculture shall not implement paragraph (2) of section 338(f) [now 338(b)] of the Consolidated Farm and Rural Development Act [7 U.S.C. 1988(f) [now 1988(b)]], as added by subsection (a), until the final regulations governing the administration of such paragraph take effect.”
|
||||
|
||||
Loans to IndiansAuthority of the Secretary of Agriculture to make loans to Indian tribes and tribal corporations to acquire land within reservations, see sections 5136 to 5143 of Title 25, Indians.
|
||||
@@ -0,0 +1,105 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "1989"
|
||||
citation: "7 U.S.C. § 1989"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1989 - Rules and regulations
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary is authorized to make such rules and regulations, prescribe the terms and conditions for making or insuring loans, security instruments and agreements, except as otherwise specified herein, and make such delegations of authority as he deems necessary to carry out this chapter.
|
||||
|
||||
(b) Debt service margin requirements Notwithstanding subsection (a), in providing farmer program loan guarantees under this chapter, the Secretary shall consider the income of the borrower adequate if the income is equal to or greater than the income necessary—
|
||||
|
||||
(1) to make principal and interest payments on all debt obligations of the borrower, in a timely manner;
|
||||
|
||||
(2) to cover the necessary living expenses of the family of the borrower; and
|
||||
|
||||
(3) to pay all other obligations and expenses of the borrower not financed through debt obligations referred to in paragraph (1).
|
||||
|
||||
(c) Certified Lenders Program (1) In general The Secretary shall establish a program under which the Secretary shall guarantee loans for any purpose specified in subchapter II that are made by lending institutions certified by the Secretary.
|
||||
|
||||
(2) Certification requirements The Secretary shall certify a lending institution that meets such criteria as the Secretary may prescribe in regulations, including the ability of the institution to properly make, service, and liquidate the loans of the institution.
|
||||
|
||||
(3) Condition of certification As a condition of the certification, the Secretary shall require the institution to undertake to service the loans guaranteed by the Secretary under this subsection, using standards that are not less stringent than generally accepted banking standards concerning loan servicing employed by prudent commercial or cooperative lenders. The Secretary shall, at least annually, monitor the performance of each certified lender to ensure that the conditions of the certification are being met.
|
||||
|
||||
(4) Effect of certification Notwithstanding any other provision of law:
|
||||
|
||||
(A) The Secretary shall guarantee 80 percent of a loan made under this subsection by a certified lending institution as described in paragraph (1), subject to county committee certification that the borrower of the loan meets the eligibility requirements and such other criteria as may be applicable to loans guaranteed by the Secretary under other provisions of this chapter.
|
||||
|
||||
(B) With respect to loans to be guaranteed by the Secretary under this subsection, the Secretary shall permit certified lending institutions to make appropriate certifications (as provided by regulations issued by the Secretary)—
|
||||
|
||||
(i) relating to issues such as creditworthiness, repayment ability, adequacy of collateral, and feasibility of farm operation; and
|
||||
|
||||
(ii) that the borrower is in compliance with all requirements of law, including regulations issued by the Secretary.
|
||||
|
||||
(C) The Secretary shall approve or disapprove a guarantee not later than 14 calendar days after the date that the lending institution applied to the Secretary for the guarantee. If the Secretary rejects the loan application within the 14-day period, the Secretary shall state, in writing, all of the reasons the application was rejected.
|
||||
|
||||
(5) Relationship to other requirements Neither this subsection nor subsection (d) shall affect the responsibility of the Secretary to certify eligibility, review financial information, and otherwise assess an application.
|
||||
|
||||
(d) Preferred Certified Lenders Program (1) In general Commencing not later than two years after October 28, 1992, the Secretary shall establish a Preferred Certified Lenders Program for lenders who establish their—
|
||||
|
||||
(A) knowledge of, and experience under, the program established under subsection (c);
|
||||
|
||||
(B) knowledge of the regulations concerning the guaranteed loan program; and
|
||||
|
||||
(C) proficiency related to the certified lender program requirements.
|
||||
|
||||
The Secretary shall certify any lending institution as a Preferred Certified Lender that meets such criteria as the Secretary may prescribe by regulation.
|
||||
|
||||
(2) Revocation of designation The designation of a lender as a Preferred Certified Lender shall be revoked at any time that the Secretary determines that such lender is not adhering to the rules and regulations applicable to the program or if the loss experiences of a Preferred Certified Lender are excessive as compared to other Preferred Certified Lenders, except that such suspension or revocation shall not affect any outstanding guarantee.
|
||||
|
||||
(3) Condition of certification As a condition of such preferred certification, the Secretary shall require the institution to undertake to service the loans guaranteed by the Secretary under this subsection using generally accepted banking standards concerning loan servicing employed by prudent commercial or cooperative lenders. The Secretary shall, at least annually, monitor the performance of each Preferred Certified Lender to ensure that the conditions of such certification are being met.
|
||||
|
||||
(4) Effect of preferred lender certification Notwithstanding any other provision of law, the Secretary shall—
|
||||
|
||||
(A) guarantee 80 percent of an approved loan made by a certified lending institution as described in this subsection, subject to county committee certification that the borrower meets the eligibility requirements or such other criteria as may be applicable to loans guaranteed by the Secretary under other provisions of this chapter;
|
||||
|
||||
(B) permit certified lending institutions to make all decisions, with respect to loans to be guaranteed by the Secretary under this subsection relating to credit worthiness, the closing, monitoring, collection and liquidation of loans, and to accept appropriate certifications, as provided by regulations issued by the Secretary, that the borrower is in compliance with all requirements of law or regulations promulgated by the Secretary; and
|
||||
|
||||
(C) be deemed to have guaranteed 80 percent of a loan made by a preferred certified lending institution as described in paragraph (1), if the Secretary fails to approve or reject the application of such institution within 14 calendar days after the date that the lending institution presented the application to the Secretary. If the Secretary rejects the application within the 14-day period, the Secretary shall state, in writing, the reasons the application was rejected.
|
||||
|
||||
(e) Administration of Certified Lenders and Preferred Certified Lenders programs The Secretary may administer the loan guarantee programs under subsections (c) and (d) through central offices established in States or in multi-State areas.
|
||||
|
||||
(Pub. L. 87–128, title III, § 339, Aug. 8, 1961, 75 Stat. 318; Pub. L. 102–554, § 18, Oct. 28, 1992, 106 Stat. 4155; Pub. L. 106–31, title III, § 3019(a), May 21, 1999, 113 Stat. 99; Pub. L. 107–171, title V, § 5309, May 13, 2002, 116 Stat. 346; Pub. L. 115–334, title V, § 5401(d), Dec. 20, 2018, 132 Stat. 4674.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2018—Subsec. (d)(3). Pub. L. 115–334 substituted “Preferred Certified Lender” for “preferred certified lender”. 2002—Subsec. (e). Pub. L. 107–171 added subsec. (e). 1999—Subsec. (b)(3). Pub. L. 106–31 struck out “, including expenses of replacing capital items (determined after taking into account depreciation of the items)” after “paragraph (1)”. 1992—Pub. L. 102–554, inserted section catchline, designated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) to (d).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
RegulationsPub. L. 102–554, § 23, Oct. 28, 1992, 106 Stat. 4161, provided that: “(a) Interim Regulations.—Not later than 180 days after the date of enactment of this Act [Oct. 28, 1992], the Secretary of Agriculture shall issue such interim regulations as are necessary to implement this Act [see Short Title of 1992 Amendment note set out under section 1921 of this title] and the amendments made by this Act. “(b) Final Regulations.—Not later than October 1, 1993, the Secretary of Agriculture shall issue such final regulations as are necessary to implement this Act and the amendments made by this Act.” Pub. L. 100–233, title VI, § 624, Jan. 6, 1988, 101 Stat. 1685, provided that: “Within 150 days after the date of the enactment of this title [Jan. 6, 1988], and after considering public comment obtained under section 553 of title 5, United States Code, the Secretary shall issue final regulations to carry out the amendments made by this title [enacting sections 1981d, 1981e, 1983c, and 2001 to 2005 of this title, amending sections 1927, 1927a, 1981, 1982, 1983b, 1985, 1991, 1997, 1999, and 2000 of this title, and amending provisions set out as a note under section 1999 of this title].”
|
||||
|
||||
Study and Report to Congress Before Issuance of Certain Final RegulationsPub. L. 100–233, title VI, § 621, Jan. 6, 1988, 101 Stat. 1684, provided that: “Not later than 60 days before the Secretary of Agriculture issues final regulations providing for the use of ratios and standards as part of loan applications or preapplications, for determining the degree of potential loan risk on loans insured or guaranteed under the Consolidated Farm and Rural Development Act [7 U.S.C. 1921 et seq.], the Secretary shall complete a study and report to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives on the effects of such regulations on a representative sample of persons who, as of the date of the enactment of this Act [Jan. 6, 1988], are borrowers or potential borrowers of such loans, and shall demonstrate in such study that the implementation of such final regulations will not result in a portfolio of borrowers that is inconsistent with the purposes of the Consolidated Farm and Rural Development Act.”
|
||||
|
||||
Availability of Funds for Continuing Assistance to Delinquent Borrowers; Prohibition on Use of FundsPub. L. 100–71, title I, July 11, 1987, 101 Stat. 429, provided in part that: “Hereafter, funds appropriated or available to the Farmers Home Administration under this or any other Act to make or to service farm loans shall be available for continuing assistance to delinquent borrowers on the basis of the policies contained in Farmers Home Administration Announcement Number 1113–1960, dated November 30, 1984. “Hereafter, none of the funds appropriated or made available by this or any other Act, or otherwise made available to the Secretary of Agriculture or the Farmers Home Administration, may be used to implement section 1944.16(c)(1) of title 7, Code of Federal Regulations, as published in 52 Federal Register 11983 (April 14, 1987) or any other regulation that would have the same effect as such regulation.”
|
||||
|
||||
Coordinated Financial Statements; Use of Submission Requirement ProhibitedPub. L. 99–198, title XIII, § 1325, Dec. 23, 1985, 99 Stat. 1540, provided that: “The Secretary of Agriculture shall not use or require the submission of the coordinated financial statement referred to in the proposed regulations of the Farmers Home Administration published in the Federal Register of November 8, 1983 (48 F.R. 51312–51317) in connection with an application submitted on or after the date of the enactment of this Act [Dec. 23, 1985] for any loan under any program of the Department of Agriculture carried out by the Farmers Home Administration.”
|
||||
@@ -0,0 +1,45 @@
|
||||
---
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1990 - Transfer of lands to Secretary
|
||||
|
||||
## Text
|
||||
|
||||
The President may at any time in his discretion transfer to the Secretary any right, interest, or title held by the United States in any lands acquired in the program of national defense and no longer needed therefor, which the President shall find suitable for the purposes of this chapter, and the Secretary shall dispose of such lands in the manner and subject to the terms and conditions of the chapter.
|
||||
|
||||
(Pub. L. 87–128, title III, § 340, Aug. 8, 1961, 75 Stat. 318.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Executive Documents
|
||||
|
||||
Delegation of Functions Authority of President under this section in his discretion to transfer to Secretary of Agriculture any right, interest or title held by United States in any lands acquired in program of national defense and no longer needed for that program, and to determine suitability of lands to be transferred, for purposes referred to in this section, delegated to Administrator of General Services, provided, that exercise by Administrator of authority delegated to him herein shall require concurrence of Secretary of Defense as to absence of further need of lands for national defense program, see section 1(15) of Ex. Ord. No. 11609, July 22, 1971, 36 F.R. 13747, set out as a note under section 301 of Title 3, The President.
|
||||
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|
||||
---
|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
---
|
||||
|
||||
# 7 U.S.C. § 1990a - Refinancing of certain rural hospital debt
|
||||
|
||||
## Text
|
||||
|
||||
Assistance under section 1926(a) of this title for a community facility, or under section 1932 of this title, may include the refinancing of a debt obligation of a rural hospital as an eligible loan or loan guarantee purpose if the assistance would help preserve access to a health service in a rural community, meaningfully improve the financial position of the hospital, and otherwise meet the financial feasibility and adequacy of security requirements of the Rural Development Agency.
|
||||
|
||||
(Pub. L. 87–128, title III, § 342, as added Pub. L. 115–334, title VI, § 6103, Dec. 20, 2018, 132 Stat. 4728.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Another section 342 of Pub. L. 87–128 amended section 1013a of this title.
|
||||
File diff suppressed because one or more lines are too long
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|
||||
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|
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|
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|
||||
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|
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|
||||
|
||||
# 7 U.S.C. § 1992 - Loan limitations
|
||||
|
||||
## Text
|
||||
|
||||
No loan (other than one to a public body or nonprofit association (including Indian tribes on Federal and State reservations or other federally recognized Indian tribal groups) for community facilities or one of a type authorized by section 1926(a)(1) of this title prior to its amendment by the Rural Development Act of 1972) shall be made by the Secretary either for sale as an insured loan or otherwise under sections 1926(a)(1), 1932, or 1942(c) of this title unless the Secretary shall have determined that no other lender is willing to make such loan and assume 10 per centum of any loss sustained thereon. No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such loan.
|
||||
|
||||
(Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, Aug. 30, 1972, 86 Stat. 666; amended Pub. L. 94–35, § 2, June 16, 1975, 89 Stat. 214; Pub. L. 104–127, title VI, § 661(i), Apr. 4, 1996, 110 Stat. 1107.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextFor statutory changes to section 1926(a)(1) of this title by the Rural Development Act of 1972, referred to in text, see 1972 Amendment note for section 104 of Pub. L. 92–419, set out under section 1926 of this title. For complete classification of Rural Development Act of 1972 to the Code, see Short Title of 1972 Amendment note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1996—Pub. L. 104–127 substituted “1926(a)(1), 1932, or 1942(c) of this title” for “1924(b), 1926(a)(1), 1932, 1942(b), or 1942(c) of this title”. 1975—Pub. L. 94–35 substituted “guaranteed more than 90 per centum of the principal and interest on such loan” for “participate in more than 90 per centum of any loss sustained thereon”.
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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||||
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|
||||
|
||||
# 7 U.S.C. § 1993 - Transition to private commercial or other sources of credit
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general In making or insuring a farm loan under subchapter I or II, the Secretary shall establish a plan and promulgate regulations (including performance criteria) that promote the goal of transitioning borrowers to private commercial credit and other sources of credit in the shortest period of time practicable.
|
||||
|
||||
(b) Coordination In carrying out this section, the Secretary shall integrate and coordinate the transition policy described in subsection (a) with—
|
||||
|
||||
(1) the borrower training program established by section 2006a of this title;
|
||||
|
||||
(2) the loan assessment process established by section 2006b of this title;
|
||||
|
||||
(3) the supervised credit requirement established by section 2006c of this title;
|
||||
|
||||
(4) the market placement program established by section 2006d of this title; and
|
||||
|
||||
(5) other appropriate programs and authorities, as determined by the Secretary.
|
||||
|
||||
(Pub. L. 87–128, title III, § 345, as added Pub. L. 110–234, title V, § 5304, May 22, 2008, 122 Stat. 1153, and Pub. L. 110–246, § 4(a), title V, § 5304, June 18, 2008, 122 Stat. 1664, 1914.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Prior ProvisionsA prior section 1993, Pub. L. 87–128, title III, § 345, as added Pub. L. 94–68, § 9, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 103–437, § 4(a)(7), Nov. 2, 1994, 108 Stat. 4582, related to testimony by Secretary of Agriculture before congressional committees, prior to repeal by Pub. L. 104–127, title VII, § 750, Apr. 4, 1996, 110 Stat. 1129.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateEnactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of this title.
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
|
||||
# 7 U.S.C. § 1995 - Participation and financial and technical assistance by other Federal departments, etc., to program participants
|
||||
|
||||
## Text
|
||||
|
||||
Notwithstanding any other provision of law, other departments, agencies, and executive establishments of the Federal Government may participate and provide financial and technical assistance jointly with the Secretary to any applicant to whom assistance is being provided under any program administered by the Farmers Home Administration. Participation by any other department, agency, or executive establishment shall be only to the extent authorized for, and subject to the authorities of, such other department, agency, or executive establishment, except that any limitation on joint participation is superseded by this section.
|
||||
|
||||
(Pub. L. 87–128, title III, § 347, as added Pub. L. 95–334, title I, § 125, Aug. 4, 1978, 92 Stat. 429.)
|
||||
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|
||||
---
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|
||||
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|
||||
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|
||||
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|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1996 - Loans to resident aliens
|
||||
|
||||
## Text
|
||||
|
||||
Notwithstanding the provisions of this chapter limiting the making and insuring of loans to citizens of the United States, the Secretary may make and insure loans under this chapter to aliens lawfully admitted to the United States for permanent residence under the Immigration and Nationality Act [8 U.S.C. 1101 et seq.]: Provided, That no loans may be made or insured under this chapter to such aliens until the Secretary issues regulations establishing the terms and conditions under which such aliens may receive loans: Provided further, That the Secretary shall submit the regulations to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate at least thirty days prior to the date the regulations are published in the Federal Register.
|
||||
|
||||
(Pub. L. 87–128, title III, § 348, as added Pub. L. 96–438, § 2(3), Oct. 13, 1980, 94 Stat. 1872.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. The Immigration and Nationality Act, referred to in text, is act June 27, 1952, ch. 477, 66 Stat. 163, which is classified principally to chapter 12 (§ 1101 et seq.) of Title 8, Aliens and Nationality. For complete classification of this Act to the Code, see Short Title note set out under section 1101 of Title 8 and Tables.
|
||||
@@ -0,0 +1,95 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1997"
|
||||
description: "Conservation easements"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1997"
|
||||
citation: "7 U.S.C. § 1997"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1997"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "8eddfdd380b53fcd20587dbf9e2cc079d6506d8320a591e5b83b861915cf2de9"
|
||||
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|
||||
text_hash: "9e44cb320ace592c419b9e36918cddea2edac18782b8a122f9e555d3c84d2adc"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1997 - Conservation easements
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definitions For purposes of this section:
|
||||
|
||||
(1) The term “governmental entity” means any agency of the United States, a State, or a unit of local government of a State.
|
||||
|
||||
(2) The terms “highly erodible land” and “wetland” have the meanings, respectively, that such terms are given in section 3801 of title 16.
|
||||
|
||||
(3) The term “wildlife” means fish or wildlife as defined in section 3371 of title 16.
|
||||
|
||||
(4) The term “recreational purposes” includes hunting.
|
||||
|
||||
(b) Contracts on loan security properties Subject to subsection (c), the Secretary may enter into a contract related to real property for conservation, recreation, or wildlife purposes.
|
||||
|
||||
(c) Limitations The Secretary may enter into a contract under subsection (b) if—
|
||||
|
||||
(1) such property is wetland, upland, or highly erodible land;
|
||||
|
||||
(2) such property is determined by the Secretary to be suitable for the purposes involved; and
|
||||
|
||||
(3) (A) such property secures any loan made under any law administered by the Secretary and held by the Secretary; and
|
||||
|
||||
(B) such contract better enables a qualified borrower to repay the loan in a timely manner, as determined by the Secretary.
|
||||
|
||||
(d) Terms and conditions The terms and conditions specified in each such contract shall—
|
||||
|
||||
(1) specify the purposes for which such real property may be used;
|
||||
|
||||
(2) identify the conservation measures to be taken, and the recreational and wildlife uses to be allowed, with respect to such real property; and
|
||||
|
||||
(3) require such owner to permit the Secretary, and any person or governmental entity designated by the Secretary, to have access to such real property for the purpose of monitoring compliance with such contract.
|
||||
|
||||
(e) Purchase; limitation upon cancellation or prepayment (1) Subject to paragraph (2), the Secretary may reduce or forgive the outstanding debt of a borrower—
|
||||
|
||||
(A) in the case of a borrower to whom the Secretary has made one or more outstanding loans under laws administered by the Secretary, by canceling that part of the aggregate amount of such outstanding loans that bears the same ratio to such aggregate amount as the number of acres of the real property of the borrower that are subject to the contract bears to the aggregate number of acres securing such loans; or
|
||||
|
||||
(B) in any other case, by treating as prepaid that part of the principal amount of a new loan to the borrower issued and held by the Secretary under a law administered by the Secretary that bears the same ratio to such principal amount as the number of acres of the real property of the borrower that are subject to the contract bears to the aggregate number of acres securing the new loan.
|
||||
|
||||
(2) The amount so canceled or treated as prepaid pursuant to paragraph (1) shall not exceed—
|
||||
|
||||
(A) in the case of a delinquent loan, the value of the land on which the contract is entered into or the difference between the amount of the outstanding loan secured by the land and the value of the land, whichever is greater; or
|
||||
|
||||
(B) in the case of a nondelinquent loan, 33 percent of the amount of the loan secured by the land.
|
||||
|
||||
(f) Consultations with Director of Fish and Wildlife Service If the Secretary elects to use the authority provided by this section, the Secretary shall consult with the Director of the Fish and Wildlife Service for purposes of—
|
||||
|
||||
(1) selecting real property in which the Secretary may enter into contracts under this section;
|
||||
|
||||
(2) formulating the terms and conditions of such contracts; and
|
||||
|
||||
(3) enforcing such contracts.
|
||||
|
||||
(g) Enforcement The Secretary, and any person or governmental entity designated by the Secretary, may enforce a contract entered into by the Secretary under this section.
|
||||
|
||||
(Pub. L. 87–128, title III, § 349, as added Pub. L. 99–198, title XIII, § 1318(a), Dec. 23, 1985, 99 Stat. 1530; amended Pub. L. 100–233, title VI, § 612, Jan. 6, 1988, 101 Stat. 1674; Pub. L. 101–624, title XVIII, § 1815, title XXIII, § 2388(j), Nov. 28, 1990, 104 Stat. 3825, 4053; Pub. L. 104–127, title VI, § 642, Apr. 4, 1996, 110 Stat. 1102; Pub. L. 117–243, § 2(b)(1), Dec. 20, 2022, 136 Stat. 2336.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments2022—Subsec. (a)(3). Pub. L. 117–243 substituted “section 3371” for “section 3371(a)”. 1996—Subsec. (b). Pub. L. 104–127, § 642(1), added subsec. (b) and struck out former subsec. (b) which read as follows: “Subject to subsection (c) of this section, the Secretary may acquire and retain an easement in real property, for a term of not less than 50 years, for conservation, recreational, and wildlife purposes.” Subsec. (c). Pub. L. 104–127, § 642(2)(A), inserted heading and substituted “The Secretary may enter into a contract under subsection (b) if” for “Such easement may be acquired or retained for real property if”. Subsec. (c)(2). Pub. L. 104–127, § 642(2)(B), inserted “and” at end. Subsec. (c)(3). Pub. L. 104–127, § 642(2)(C), struck out “(i)” after “(3)(A)”, substituted “administered by the Secretary” for “administered by the Farmers Home Administration”, redesignated cl. (ii) of subpar. (A) as subpar. (B), substituted “such contract” for “such easement” and a period for “; or” at end, and struck out former subpar. (B) which read as follows: “such property is administered under this chapter by the Secretary; and”. Subsec. (c)(4). Pub. L. 104–127, § 642(2)(D), struck out par. (4) which read as follows: “such property was (except in the case of wetland and other wildlife habitat) row cropped each year of the 3-year period ending on December 23, 1985.” Subsec. (d). Pub. L. 104–127, § 642(3), substituted “contract” for “easement” in introductory provisions and par. (3). Subsec. (e). Pub. L. 104–127, § 642(4), in par. (1), substituted “reduce or forgive the outstanding debt of a borrower” for “purchase any such easement from the borrower” in introductory provisions, in subpars. (A) and (B), substituted “administered by the Secretary” for “administered by the Farmers Home Administration” and “contract bears” for “easement bears”, and in par. (2)(A), substituted “contract is entered into” for “easement is acquired”. Subsec. (f). Pub. L. 104–127, § 642(5), in par. (1), substituted “enter into contracts” for “acquire easements” and in pars. (2) and (3), substituted “contracts” for “easements”. Subsec. (g). Pub. L. 104–127, § 642(6), substituted “a contract entered into” for “an easement acquired”. 1990—Subsec. (a)(4), (5). Pub. L. 101–624, § 2388(j), redesignated par. (5) as (4). Subsec. (c). Pub. L. 101–624, § 1815(1)(A)–(D), (F), (G), in introductory provision, struck out “such property” after “real property if”, and inserted “such property” after par. (1), (2), (3)(A)(i), (3)(B), and (4) designations. Subsec. (c)(3)(A)(ii). Pub. L. 101–624, § 1815(1)(E), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “the borrower of such loan is unable, as determined by the Secretary, to repay such loan in a timely manner; or”. Subsec. (e). Pub. L. 101–624, § 1815(2), amended subsec. (e) generally. Prior to amendment, subsec. (e) read as follows: “Any such easement acquired by the Secretary shall be purchased from the borrower involved by canceling that part of the aggregate amount of such outstanding loans of the borrower held by the Secretary under laws administered by the Farmers Home Administration that bears the same ratio to the aggregate amount of the outstanding loans of such borrower held by the Secretary under all such laws as the number of acres of the real property of such borrower that are subject to such easement bears to the aggregate number of acres securing such loans. In no case shall the amount so cancelled exceed the value of the land on which the easement is acquired or the difference between the amount of the outstanding loan secured by the land and the current value of the land, whichever is greater.” Subsec. (h). Pub. L. 101–624, § 1815(9), struck out subsec. (h) which read as follows: “This section shall not apply with respect to the cancellation of any part of any loan that was made after December 25, 1985.” 1988—Subsec. (c)(4). Pub. L. 100–233, § 612(1), inserted “and other wildlife habitat” after “wetland”. Subsec. (e). Pub. L. 100–233, § 612(2), inserted “or the difference between the amount of the outstanding loan secured by the land and the current value of the land, whichever is greater” at end of second sentence.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1998"
|
||||
description: "Guaranteed farm loan programs"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1998"
|
||||
citation: "7 U.S.C. § 1998"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1998"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "3a89d80aa636e52c443264bf2c7aa216e76fc89d30742db22dcc44e1efc3ce02"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
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||||
text_hash: "a0f7e5a01bfcf2d278f4cb336ba93b1d0394d6593baf118d86d4e7822c804494"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1998 - Guaranteed farm loan programs
|
||||
|
||||
## Text
|
||||
|
||||
Notwithstanding any other provision of this chapter, the Secretary shall ensure that farm loan guarantee programs carried out under this chapter are designed so as to be responsive to borrower and lender needs and to include provisions under reasonable terms and conditions for advances, before completion of the liquidation process, of guarantee proceeds on loans in default.
|
||||
|
||||
(Pub. L. 87–128, title III, § 350, as added Pub. L. 99–198, title XIII, § 1319, Dec. 23, 1985, 99 Stat. 1531.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
@@ -0,0 +1,77 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 1999"
|
||||
description: "Interest rate reduction program"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "1999"
|
||||
citation: "7 U.S.C. § 1999"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s1999"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "dbfae0fc518f50769559f1c2641e40b86c81e7a0c3f97a45755f715d7313fbf2"
|
||||
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|
||||
text_hash: "257d0dd89bc5dec2776e3abd1ccc74da4f088746d829eca6cad128ba3968f683"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 1999 - Interest rate reduction program
|
||||
|
||||
## Text
|
||||
|
||||
(a) Establishment of program The Secretary shall establish and carry out in accordance with this section an interest rate reduction program for loans guaranteed under this chapter.
|
||||
|
||||
(b) Contracts with lenders Under such program, the Secretary shall enter into a contract with, and make payments to, a legally organized institution to reduce during the term of such contract the interest rate paid by a borrower on a guaranteed loan made by such institution if—
|
||||
|
||||
(1) the borrower—
|
||||
|
||||
(A) is unable to obtain sufficient credit elsewhere to finance the actual needs of the borrower at reasonable rates and terms, taking into consideration private and cooperative rates and terms for a loan for a similar purpose and period of time in the community in or near which the borrower resides;
|
||||
|
||||
(B) is otherwise unable to make payments on such loan in a timely manner; and
|
||||
|
||||
(C) has a total estimated cash income during the 24-month period beginning on the date such contract is entered into (including all farm and nonfarm income) that will equal or exceed the total estimated cash expenses to be incurred by the borrower during such period (including all farm and nonfarm expenses); and
|
||||
|
||||
(2) the lender reduces during the term of such contract the annual rate of interest payable on such loan by a minimum percentage specified in such contract.
|
||||
|
||||
(c) Payments to lenders In return for a contract entered into by a lender under subsection (b) for the reduction of the interest rate paid on a loan, the Secretary shall make payments to the lender in an amount equal to not more than 100 percent of the cost of reducing the annual rate of interest payable on such loan, except that such payments may not exceed the cost of reducing such rate by more than 4 percent.
|
||||
|
||||
(d) Duration of contracts The term of a contract entered into under this section to reduce the interest rate on a guaranteed loan may not exceed the outstanding term of such loan.
|
||||
|
||||
(e) Agricultural Credit Insurance Fund use limitation (1) Notwithstanding any other provision of this chapter, the Agricultural Credit Insurance Fund established under section 1929 of this title may be used by the Secretary to carry out this section.
|
||||
|
||||
(2) Maximum amount of funds.— (A) In general.— The total amount of funds used by the Secretary to carry out this section for a fiscal year shall not exceed $750,000,000.
|
||||
|
||||
(B) Beginning and veteran farmers and ranchers.— (i) In general.— The Secretary shall reserve not less than 15 percent of the funds used by the Secretary under subparagraph (A) to make payments for guaranteed loans made to beginning farmers and ranchers or veteran farmers and ranchers (as defined in section 2279(a) of this title).
|
||||
|
||||
(ii) Duration of reservation of funds.— Funds reserved for farmers or ranchers under clause (i) for a fiscal year shall be reserved only until March 1 of the fiscal year.
|
||||
|
||||
(f) List of lender participants in guaranteed loan program The Secretary shall make available to farmers, on request, a list of lenders in the area that participate in guaranteed farm loan programs and other lenders in the area that express a desire to participate in such programs and that request inclusion in the list.
|
||||
|
||||
(g) Foreclosure action provision in farm loan guarantees Notwithstanding any other provision of law, each contract of guarantee on a farm loan entered into under this chapter after January 6, 1988, shall contain a condition that the lender of the guaranteed loan may not initiate foreclosure action on the loan until 60 days after a determination is made with respect to the eligibility of the borrower thereof to participate in the program under this section.
|
||||
|
||||
(Pub. L. 87–128, title III, § 351, as added Pub. L. 99–198, title XIII, § 1320, Dec. 23, 1985, 99 Stat. 1532; amended Pub. L. 100–233, title VI, § 613(b), (c), Jan. 6, 1988, 101 Stat. 1674; Pub. L. 101–508, title I, § 1202(b)(1), (c), Nov. 5, 1990, 104 Stat. 1388–10, 1388–11; Pub. L. 104–105, title II, § 220, Feb. 10, 1996, 110 Stat. 184; Pub. L. 104–127, title VI, § 643(a), Apr. 4, 1996, 110 Stat. 1102; Pub. L. 107–171, title V, § 5313, May 13, 2002, 116 Stat. 347; Pub. L. 115–334, title XII, § 12306(d), Dec. 20, 2018, 132 Stat. 4970.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a)(1), (e)(1), and (g), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2018—Subsec. (e)(2)(B). Pub. L. 115–334, § 12306(d)(1), inserted “and veteran” after “Beginning” in heading. Subsec. (e)(2)(B)(i). Pub. L. 115–334, § 12306(d)(2), inserted before period at end “or veteran farmers and ranchers (as defined in section 2279(a) of this title)”. Subsec. (e)(2)(B)(ii). Pub. L. 115–334, § 12306(d)(3), struck out “beginning” before “farmers or ranchers”. 2002—Subsec. (a). Pub. L. 107–171, § 5313(1), struck out par. (1) designation and heading and struck out heading and text of par. (2). Text read as follows: “The authority provided by this subsection shall terminate on September 30, 2002.” Subsec. (e)(2). Pub. L. 107–171, § 5313(2), added par. (2) and struck out former par. (2) which read as follows: “The total amount of funds used by the Secretary to carry out this section may not exceed $490,000,000.” 1996—Subsec. (a). Pub. L. 104–105 inserted heading, designated existing provisions as par. (1) and inserted heading, and added par. (2). Subsec. (f). Pub. L. 104–127, § 643(a)(1), substituted “The Secretary” for “Each Farmers Home Administration county supervisor” and “list of lenders” for “list of approved lenders” and struck out “the Farmers Home Administration” before “guaranteed farm loan programs”. Subsec. (h). Pub. L. 104–127, § 643(a)(2), struck out subsec. (h) which established a demonstration project during 4-year period beginning Jan. 6, 1988, for purchase of Farm Credit System land. 1990—Subsec. (c). Pub. L. 101–508, § 1202(b)(1)(A), substituted “100 percent” for “50 percent” and “4 percent” for “2 percent”. Subsec. (d). Pub. L. 101–508, § 1202(b)(1)(B), struck out “, or 3 years, whichever is less” after “term of such loan”. Subsec. (h)(1). Pub. L. 101–508, § 1202(c), substituted “4-year” for “3-year”. 1988—Subsec. (b)(1)(C). Pub. L. 100–233, § 613(b)(1), substituted “24-month” for “12-month”. Subsecs. (f), (g). Pub. L. 100–233, § 613(b)(2), added subsecs. (f) and (g). Subsec. (h). Pub. L. 100–233, § 613(c), added subsec. (h).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1990 AmendmentAmendment by Pub. L. 101–508 effective Nov. 29, 1990, see section 1301 of Pub. L. 101–508, set out as an Effective Date note under section 1994 of this title.
|
||||
|
||||
Effective and Termination DatesThat part of section 1320 of Pub. L. 99–198, as amended by Pub. L. 100–233, title VI, § 613(a), Jan. 6, 1988, 101 Stat. 1674; Pub. L. 101–508, title I, § 1202(b)(2), Nov. 5, 1990, 104 Stat. 1388–11, which provided that this section was effective only for the period beginning Dec. 23, 1985, and ending Sept. 30, 1995, was repealed by Pub. L. 104–127, title VI, § 643(b), Apr. 4, 1996, 110 Stat. 1103.
|
||||
@@ -0,0 +1,121 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2000"
|
||||
description: "Homestead protection"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2000"
|
||||
citation: "7 U.S.C. § 2000"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2000"
|
||||
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|
||||
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|
||||
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text_hash: "0f95a73773be7bb261c0534f75bd2197abd3786797c9a8bbc310318b84aa9f2d"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2000 - Homestead protection
|
||||
|
||||
## Text
|
||||
|
||||
(a) Definitions As used in this section:
|
||||
|
||||
(1) The term “Administrator” means the Administrator of the Small Business Administration.
|
||||
|
||||
(2) The term “borrower-owner” means—
|
||||
|
||||
(A) a borrower of a loan made or insured by the Secretary or the Administrator who meets the eligibility requirements of subsection (c)(1); or
|
||||
|
||||
(B) in any case in which an owner of homestead property pledged the property to secure the loan and the owner is different than the borrower, the owner.
|
||||
|
||||
(3) The term “farm program loan” means any loan made by the Administrator under the Small Business Act (15 U.S.C. 631 et seq.) for any of the purposes authorized for loans under subchapters 11 So in original. Probably should be “subchapter”. I or II.
|
||||
|
||||
(4) The term “homestead property” means the principal residence and adjoining property possessed and occupied by a borrower-owner specified in paragraph (2) of this subsection, including a reasonable number of farm outbuildings located on the adjoining land that are useful to the occupants of the homestead, and no more than 10 acres of adjoining land that is used to maintain the family of the individual.
|
||||
|
||||
(5) The term “Secretary” means the Secretary of Agriculture.
|
||||
|
||||
(b) Occupancy of homestead upon foreclosure, bankruptcy, or liquidation; appraisal; period of occupancy (1) The Secretary or the Administrator shall, on application by a borrower-owner who meets the eligibility requirements of subsection (c)(1), permit the borrower-owner to retain possession and occupancy of homestead property under the terms set forth, and until the action described in this section has been completed, if—
|
||||
|
||||
(A) the Secretary forecloses, holds in inventory on January 6, 1988, or takes into inventory, property securing a loan made or insured under this chapter;
|
||||
|
||||
(B) the Administrator forecloses, holds in inventory on January 6, 1988, or takes into inventory, property securing a farm program loan made under the Small Business Act (15 U.S.C. 631 et seq.); or
|
||||
|
||||
(C) the borrower-owner of a loan made or insured by the Secretary or the Administrator files a petition in bankruptcy that results in the conveyance of the homestead property to the Secretary or the Administrator, or agrees to voluntarily liquidate or convey such property in whole or in part.
|
||||
|
||||
(2) The value of the homestead property shall be determined insofar as possible by an independent appraisal made within six months from the date of the borrower-owner’s application to retain possession and occupancy of the homestead property.
|
||||
|
||||
(3) The period of occupancy of homestead property under this subsection may not exceed five years, but in no case shall the Secretary or the Administrator grant a period of occupancy less than three years, subject to compliance with the requirements of subsection (c).
|
||||
|
||||
(c) Terms and conditions (1) To be eligible to occupy homestead property, a borrower-owner of a loan made or insured by the Secretary or the Administrator shall—
|
||||
|
||||
(A) apply for such occupancy not later than 30 days after the property is acquired by the Secretary or Administrator, or for property in inventory on January 6, 1988, the borrower-owner shall apply for occupancy not later than 30 days after January 6, 1988;
|
||||
|
||||
(B) have received from farming or ranching operations gross farm income reasonably commensurate with—
|
||||
|
||||
(i) the size and location of the farming unit of the borrower-owner; and
|
||||
|
||||
(ii) local agricultural conditions (including natural and economic conditions), in at least 2 calendar years during the 6-year period preceding the calendar year in which the application is made;
|
||||
|
||||
(C) have received from farming or ranching operations at least 60 percent of the gross annual income of the borrower-owner and any spouse of the borrower-owner in at least 2 calendar years during any 6-year period described in subparagraph (B);
|
||||
|
||||
(D) have continuously occupied the homestead property during the 6-year period described in subparagraph (B), except that such requirement may be waived if a borrower-owner has, due to circumstances beyond the control of the borrower-owner, had to leave the homestead property for a period of time not to exceed 12 months during the 6-year period;
|
||||
|
||||
(E) during the period of the occupancy of the homestead property, pay a reasonable sum as rent for such property to the Secretary or the Administrator in an amount substantially equivalent to rents charged for similar residential properties in the area in which the homestead property is located;
|
||||
|
||||
(F) during the period of the occupancy of the homestead property, maintain the property in good condition; and
|
||||
|
||||
(G) meet such other reasonable and necessary terms and conditions as the Secretary may require consistent with this section.
|
||||
|
||||
(2) For purposes of subparagraphs (B) and (C) of paragraph (1), the term “farming or ranching operations” shall include rent paid by lessees of agricultural land during any period in which the borrower-owner, due to circumstances beyond the control of the borrower-owner, is unable to actively farm such land.
|
||||
|
||||
(3) For the purposes of paragraph (1)(E), the failure of the borrower-owner to make timely rental payments shall constitute cause for the termination of all rights of such borrower-owner to possession and occupancy of the homestead property under this section. In effecting any such termination, the Secretary shall afford the borrower-owner or lessee the notice and hearing procedural rights described in section 1983b 22 See References in Text note below. of this title and shall comply with all applicable State and local laws governing eviction from residential property.
|
||||
|
||||
(4) (A) The period of occupancy allowed the prior owner of homestead property under this section shall be the period requested in writing by the prior owner, except that such period shall not exceed 5 years.
|
||||
|
||||
(B) At any time during the period of occupancy of a borrower-owner who is a socially disadvantaged farmer or rancher (as defined in section 2003(e)(2) of this title), the borrower-owner or a member of the immediate family of the borrower-owner shall have a right of first refusal to reacquire the homestead property on such terms and conditions as the Secretary shall determine, except that the Secretary may not demand a payment for the homestead property that is in excess of the current market value of the homestead property as established by an independent appraisal. The independent appraisal shall be conducted by an appraiser selected by the borrower-owner or immediate family member, as the case may be, from a list of three appraisers approved by the county supervisor.
|
||||
|
||||
(5) No rights of a borrower-owner under this section, and no agreement entered into between the borrower-owner and the Secretary for occupancy of the homestead property, shall be transferable or assignable by the borrower-owner or by operation of any law, except that in the case of death or incompetency of such borrower-owner, such rights and agreements shall be transferable to the spouse of the borrower-owner if the spouse agrees to comply with the terms and conditions thereof.
|
||||
|
||||
(6) Not later than the date of acquisition of the property securing a loan made under this chapter (or, in the case of real property in inventory on April 4, 1996, not later than 5 days after April 4, 1996), the Secretary shall notify the borrower-owner from whom the property was acquired of the availability of homestead protection rights under this section.
|
||||
|
||||
(d) First right of refusal of reacquisition At the end of the period of occupancy described in subsection (c), the Secretary or the Administrator shall grant to the borrower-owner a first right of refusal to reacquire the homestead property on such terms and conditions (which may include payment of principal in installments) as the Secretary or the Administrator shall determine. Such terms and conditions shall not be less favorable than those intended to be offered to any other buyer.
|
||||
|
||||
(e) Value as measure of reacquisition payment of principal At the time any reacquisition agreement is entered into, the Secretary or the Administrator may not demand a total payment of principal that is in excess of the value of the homestead property as established under subsection (b)(2).
|
||||
|
||||
(f) Contract authority The Secretary may enter into contracts authorized by this section before the Secretary acquires title to the homestead property.
|
||||
|
||||
(g) Conflict between Federal and State law In the event of any conflict between this section and any provision of the law of any State relating to the right of a borrower-owner to designate for separate sale or redeem part or all of the real property securing a loan foreclosed on by the lender thereof, such provision of State law shall prevail.
|
||||
|
||||
(Pub. L. 87–128, title III, § 352, as added Pub. L. 99–198, title XIII, § 1321, Dec. 23, 1985, 99 Stat. 1532; amended Pub. L. 100–233, title VI, § 614, Jan. 6, 1988, 101 Stat. 1675; Pub. L. 102–237, title V, § 501(g), title VII, § 701(h)(2), Dec. 13, 1991, 105 Stat. 1867, 1880; Pub. L. 102–552, title V, § 516(i), (j)(1), Oct. 28, 1992, 106 Stat. 4138; Pub. L. 104–127, title VI, § 644, Apr. 4, 1996, 110 Stat. 1103; Pub. L. 110–234, title V, § 5305, May 22, 2008, 122 Stat. 1153; Pub. L. 110–246, § 4(a), title V, § 5305, June 18, 2008, 122 Stat. 1664, 1915.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThe Small Business Act, referred to in subsecs. (a)(3) and (b)(1)(B), is Pub. L. 85–536, § 2(1 et seq.), July 18, 1958, 72 Stat. 384, which is classified generally to chapter 14A (§ 631 et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 631 of Title 15 and Tables. This chapter, referred to in subsecs. (b)(1)(A) and (c)(6), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 1983b of this title, referred to in subsec. (c)(3), was repealed by Pub. L. 103–354, title II, § 281(c), Oct. 13, 1994, 108 Stat. 3233.
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Amendments2008—Subsec. (c)(4)(B). Pub. L. 110–246, § 5305, substituted “period of occupancy of a borrower-owner who is a socially disadvantaged farmer or rancher (as defined in section 2003(e)(2) of this title), the borrower-owner or a member of the immediate family of the borrower-owner” for “period of occupancy, the borrower-owner” and inserted “or immediate family member, as the case may be,” after “selected by the borrower-owner”. 1996—Subsec. (c)(1)(A). Pub. L. 104–127, § 644(1), substituted “30” for “90” in two places. Subsec. (c)(6). Pub. L. 104–127, § 644(2), substituted “Not later than the date of acquisition of the property securing a loan made under this chapter (or, in the case of real property in inventory on April 4, 1996, not later than 5 days after April 4, 1996),” for “Within 30 days of the acquisition of the homestead property securing a loan made or insured under this chapter,” and struck out at end “For property in inventory on January 6, 1988, the Secretary shall make a good faith effort to notify the borrower-owner of the availability of homestead protection rights under this section within 60 days after January 6, 1988.” 1992—Subsec. (a)(4), (5). Pub. L. 102–552, § 516(i), redesignated par. (4), defining “Secretary”, as (5). Subsec. (b)(2). Pub. L. 102–552, § 516(j)(1), substituted “borrower-owner’s” for “borrower’s”. 1991—Subsec. (a)(2) to (4). Pub. L. 102–237, § 501(g), added par. (2), redesignated former pars. (2) and (3) as (3) and (4), respectively, and substituted “borrower-owner” for “borrower” in redesignated par. (4). Subsec. (b)(1). Pub. L. 102–237, § 501(g)(2), substituted “borrower-owner” for “borrower” wherever appearing. Subsec. (b)(3). Pub. L. 102–237, § 701(h)(2), struck out “be” after “shall”. Subsecs. (c), (d), (g). Pub. L. 102–237, § 501(g)(2), substituted “borrower-owner” for “borrower” wherever appearing. 1988—Subsec. (a)(3). Pub. L. 100–233, § 614(1), inserted “, including a reasonable number of farm outbuildings located on the adjoining land that are useful to the occupants of the homestead, and no more than 10 acres of adjoining land that is used to maintain the family of the individual”. Subsec. (b)(1). Pub. L. 100–233, § 614(2), added par. (1) and struck out former par. (1) which read as follows: “If the Secretary forecloses a loan made or insured under this chapter, the Administrator forecloses a farm program loan made under the Small Business Act (15 U.S.C. 631 et seq.), or a borrower of a loan made or insured by either agency declares bankruptcy or goes into voluntary liquidation to avoid foreclosure or bankruptcy, the Secretary or Administrator may upon application by the borrower, permit the borrower to retain possession and occupancy of any principal residence of the borrower, and a reasonable amount of adjoining land for the purpose of family maintenance.” Subsec. (c). Pub. L. 100–233, § 614(3), completely revised and restated subsec. (c), substituting pars. (1) to (6) for former pars. (1) to (8). Subsec. (d). Pub. L. 100–233, § 614(3), inserted at end “Such terms and conditions shall not be less favorable than those intended to be offered to any other buyer.” Subsecs. (f), (g). Pub. L. 100–233, § 614(4), added subsecs. (f) and (g).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by Pub. L. 104–127 effective Apr. 4, 1996, but not applicable with respect to complete application to acquire inventory property submitted prior to Apr. 4, 1996, see section 663(a), (c) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1992 AmendmentPub. L. 102–552, title V, § 516(j)(2), Oct. 28, 1992, 106 Stat. 4138, provided that: “The amendment made by paragraph (1) of this subsection [amending this section] shall take effect at the same time as the amendments made by section 501(f) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1867) [amending section 1985 of this title] took effect.”
|
||||
|
||||
Effective Date of 1991 AmendmentAmendment by section 701(h)(2) of Pub. L. 102–237 to any provision specified therein effective as if included in act that added provision so specified at the time such act became law, see section 1101(c) of Pub. L. 102–237, set out as a note under section 1421 of this title.
|
||||
@@ -0,0 +1,215 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2001"
|
||||
description: "Debt restructuring and loan servicing"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2001"
|
||||
citation: "7 U.S.C. § 2001"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
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text_hash: "50a9c5c3375617b715e723c7483e5237433751f16cd2ae146d9bbbbbb15a4044"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2001 - Debt restructuring and loan servicing
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall modify delinquent farmer program loans made or insured under this chapter, or purchased from the lender or the Federal Deposit Insurance Corporation under section 1929b of this title, to the maximum extent possible—
|
||||
|
||||
(1) to avoid losses to the Secretary on such loans, with priority consideration being placed on writing-down the loan principal and interest (subject to subsections (d) and (e)), and debt set-aside (subject to subsection (e)), whenever these procedures would facilitate keeping the borrower on the farm or ranch, or otherwise through the use of primary loan service programs as provided in this section; and
|
||||
|
||||
(2) to ensure that borrowers are able to continue farming or ranching operations.
|
||||
|
||||
(b) Eligibility To be eligible to obtain assistance under subsection (a)—
|
||||
|
||||
(1) the delinquency must be due to circumstances beyond the control of the borrower, as defined in regulations issued by the Secretary, except that the regulations shall require that, if the value of the assets calculated under subsection (c)(2)(A)(ii) that may be realized through liquidation or other methods would produce enough income to make the delinquent loan current, the borrower shall not be eligible for assistance under subsection (a);
|
||||
|
||||
(2) the borrower must have acted in good faith with the Secretary in connection with the loan as defined in regulations issued by the Secretary;
|
||||
|
||||
(3) the borrower must present a preliminary plan to the Secretary that contains reasonable assumptions that demonstrate that the borrower will be able to—
|
||||
|
||||
(A) meet the necessary family living and farm operating expenses; and
|
||||
|
||||
(B) service all debts, including those of the loans restructured; and
|
||||
|
||||
(4) the loan, if restructured, must result in a net recovery to the Federal Government, during the term of the loan as restructured, that would be more than or equal to the net recovery to the Federal Government from an involuntary liquidation or foreclosure on the property securing the loan.
|
||||
|
||||
(c) Restructuring determinations (1) Determination of net recovery In determining the net recovery from the involuntary liquidation of a loan under this section, the Secretary shall calculate—
|
||||
|
||||
(A) the recovery value of the collateral securing the loan, in accordance with paragraph (2); and
|
||||
|
||||
(B) the value of the restructured loan, in accordance with paragraph (3).
|
||||
|
||||
(2) Recovery value For the purpose of paragraph (1), the recovery value of the collateral securing the loan shall be based on—
|
||||
|
||||
(A) (i) the amount of the current appraised value of the interests of the borrower in the property securing the loan; plus
|
||||
|
||||
(ii) the value of the interests of the borrower in all other assets that are—
|
||||
|
||||
(I) not essential for necessary family living expenses;
|
||||
|
||||
(II) not essential to the operation of the farm; and
|
||||
|
||||
(III) not exempt from judgment creditors or in a bankruptcy action under Federal or State law; less
|
||||
|
||||
(B) the estimated administrative, legal, and other expenses associated with the liquidation and disposition of the loan and collateral, including—
|
||||
|
||||
(i) the payment of prior liens;
|
||||
|
||||
(ii) taxes and assessments, depreciation, management costs, the yearly percentage decrease or increase in the value of the property, and lost interest income, each calculated for the average holding period for the type of property involved;
|
||||
|
||||
(iii) resale expenses, such as repairs, commissions, and advertising; and
|
||||
|
||||
(iv) other administrative and attorney’s costs; plus
|
||||
|
||||
(C) the value, as determined by the Secretary, of any property not included in subparagraph (A)(i) if the property is specified in any security agreement with respect to such loan and the Secretary determines that the value of such property should be included for purposes of this section.
|
||||
|
||||
(3) Value of the restructured loan (A) In general For the purpose of paragraph (1), the value of the restructured loan shall be based on the present value of payments that the borrower would make to the Federal Government if the terms of such loan were modified under any combination of primary loan service programs to ensure that the borrower is able to meet such obligations and continue farming operations.
|
||||
|
||||
(B) Present value For the purpose of calculating the present value referred to in subparagraph (A), the Secretary shall use a discount rate of not more than the current rate on 90-day Treasury bills.
|
||||
|
||||
(C) Cash flow margin For the purpose of assessing under subparagraph (A) the ability of a borrower to meet debt obligations and continue farming operations, the Secretary shall assume that the borrower needs up to 110 percent of the amount indicated for payment of farm operating expenses, debt service obligations, and family living expenses.
|
||||
|
||||
(4) Notification Within 90 days after receipt of a written request for restructuring from the borrower, the Secretary shall—
|
||||
|
||||
(A) make the calculations specified in paragraphs (2) and (3);
|
||||
|
||||
(B) notify the borrower in writing of the results of such calculations; and
|
||||
|
||||
(C) provide documentation for the calculations.
|
||||
|
||||
(5) Restructuring of loans If the value of the restructured loan is greater than or equal to the recovery value, the Secretary shall, within 45 days after notifying the borrower of such calculations, offer to restructure the loan obligations of the borrower under this chapter through primary loan service programs that would enable the borrower to meet the obligations (as modified) under the loan and to continue the farming operations of the borrower. If the borrower accepts such offer, within 45 days after receipt of notice of acceptance, the Secretary shall restructure the loan accordingly.
|
||||
|
||||
(6) Termination of loan obligations The obligations of a borrower to the Secretary under a loan shall terminate if—
|
||||
|
||||
(A) the borrower satisfies the requirements of paragraphs (1) and (2) of subsection (b);
|
||||
|
||||
(B) the value of the restructured loan is less than the recovery value; and
|
||||
|
||||
(C) not later than 90 days after receipt of the notification described in paragraph (4)(B), the borrower pays (or obtains third-party financing to pay) the Secretary an amount equal to the current market value.
|
||||
|
||||
(7) Negotiation of appraisal (A) In general In making a determination concerning restructuring under this subsection, the Secretary, at the request of the borrower, shall enter into negotiations concerning appraisals required under this subsection with the borrower.
|
||||
|
||||
(B) Independent appraisal If the borrower, based on a separate current appraisal, objects to the decision of the Secretary regarding an appraisal, the borrower and the Secretary shall mutually agree, to the extent practicable, on an independent appraiser who shall conduct another appraisal of the borrower’s property. The average of the two appraisals that are closest in value shall become the final appraisal under this paragraph. The borrower and the Secretary shall each pay one-half of the cost of the independent appraisal.
|
||||
|
||||
(d) Principal and interest write-down (1) In general (A) Priority consideration In selecting the restructuring alternatives to be used in the case of a borrower who has requested restructuring under this section, the Secretary shall give priority consideration to the use of principal and interest write-down, except that this procedure shall not be given first priority in the case of a borrower unless other creditors of such borrower (other than those creditors who are fully collateralized) representing a substantial portion of the total debt of the borrower held by such creditors, agree to participate in the development of the restructuring plan or agree to participate in a State mediation program.
|
||||
|
||||
(B) Failure of creditors to agree Failure of creditors to agree to participate in the restructuring plan or mediation program shall not preclude the use of principal and interest write-down by the Secretary if the Secretary determines that this restructuring alternative results in the least cost to the Secretary.
|
||||
|
||||
(2) Participation of creditors Before eliminating the option to use debt write-down in the case of a borrower, the Secretary shall make a reasonable effort to contact the creditors of such borrower, either directly or through the borrower, and encourage such creditors to participate with the Secretary in the development of a restructuring plan for the borrower.
|
||||
|
||||
(e) Shared appreciation arrangements (1) In general As a condition of restructuring a loan in accordance with this section, the borrower of the loan may be required to enter into a shared appreciation arrangement that requires the repayment of amounts written off or set aside.
|
||||
|
||||
(2) Terms Shared appreciation agreements shall have a term not to exceed 10 years, and shall provide for recapture based on the difference between the appraised values of the real security property at the time of restructuring and at the time of recapture.
|
||||
|
||||
(3) Percentage of recapture The amount of the appreciation to be recaptured by the Secretary shall be 75 percent of the appreciation in the value of such real security property if the recapture occurs within 4 years of the restructuring, and 50 percent if the recapture occurs during the remainder of the term of the agreement.
|
||||
|
||||
(4) Time of recapture Recapture shall take place at the end of the term of the agreement, or sooner—
|
||||
|
||||
(A) on the conveyance of the real security property;
|
||||
|
||||
(B) on the repayment of the loans; or
|
||||
|
||||
(C) if the borrower ceases farming operations.
|
||||
|
||||
(5) Transfer of title Transfer of title to the spouse of a borrower on the death of such borrower shall not be treated as a conveyance for the purpose of paragraph (4).
|
||||
|
||||
(6) Notice of recapture Beginning with fiscal year 2000 not later than 12 months before the end of the term of a shared appreciation arrangement, the Secretary shall notify the borrower involved of the provisions of the arrangement.
|
||||
|
||||
(7) Financing of recapture payment (A) In general The Secretary may amortize a recapture payment owed to the Secretary under this subsection.
|
||||
|
||||
(B) Term The term of an amortization under this paragraph may not exceed 25 years.
|
||||
|
||||
(C) Interest rate (i) In general The interest rate applicable to an amortization under this paragraph may not exceed the rate applicable to a loan to reacquire homestead property less 100 basis points.
|
||||
|
||||
(ii) Existing amortizations and loans The interest rate applicable to an amortization or loan made by the Secretary before October 28, 2000, to finance a recapture payment owed to the Secretary under this subsection may not exceed the rate applicable to a loan to reacquire homestead property less 100 basis points.
|
||||
|
||||
(D) Reamortization (i) In general The Secretary may modify the amortization of a recapture payment referred to in subparagraph (A) of this paragraph on which a payment has become delinquent by using loan service tools under section 1991(b)(3) of this title if—
|
||||
|
||||
(I) the default is due to circumstances beyond the control of the borrower; and
|
||||
|
||||
(II) the borrower acted in good faith (as determined by the Secretary) in attempting to repay the recapture amount.
|
||||
|
||||
(ii) Limitations (I) Term of reamortization The term of a reamortization under this subparagraph may not exceed 25 years from the date of the original amortization agreement.
|
||||
|
||||
(II) No reduction or principal or unpaid interest due A reamortization of a recapture payment under this subparagraph may not provide for reducing the outstanding principal or unpaid interest due on the recapture payment.
|
||||
|
||||
(f) Determination to restructure If the appeal process results in a determination that a loan is eligible for restructuring, the Secretary shall restructure the loan in the manner consistent with this section, taking into consideration the restructuring recommendations, if any, of the appeals officer.
|
||||
|
||||
(g) Prerequisites to foreclosure or liquidation No foreclosure or other similar actions shall be taken to liquidate any loan determined to be ineligible for restructuring by the Secretary under this section—
|
||||
|
||||
(1) until the borrower has been given the opportunity to appeal such decision; and
|
||||
|
||||
(2) if the borrower appeals, the appeals process has been completed, and a determination has been made that the loan is ineligible for restructuring.
|
||||
|
||||
(h) Time limits for restructuring Once an appeal has been filed under section 1983b 11 See References in Text note below. of this title, a decision shall be made at each level in the appeals process within 45 days after the receipt of the appeal or request for further review.
|
||||
|
||||
(i) Notice of ineligibility for restructuring (1) In general A notice of ineligibility for restructuring shall be sent to the borrower by registered or certified mail within 15 days after such determination.
|
||||
|
||||
(2) Contents The notice required under paragraph (1) shall contain—
|
||||
|
||||
(A) the determination and the reasons for the determination;
|
||||
|
||||
(B) the computations used to make the determination, including the calculation of the recovery value of the collateral securing the loan; and
|
||||
|
||||
(C) a statement of the right of the borrower to appeal the decision to the appeals division, and to appear before a hearing officer.
|
||||
|
||||
(j) Independent appraisals An appeal filed with the appeals division under section 1983b of this title may include a request by the borrower for an independent appraisal of any property securing the loan. On such request, the appeals division shall present the borrower with a list of three appraisers approved by the county supervisor, from which the borrower shall select an appraiser to conduct the appraisal, the cost of which shall be borne by the borrower. The results of such appraisal shall be considered in any final determination concerning the loan. A copy of any appraisal made under this paragraph shall be provided to the borrower.
|
||||
|
||||
(k) Partial liquidations If partial liquidations are performed (with the prior consent of the Secretary) as part of loan servicing by a guaranteed lender under this chapter, the Secretary shall not require full liquidation of a delinquent loan in order for the lender to be eligible to receive payment on losses.
|
||||
|
||||
(l) Disposition of normal income security For purposes of subsection (b)(2) of this section, if a borrower—
|
||||
|
||||
(1) disposed of normal income security prior to October 14, 1988, without the consent of the Secretary; and
|
||||
|
||||
(2) demonstrates that—
|
||||
|
||||
(A) the proceeds were utilized to pay essential household and farm operating expenses; and
|
||||
|
||||
(B) the borrower would have been entitled to a release of income proceeds by the Secretary if the regulations in effect on November 28, 1990, had been in effect at the time of the disposition,
|
||||
|
||||
the Secretary shall not consider the borrower to have acted without good faith to the extent of the disposition.
|
||||
|
||||
(m) Only 1 write-down or net recovery buy-out per borrower for loan made after January 6, 1988 (1) In general The Secretary may provide for any one borrower not more than 1 write-down or net recovery buy-out under this section with respect to all loans made to the borrower after January 6, 1988.
|
||||
|
||||
(2) Special rule For purposes of paragraph (1), the Secretary shall treat any loan made on or before January 6, 1988, with respect to which a restructuring, write-down, or net recovery buy-out is provided under this section after such date, as a loan made after such date.
|
||||
|
||||
(n) Liquidation of assets The Secretary may not use the authority provided by this section to reduce or terminate any portion of the debt of the borrower that the borrower could pay through the liquidation of assets (or through the payment of the loan value of the assets, if the loan value is greater than the liquidation value) described in subsection (c)(2)(A)(ii).
|
||||
|
||||
(o) Lifetime limitation on debt forgiveness per borrower The Secretary may provide not more than $300,000 in principal and interest forgiveness under this section per borrower.
|
||||
|
||||
(Pub. L. 87–128, title III, § 353, as added Pub. L. 100–233, title VI, § 615(a), Jan. 6, 1988, 101 Stat. 1678; amended Pub. L. 101–624, title XVIII, § 1816(a)–(d), (f)–(h), Nov. 28, 1990, 104 Stat. 3826–3828; Pub. L. 102–237, title V, § 501(h), Dec. 13, 1991, 105 Stat. 1868; Pub. L. 104–127, title VI, §§ 645, 661(j), Apr. 4, 1996, 110 Stat. 1103, 1107; Pub. L. 105–277, div. A, § 101(a) [title VIII, §§ 807, 808], Oct. 21, 1998, 112 Stat. 2681, 2681–40; Pub. L. 106–31, title III, § 3019(b), May 21, 1999, 113 Stat. 99; Pub. L. 106–387, § 1(a) [title VIII, § 818(a)], Oct. 28, 2000, 114 Stat. 1549, 1549A–58; Pub. L. 107–171, title V, § 5314, May 13, 2002, 116 Stat. 347.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a), (c)(5), and (k), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 1983b of this title, referred to in subsec. (h), was repealed by Pub. L. 103–354, title II, § 281(c), Oct. 13, 1994, 108 Stat. 3233.
|
||||
|
||||
Amendments2002—Subsec. (e)(7)(D). Pub. L. 107–171 added subpar. (D). 2000—Subsec. (e)(7). Pub. L. 106–387 added par. (7). 1999—Subsec. (c)(3)(C). Pub. L. 106–31 substituted “110 percent” for “100 percent”. 1998—Subsec. (c)(3)(C). Pub. L. 105–277, § 101(a) [title VIII, § 808], substituted “100 percent” for “110 percent”. Subsec. (e)(6). Pub. L. 105–277, § 101(a) [title VIII, § 807], added par. (6). 1996—Subsec. (c)(3)(C). Pub. L. 104–127, § 645(1)(A), added subpar. (C) and struck out heading and text of former subpar. (C). Text read as follows: “(i) Assumption.—For the purpose of assessing under subparagraph (A) the ability of a borrower to meet debt obligations and continue farming operations, the Secretary shall assume that the borrower needs up to 105 percent of the amount indicated for payment of debt obligations. “(ii) Available income.—If an amount up to 105 percent of the debt payments of the borrower has been earmarked for such payments, the Secretary shall consider the income of the borrower to be adequate to meet the debt obligations of the borrower.” Subsec. (c)(6). Pub. L. 104–127, § 645(1)(B), added par. (6) and struck out former par. (6), which specified required conditions for termination of loan obligations, limited applicability of good faith requirement, authorized recapture by requiring borrower to enter into agreement before terminating loan obligations, and provided for limitation on recapture amount and treatment of intrafamily transfers. Subsec. (k). Pub. L. 104–127, § 645(2), (3), redesignated subsec. (l) as (k) and struck out heading and text of former subsec. (k). Text read as follows: “The creditworthiness of, or the adequacy of collateral offered by, any borrower whose loan obligations are restructured under this section shall be determined without regard to such restructuring.” Subsec. (l). Pub. L. 104–127, § 661(j), struck out “and subparagraphs (A)(i) and (C)(i) of section 1985(e)(1) of this title,” before “if a borrower” in introductory provisions. Pub. L. 104–127, § 645(3), redesignated subsec. (m) as (l). Subsecs. (m) to (p). Pub. L. 104–127, § 645(3), redesignated subsecs. (m) to (p) as (l) to (o), respectively. 1991—Subsec. (c)(6)(A)(ii). Pub. L. 102–237, § 501(h)(1), substituted “November 28, 1990” for “the date of enactment of this paragraph”. Subsec. (m). Pub. L. 102–237, § 501(h)(2), substituted “section 1985(e)(1)” for “section 1985(e)(1)(A)”. 1990—Subsec. (b)(1). Pub. L. 101–624, § 1816(a), inserted before semicolon at end “, except that the regulations shall require that, if the value of the assets calculated under subsection (c)(2)(A)(ii) that may be realized through liquidation or other methods would produce enough income to make the delinquent loan current, the borrower shall not be eligible for assistance under subsection (a)”. Subsec. (c)(2)(A). Pub. L. 101–624, § 1816(b)(1), amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the amount of the current appraised value of the property securing the loan; less”. Subsec. (c)(2)(B)(iv). Pub. L. 101–624, § 1816(b)(2)(A), substituted “costs; plus” for “costs.” Subsec. (c)(2)(C). Pub. L. 101–624, § 1816(b)(2)(B), added subpar. (C). Subsec. (c)(3)(C). Pub. L. 101–624, § 1816(c), added subpar. (C). Subsec. (c)(4). Pub. L. 101–624, § 1816(d), substituted “90” for “60” in introductory provisions. Subsec. (c)(6). Pub. L. 101–624, § 1816(f), amended par. (6) generally. Prior to amendment, par. (6) read as follows: “If the value of the restructured loan is less than the recovery value and if, within 45 days after receipt of the notification described in paragraph (4)(B), the borrower pays (or obtains third-party financing to pay) the Secretary an amount equal to the recovery value, the obligations of the borrower to the Secretary under the loan shall terminate, except that the Secretary may require, as a condition of such termination of loan obligations, that the borrower enter into an agreement with the Secretary if the borrower sells or otherwise conveys the real property used to secure such loan within 2 years after the date of such agreement. Any such agreement shall provide for the recapture of part or all of the difference between the recovery value of the loan and the fair market value (on the date of such agreement) of the property securing the loan if the borrower realizes a gain on the sale or conveyance over the amount of the recovery value of the loan. In no event shall any such agreement provide for recapture of an amount that exceeds the difference between such recovery value and the fair market value of the property securing the loan on the date of such agreement.” Subsec. (c)(7). Pub. L. 101–624, § 1816(g), added par. (7). Subsecs. (l) to (p). Pub. L. 101–624, § 1816(h), added subsecs. (l) to (p).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1996 AmendmentAmendment by section 645(1) of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by sections 645(2), (3) and 661(j) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.
|
||||
|
||||
Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(3) of Pub. L. 102–237, set out as a note under section 1421 of this title.
|
||||
|
||||
Effective Date of 1990 AmendmentPub. L. 101–624, title XVIII, § 1861, Nov. 28, 1990, 104 Stat. 3837, provided that: “(a) In General.—Except as otherwise provided in this title, this title and the amendments made by this title [enacting sections 1981f and 2006a to 2006e of this title, section 2076a of Title 12, Banks and Banking, and section 5143 of Title 25, Indians, amending this section, sections 1924, 1927, 1933, 1934, 1942, 1946, 1981, 1981d, 1982, 1983, 1983a, 1983b, 1985, 1991, 1997, 2003, and 5106 of this title, section 3132 of Title 5, Government Organization and Employees, sections 2019, 2075, 2077, 2218, 2252, 2254, 2277a–5, 2277a–9, 2277a–10, 2277a–14, 2278a–6, 2279aa, and 2279aa–11 of Title 12, and section 5141 of Title 25, enacting provisions set out as notes under section 1981f of this title and section 2001 of Title 12, amending provisions set out as a note under section 1985 of this title, and repealing provisions set out as a note preceding section 1961 of this title] shall become effective on the date of enactment of this Act [Nov. 28, 1990]. “(b) Notice of Debt Settlement Programs.—The amendment made by section 1807(1) of this Act [amending section 1981d(b)(1) of this title] shall become effective 120 days after the date of enactment of this Act [Nov. 28, 1990]. “(c) Debt Restructuring and Loan Servicing.—“(1) In general.—Except as provided in section 353(c)(6)(A)(ii) of the Consolidated Farm and Rural Development Act [7 U.S.C. 2001(c)(6)(A)(iii)] (as added by section 1816(f) of this Act) and in paragraph (3) of this subsection, section 1816 of this Act and the amendments made by such section 1816 [amending this section and section 1985 of this title] shall apply to new applications submitted under section 353 of the Consolidated Farm and Rural Development Act (7 U.S.C. 2001) on or after the date of enactment of this Act [Nov. 28, 1990]. “(2) Definition of new application.—As used in paragraph (1), the term ‘new application’ means an application submitted by a borrower to initiate a debt restructuring consideration and not an application reconsidered after an appeal or revision of the original application. “(3) Liquidation of assets.—Section 353(o) of the Consolidated Farm and Rural Development Act [7 U.S.C. 2001(o)] (as added by section 1816(h) of this Act) shall not apply until the Secretary of Agriculture has issued final regulations to carry out such section 353(o). “(d) Restoration of First Lien on Stock.—The amendment made by section 1833 of this Act [enacting section 2076a of Title 12 and amending section 2077 of Title 12] shall be effective as of January 7, 1988. “(e) Regulations.—As soon as practicable after the date of enactment of this Act [Nov. 28, 1990]—“(1) the Secretary of Agriculture shall issue such regulations as are necessary to carry out subtitles A and C of this Act [probably means subtitles A (§§ 1801–1824) and C (§§ 1851–1854) of title XVIII of Pub. L. 101–624, enacting sections 1981f and 2006a to 2006e of this title and section 5143 of Title 25, amending this section, sections 1924, 1927, 1933, 1934, 1942, 1946, 1981, 1981d, 1982, 1983, 1983a, 1983b, 1985, 1991, 1997, 2003, and 5106 of this title and section 5141 of Title 25, enacting provisions set out as a note under section 1981f of this title, amending provisions set out as a note under section 1985 of this title, and repealing provisions set out as a note preceding section 1961 of this title] and the amendments made by such subtitles; and “(2) the Farm Credit Administration shall issue such regulations as are necessary to carry out subtitle B of this Act [probably means subtitle B (§§ 1831–1843) of title XVIII of Pub. L. 101–624, enacting section 2076a of Title 12, amending section 3132 of Title 5 and sections 2019, 2075, 2077, 2218, 2252, 2254, 2277a–5, 2277a–9, 2277a–10, 2277a–14, 2278a–6, 2279aa, and 2279aa–11 of Title 12, and enacting provisions set out as a note under section 2001 of Title 12] and the amendments made by such subtitle.”
|
||||
|
||||
Suspension of Collection Activities During Transition PeriodPub. L. 100–233, title VI, § 615(d), Jan. 6, 1988, 101 Stat. 1682, provided that: “The Secretary of Agriculture shall not initiate any acceleration, foreclosure, or liquidation in connection with any delinquent farmer program loan before the date the Secretary has issued final regulations to carry out the amendments made by this section [enacting section 2001 of this title and amending sections 1927a and 1981 of this title]. The preceding sentence shall not prohibit the Secretary from taking any action with respect to waste, fraud, or abuse by the borrower.”
|
||||
@@ -0,0 +1,41 @@
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
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|
||||
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||||
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|
||||
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|
||||
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|
||||
|
||||
# 7 U.S.C. § 2001a - Debt restructuring and loan servicing for community facility loans
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall establish and implement a program that is similar to the program established under section 2001 of this title, except that the debt restructuring and loan servicing procedures shall apply to delinquent community facility program loans (rather than delinquent farmer program loans) made by the Farmers Home Administration to a hospital or health care facility under section 1926(a) of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 353A, as added Pub. L. 101–624, title XXIII, § 2384(a), Nov. 28, 1990, 104 Stat. 4050.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
RegulationsPub. L. 101–624, title XXIII, § 2384(b), Nov. 28, 1990, 104 Stat. 4050, provided that: “Not later than 120 days after the date of enactment of this Act [Nov. 28, 1990], the Secretary shall promulgate regulations, modeled after those promulgated under such section 353 [7 U.S.C. 2001], that implement the program established under section 353A of the Consolidated Farm and Rural Development Act [7 U.S.C. 2001a].”
|
||||
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|
||||
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|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2002 - Transfer of inventory lands
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general Subject to subsection (b), the Secretary may transfer to any Federal or State agency, for conservation purposes any real property, or interest therein, administered by the Secretary under this Act—
|
||||
|
||||
(1) with respect to which the rights of all prior owners and operators have expired;
|
||||
|
||||
(2) that is eligible to be disposed of in accordance with section 1985 of this title; and
|
||||
|
||||
(3) that—
|
||||
|
||||
(A) has marginal value for agricultural production;
|
||||
|
||||
(B) is environmentally sensitive; or
|
||||
|
||||
(C) has special management importance.
|
||||
|
||||
(b) Conditions The Secretary may not transfer any property or interest in property under subsection (a) unless—
|
||||
|
||||
(1) at least 2 public notices are given of the transfer;
|
||||
|
||||
(2) if requested, at least 1 public meeting is held prior to the transfer; and
|
||||
|
||||
(3) the Governor and at least 1 elected county official of the State and county where the property is located are consulted prior to the transfer.
|
||||
|
||||
(Pub. L. 87–128, title III, § 354, as added Pub. L. 100–233, title VI, § 616, Jan. 6, 1988, 101 Stat. 1682; amended Pub. L. 104–127, title VI, § 646, Apr. 4, 1996, 110 Stat. 1103.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis Act, referred to in subsec. (a), refers to the Agricultural Act of 1961, Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 294. For classification of this Act to the Code, see Short Title note set out under section 1911 of this title and Tables. However, the reference was probably intended to be “this title” meaning the Consolidated Farm and Rural Development Act, title III of Pub. L. 87–128, as amended, which is classified principally to this chapter. For classification of this title to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1996—Pub. L. 104–127 designated existing provisions as subsec. (a), inserted heading, substituted “Subject to subsection (b), the Secretary” for “The Secretary, without reimbursement,” in introductory provisions, added par. (2) and struck out former par. (2) which read as follows: “that is determined by the Secretary to be suitable or surplus; and”, and added subsec. (b).
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
text_hash: "b98afd0020d64fe82763edebfcd61de02fccbe0da4aceb4e90bf5ff7564fa5de"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2003 - Target participation rates
|
||||
|
||||
## Text
|
||||
|
||||
(a) Establishment (1) In general The Secretary shall establish annual target participation rates, on a county wide basis, that shall ensure that members of socially disadvantaged groups will receive loans made or insured under subchapter I and will have the opportunity to purchase or lease inventory farmland.
|
||||
|
||||
(2) Group population Except as provided in paragraph (3), in establishing such target rates the Secretary shall take into consideration the portion of the population of the county made up of such groups, and the availability of inventory farmland in such county.
|
||||
|
||||
(3) Gender With respect to gender, target participation rates shall take into consideration the number of current and potential socially disadvantaged farmers and ranchers in a State in proportion to the total number of farmers and ranchers in the State.
|
||||
|
||||
(b) Reservation and allocation (1) Reservation The Secretary shall, to the greatest extent practicable, reserve sufficient loan funds made available under subchapter I, for use by members of socially disadvantaged groups identified under target participation rates established under subsection (a).
|
||||
|
||||
(2) Allocation The Secretary shall allocate such loans on the basis of the proportion of members of socially disadvantaged groups in a county and the availability of inventory farmland, with the greatest amount of loan funds being distributed in the county with the greatest proportion of socially disadvantaged group members and the greatest amount of available inventory farmland.
|
||||
|
||||
(3) Indian reservations In distributing loan funds in counties within the boundaries of an Indian reservation, the Secretary shall allocate the funds on a reservation-wide basis.
|
||||
|
||||
(c) Operating loans (1) Establishment The Secretary shall establish annual target participation rates, that shall ensure that socially disadvantaged farmers or ranchers will receive loans made or insured under subchapter II. In establishing such target rates, the Secretary shall consider the number of socially disadvantaged farmers and ranchers in a State in proportion to the total number of farmers and ranchers in that State.
|
||||
|
||||
(2) Reservation and allocation The Secretary shall, to the greatest extent practicable, reserve and allocate the proportion of each State’s loan funds made available under subchapter II that is equal to that State’s target participation rate for use by the socially disadvantaged farmers or ranchers in that State. The Secretary shall, to the extent practicable, distribute the total so derived on a county by county basis according to the number of socially disadvantaged farmers or ranchers in the county. Any funds reserved and allocated under this paragraph but not used within a State shall, to the extent necessary to satisfy pending applications under this chapter, be available for use by socially disadvantaged farmers and ranchers in other States, as determined by the Secretary, and any remaining funds shall be reallocated within the State.
|
||||
|
||||
(d) Report The Secretary shall prepare and submit, to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate, a report that describes the annual target participation rates and the success in meeting such rates.
|
||||
|
||||
(e) Definitions (1) Socially disadvantaged group As used in this section, the term “socially disadvantaged group” means a group whose members have been subjected to racial, ethnic, or gender prejudice because of their identity as members of a group without regard to their individual qualities.
|
||||
|
||||
(2) Socially disadvantaged farmer or rancher As used in this section, the term “socially disadvantaged farmer or rancher” means a farmer or rancher who is a member of a socially disadvantaged group.
|
||||
|
||||
(f) Implementation consistent with Supreme Court holding Not later than 180 days after April 4, 1996, the Secretary shall ensure that the implementation of this section is consistent with the holding of the Supreme Court in Adarand Constructors, Inc. v. Federico Pena, Secretary of Transportation, 115 S. Ct. 2097 (1995).
|
||||
|
||||
(Pub. L. 87–128, title III, § 355, as added Pub. L. 100–233, title VI, § 617, Jan. 6, 1988, 101 Stat. 1682; amended Pub. L. 101–624, title XVIII, § 1817, title XXV, § 2501(f), Nov. 28, 1990, 104 Stat. 3829, 4065; Pub. L. 102–554, § 21(a), (b), Oct. 28, 1992, 106 Stat. 4161; Pub. L. 104–127, title VI, § 647, Apr. 4, 1996, 110 Stat. 1104; Pub. L. 107–171, title V, § 5315, May 13, 2002, 116 Stat. 348.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextFor definition of “this chapter”, referred to in subsecs. (c)(2), see note set out under section 1921 of this title.
|
||||
|
||||
Amendments2002—Subsec. (c)(2). Pub. L. 107–171 substituted “Any funds reserved and allocated under this paragraph but not used within a State shall, to the extent necessary to satisfy pending applications under this chapter, be available for use by socially disadvantaged farmers and ranchers in other States, as determined by the Secretary, and any remaining funds shall be reallocated within the State.” for “Any funds reserved and allocated for purposes of this paragraph, but not used shall be reallocated within such State.” 1996—Subsec. (f). Pub. L. 104–127 added subsec. (f). 1992—Subsec. (a)(2). Pub. L. 102–554, § 21(a)(1), substituted “Except as provided in paragraph (3), in establishing” for “In establishing”. Subsec. (a)(3). Pub. L. 102–554, § 21(a)(2), added par. (3). Subsec. (e)(1). Pub. L. 102–554, § 21(b), substituted “, ethnic, or gender” for “or ethnic”. 1990—Subsec. (b)(3). Pub. L. 101–624, § 1817, added par. (3). Subsecs. (c), (d). Pub. L. 101–624, § 2501(f)(1)–(3), added subsec. (c), redesignated former subsec. (c) as (d), and struck out former subsec. (d) which read as follows: “As used in this section, the term ‘socially disadvantaged group’ means a group whose members have been subjected to racial or ethnic prejudice because of their identity as members of a group without regard to their individual qualities.” Subsec. (e). Pub. L. 101–624, § 2501(f)(4), added subsec. (e).
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which the report required by subsec. (d) of this section is listed on page 44), see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance.
|
||||
@@ -0,0 +1,35 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2004"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
citation: "7 U.S.C. § 2004"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2004 - Expedited clearing of title to inventory property
|
||||
|
||||
## Text
|
||||
|
||||
The Farmers Home Administration may employ local attorneys, on a case-by-case basis, to process all legal procedures necessary to clear the title to foreclosed properties in the inventory of the Farmers Home Administration. Such attorneys shall be compensated at not more than their usual and customary charges for such work.
|
||||
|
||||
(Pub. L. 87–128, title III, § 356, as added Pub. L. 100–233, title VI, § 618, Jan. 6, 1988, 101 Stat. 1683.)
|
||||
@@ -0,0 +1,59 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2005"
|
||||
description: "Payment of losses on guaranteed loans"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2005"
|
||||
citation: "7 U.S.C. § 2005"
|
||||
status: "current"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
source_identifier: "/us/usc/t7/s2005"
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source_file: "data/legal/raw/us/code/title-07/usc07.xml"
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2005 - Payment of losses on guaranteed loans
|
||||
|
||||
## Text
|
||||
|
||||
(a) Payments to lenders (1) Requirement Within 3 months after a court of competent jurisdiction confirms a plan of reorganization under chapter 12 of title 11, for any borrower to whom a lender has made a loan guaranteed under this chapter, the Secretary shall pay the lender an amount estimated by the Secretary to be equal to the loss incurred by the lender for purposes of the guarantee.
|
||||
|
||||
(2) Payment toward loan guarantee Any amount paid to a lender under this subsection with respect to a loan guaranteed under this chapter shall be treated as payment towards satisfaction of the loan guarantee.
|
||||
|
||||
(b) Administration (1) Loss by lender If the lender of a guaranteed farmer program loan takes any action described in section 1981(b)(4) of this title with respect to the loan and the Secretary approves such action, then, for purposes of the guarantee, the lender shall be treated as having sustained a loss equal to the amount by which—
|
||||
|
||||
(A) the outstanding balance of the loan immediately before such action, exceeds
|
||||
|
||||
(B) the outstanding balance of the loan immediately after such action.
|
||||
|
||||
(2) Net present value of loan The Secretary shall approve the taking of an action described in section 1981(b)(4) of this title by the lender of a guaranteed farmer program loan with respect to the loan if such action reduces the net present value of the loan to an amount equal to not less than the greater of—
|
||||
|
||||
(A) the greatest net present value of a loan the borrower could reasonably be expected to repay; and
|
||||
|
||||
(B) the greatest amount that the lender of the loan could reasonably expect to recover from the borrower through bankruptcy, or liquidation of the property securing the loan, less all reasonable and necessary costs and expenses that the lender of the loan could reasonably expect to incur to preserve or dispose of such property (including all associated legal and property management costs) in the course of such a bankruptcy or liquidation.
|
||||
|
||||
(3) Construction of subsection This subsection shall not be construed to limit the authority of the Secretary to enter into a shared appreciation arrangement with a borrower, or the terms and conditions which shall be required of a borrower, under section 2001(e) of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 357, as added Pub. L. 100–233, title VI, § 619, Jan. 6, 1988, 101 Stat. 1683; amended Pub. L. 101–624, title XXIII, § 2388(d)(2), Nov. 28, 1990, 104 Stat. 4053.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (a), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments1990—Subsec. (b)(1), (2). Pub. L. 101–624 substituted “1981(b)(4)” for “1981(d)”.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006"
|
||||
description: "Waiver of mediation rights by borrowers"
|
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|
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|
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|
||||
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|
||||
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|
||||
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|
||||
section: "2006"
|
||||
citation: "7 U.S.C. § 2006"
|
||||
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006 - Waiver of mediation rights by borrowers
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary may not make, insure, or guarantee any farmer program loan to a farm borrower on the condition that the borrower waive any right under the mediation program of any State.
|
||||
|
||||
(Pub. L. 87–128, title III, § 358, as added Pub. L. 100–233, title V, § 512, Jan. 6, 1988, 101 Stat. 1664; amended Pub. L. 103–354, title II, § 282(f)(3), Oct. 13, 1994, 108 Stat. 3235.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Amendments1994—Pub. L. 103–354 struck out “agricultural loan” before “mediation program”.
|
||||
@@ -0,0 +1,59 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006a"
|
||||
description: "Borrower training"
|
||||
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|
||||
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|
||||
kind: "code_section"
|
||||
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|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2006a"
|
||||
citation: "7 U.S.C. § 2006a"
|
||||
status: "current"
|
||||
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|
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|
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||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006a - Borrower training
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall enter into contracts to provide educational training to all borrowers of farmer program direct loans made under this chapter in financial and farm management concepts associated with commercial farming.
|
||||
|
||||
(b) Contract (1) In general The Secretary may contract with State or private providers of farm management and credit counseling services (including a community college, the extension service of a State, a State department of agriculture, or a nonprofit organization) to carry out this section.
|
||||
|
||||
(2) Consultation The Secretary may consult with the chief executive officer of a State concerning the identity of the contracting organization and the process for contracting.
|
||||
|
||||
(c) Eligibility for loans (1) In general Subject to paragraph (2), to be eligible to obtain a direct loan under this chapter, a borrower must obtain management assistance under this section, appropriate to the management ability of the borrower (as determined by the appropriate county committee during the determination of eligibility for the loan).
|
||||
|
||||
(2) Loan conditions The need of a borrower who satisfies the criteria set out in section 1922(a)(1)(B) or 1941(a)(1)(B) of this title for management assistance under this section shall not be cause for denial of eligibility of the borrower for a direct loan under this chapter.
|
||||
|
||||
(d) Guidelines and curriculum The Secretary shall issue regulations establishing guidelines and curriculum for the borrower training program established under this section.
|
||||
|
||||
(e) Payment A borrower shall pay for training received under this section, and may use funds from operating loans made under subchapter II to pay for the training.
|
||||
|
||||
(f) Waivers (1) In general The Secretary may waive the requirements of this section for an individual borrower if the Secretary determines that the borrower demonstrates adequate knowledge in areas described in this section.
|
||||
|
||||
(2) Criteria The Secretary shall establish criteria providing for the application of paragraph (1) consistently in all counties nationwide.
|
||||
|
||||
(Pub. L. 87–128, title III, § 359, as added Pub. L. 101–624, title XVIII, § 1818(a), Nov. 28, 1990, 104 Stat. 3829; amended Pub. L. 105–277, div. A, § 101(a) [title VIII, § 805(3)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 107–171, title V, §§ 5316, 5501(c), May 13, 2002, 116 Stat. 348, 351; Pub. L. 113–79, title V, § 5306, Feb. 7, 2014, 128 Stat. 840.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a) and (c), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2014—Subsec. (c)(2). Pub. L. 113–79 substituted “section 1922(a)(1)(B) or 1941(a)(1)(B)” for “section 1922(a)(2) or 1941(a)(2)”. 2002—Subsec. (c)(1). Pub. L. 107–171, § 5501(c), struck out “established pursuant to section 1982 of this title,” after “appropriate county committee”. Subsec. (f). Pub. L. 107–171, § 5316, added subsec. (f) and struck out heading and text of former subsec. (f). Text read as follows: “The Secretary may waive the requirements of this section for an individual borrower on a determination by the county committee that the borrower demonstrates adequate knowledge in areas described in this section.” 1998—Subsec. (a). Pub. L. 105–277, § 101(a) [title VIII, § 805(3)(A)], struck out “and guaranteed” after “direct”. Subsec. (c). Pub. L. 105–277, § 101(a) [title VIII, § 805(3)(B)], struck out “or guaranteed” after “direct” in pars. (1) and (2).
|
||||
@@ -0,0 +1,65 @@
|
||||
---
|
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "2006b"
|
||||
citation: "7 U.S.C. § 2006b"
|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006b - Loan assessments
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary shall evaluate, in accordance with regulations issued by the Secretary, the farming plan and financial situation of each qualified farmer or rancher applicant.
|
||||
|
||||
(b) Determinations In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
|
||||
|
||||
(1) the amount that the applicant will need to borrow to carry out the proposed farming plan;
|
||||
|
||||
(2) the rate of interest that the applicant would need to be able to cover expenses and build an adequate equity base;
|
||||
|
||||
(3) the goals of the proposed farming plan of the applicant;
|
||||
|
||||
(4) the financial viability of the plan and any changes that are necessary to make the plan viable; and
|
||||
|
||||
(5) whether assistance is necessary under this chapter and, if so, the amount of the assistance.
|
||||
|
||||
(c) Contract The Secretary may contract with a third party (including those entities eligible to provide borrower training under section 2006a(b) of this title) to conduct loan assessments under this section.
|
||||
|
||||
(d) Review of loans (1) In general Loan assessments conducted under this section shall include annual review of direct loans, and periodic review (as determined necessary by the Secretary) of guaranteed loans, made under this chapter to assess the progress of a borrower in meeting the goals for the farm or ranch operation.
|
||||
|
||||
(2) Contracts The Secretary may contract with an entity that is eligible to provide borrower training under section 2006a(b) of this title to conduct loan reviews under paragraph (1).
|
||||
|
||||
(3) Problem assessments If a borrower is delinquent in payments on a direct or guaranteed loan made under this chapter, the Secretary or the contracting entity shall determine the cause of, and action necessary to correct, the delinquency.
|
||||
|
||||
(e) Guidelines The Secretary shall issue regulations providing guidelines for loan assessments conducted under this section.
|
||||
|
||||
(Pub. L. 87–128, title III, § 360, as added Pub. L. 101–624, title XVIII, § 1819, Nov. 28, 1990, 104 Stat. 3830; amended Pub. L. 107–171, title V, §§ 5317, 5318, May 13, 2002, 116 Stat. 348.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsecs. (a), (b)(5), and (d)(1), (3), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Amendments2002—Subsec. (a). Pub. L. 107–171, § 5317, substituted “The Secretary” for “After an applicant is determined eligible for assistance under this chapter by the appropriate county committee established pursuant to section 1982 of this title, the Secretary”. Subsec. (d)(1). Pub. L. 107–171, § 5318, substituted “annual review” for “biannual review”.
|
||||
@@ -0,0 +1,39 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006c"
|
||||
description: "Supervised credit"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2006c"
|
||||
citation: "7 U.S.C. § 2006c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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||||
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006c - Supervised credit
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall provide adequate training to employees of the Farmers Home Administration on credit analysis and financial and farm management to—
|
||||
|
||||
(1) better acquaint the employees with what constitutes adequate financial data on which to base a direct or guaranteed loan approval decision; and
|
||||
|
||||
(2) ensure proper supervision of farmer program loans.
|
||||
|
||||
(Pub. L. 87–128, title III, § 361, as added Pub. L. 101–624, title XVIII, § 1820, Nov. 28, 1990, 104 Stat. 3830.)
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006d"
|
||||
description: "Market placement"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2006d"
|
||||
citation: "7 U.S.C. § 2006d"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006d - Market placement
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall establish a market placement program for qualified beginning farmers and ranchers and other borrowers of farmer program loans that the Secretary believes have a reasonable chance of qualifying for commercial credit with a guarantee provided under this chapter.
|
||||
|
||||
(Pub. L. 87–128, title III, § 362, as added Pub. L. 101–624, title XVIII, § 1821, Nov. 28, 1990, 104 Stat. 3831.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006e"
|
||||
description: "Prohibition on use of loans for certain purposes"
|
||||
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2006e"
|
||||
citation: "7 U.S.C. § 2006e"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2006e"
|
||||
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|
||||
source_hash: "39cc9954047aeaee2538769ac96790872987e025bb71c63961ae14d51e20f72d"
|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006e - Prohibition on use of loans for certain purposes
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall not approve any loan under this chapter to drain, dredge, fill, level, or otherwise manipulate a wetland (as defined in section 3801(a)(16) 11 See References in Text note below. of title 16), or to engage in any activity that results in impairing or reducing the flow, circulation, or reach of water, except in the case of activity related to the maintenance of previously converted wetlands, or in the case of such activity that is already commenced before November 28, 1990. This section shall not apply to a loan made or guaranteed under this chapter for a utility line.
|
||||
|
||||
(Pub. L. 87–128, title III, § 363, as added Pub. L. 101–624, title XVIII, § 1824, Nov. 28, 1990, 104 Stat. 3831; amended Pub. L. 102–237, title V, § 501(i), Dec. 13, 1991, 105 Stat. 1868; Pub. L. 104–127, title VII, § 751, Apr. 4, 1996, 110 Stat. 1129.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Section 3801(a) of title 16, referred to in text, was subsequently amended, and section 3801(a)(16) no longer defines the term “wetland”. However, such term is defined elsewhere in that section.
|
||||
|
||||
Amendments1996—Pub. L. 104–127 inserted at end “This section shall not apply to a loan made or guaranteed under this chapter for a utility line.” 1991—Pub. L. 102–237 inserted a closing parenthesis after “3801(a)(16) of title 16” and substituted “before November 28, 1990” for “prior to the date of enactment of this section”.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective Date of 1991 AmendmentAmendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(3) of Pub. L. 102–237, set out as a note under section 1421 of this title.
|
||||
@@ -0,0 +1,75 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2006f"
|
||||
description: "Rural development certified lenders program"
|
||||
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|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
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|
||||
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|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2006f"
|
||||
citation: "7 U.S.C. § 2006f"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
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|
||||
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|
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|
||||
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|
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|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2006f - Rural development certified lenders program
|
||||
|
||||
## Text
|
||||
|
||||
(a) Certified lenders program (1) In general The Secretary may establish a program under which the Secretary may guarantee a loan for any rural development program that is made by a lender certified by the Secretary.
|
||||
|
||||
(2) Certification requirements The Secretary may certify a lender if the lender meets such criteria as the Secretary may prescribe in regulations, including the ability of the lender to properly make, service, and liquidate the guaranteed loans of the lender.
|
||||
|
||||
(3) Condition of certification As a condition of certification, the Secretary may require the lender to undertake to service the guaranteed loan using standards that are not less stringent than generally accepted banking standards concerning loan servicing that are used by prudent commercial or cooperative lenders.
|
||||
|
||||
(4) Guarantee Notwithstanding any other provision of law, the Secretary may guarantee not more than 80 percent of a loan made by a certified lender described in paragraph (1), if the borrower of the loan meets the eligibility requirements and such other criteria for the loan guarantee that are established by the Secretary.
|
||||
|
||||
(5) Certifications With respect to loans to be guaranteed, the Secretary may permit a certified lender to make appropriate certifications (as provided in regulations issued by the Secretary)—
|
||||
|
||||
(A) relating to issues such as creditworthiness, repayment ability, adequacy of collateral, and feasibility of the operation; and
|
||||
|
||||
(B) that the borrower is in compliance with all requirements of law, including regulations issued by the Secretary.
|
||||
|
||||
(6) Relationship to other requirements This subsection shall not affect the responsibility of the Secretary to determine eligibility, review financial information, and otherwise assess an application.
|
||||
|
||||
(b) Preferred certified lenders program (1) In general The Secretary may establish a preferred certified lenders program for lenders who establish their—
|
||||
|
||||
(A) knowledge of, and experience under, the program established under subsection (a);
|
||||
|
||||
(B) knowledge of the regulations concerning the particular guaranteed loan program; and
|
||||
|
||||
(C) proficiency related to the certified lender program requirements.
|
||||
|
||||
(2) Additional lending institutions The Secretary may certify any lending institution as a preferred certified lender if the institution meets such additional criteria as the Secretary may prescribe by regulation.
|
||||
|
||||
(3) Revocation of designation The designation of a lender as a preferred certified lender shall be revoked if the Secretary determines that the lender is not adhering to the rules and regulations applicable to the program or if the loss experiences of the preferred certified lender are greater than other preferred certified lenders, except that the suspension or revocation shall not affect any outstanding guarantee.
|
||||
|
||||
(4) Condition of certification As a condition of the preferred certification, the Secretary shall require the lender to undertake to service the loan guaranteed by the Secretary under this subsection using generally accepted banking standards concerning loan servicing employed by prudent commercial or cooperative lenders. The Secretary shall, at least annually, monitor the performance of each preferred certified lender to ensure that the conditions of the certification are being met.
|
||||
|
||||
(5) Effect of preferred lender certification Notwithstanding any other provision of law, the Secretary may—
|
||||
|
||||
(A) guarantee not more than 80 percent of any approved loan made by a preferred certified lender as described in this subsection, if the borrower meets the eligibility requirements and such other criteria as may be applicable to loans guaranteed by the Secretary; and
|
||||
|
||||
(B) permit preferred certified lenders to make all decisions, with respect to loans to be guaranteed by the Secretary under this subsection relating to creditworthiness, the closing, monitoring, collection, and liquidation of loans, and to accept appropriate certifications, as provided in regulations issued by the Secretary, that the borrower is in compliance with all requirements of law and regulations issued by the Secretary.
|
||||
|
||||
(Pub. L. 87–128, title III, § 364, as added Pub. L. 104–127, title VII, § 752, Apr. 4, 1996, 110 Stat. 1129.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 2006f, Pub. L. 87–128, title III, § 364, as added Pub. L. 101–624, title XXIII, § 2302(a)(1), Nov. 28, 1990, 104 Stat. 3979; amended Pub. L. 102–237, title VII, § 701(d), Dec. 13, 1991, 105 Stat. 1879; Pub. L. 103–129, § 4, Nov. 1, 1993, 107 Stat. 1366, established Rural Development Administration in Department of Agriculture and provided for the performance of specified functions, prior to repeal by Pub. L. 103–354, title II, § 231(f)(3), Oct. 13, 1994, 108 Stat. 3219. See section 6912 et seq. of this title.
|
||||
@@ -0,0 +1,43 @@
|
||||
---
|
||||
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|
||||
title: "7 U.S.C. § 2007 to 2007e"
|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "2007 to 2007e"
|
||||
citation: "7 U.S.C. § 2007 to 2007e"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2007 to 2007e - Repealed. Pub. L. 104–127, title VII, § 701, Apr. 4, 1996, 110 Stat. 1108
|
||||
|
||||
## Notes
|
||||
|
||||
Section 2007, Pub. L. 101–624, title XXIII, § 2310, Nov. 28, 1990, 104 Stat. 3982, related to general provisions for programs under former sections 2007a to 2007e and 2008 to 2008c of this title, including applications, selection of States, duration of projects, and effective dates.
|
||||
|
||||
Section 2007a, Pub. L. 101–624, title XXIII, § 2311, Nov. 28, 1990, 104 Stat. 3982; Pub. L. 102–237, title VII, § 702(b), Dec. 13, 1991, 105 Stat. 1880, defined terms for purposes of former sections 2007a to 2007e of this title.
|
||||
|
||||
Section 2007b, Pub. L. 101–624, title XXIII, § 2312, Nov. 28, 1990, 104 Stat. 3984, related to establishment and powers of Rural Partnerships Investment Board.
|
||||
|
||||
Section 2007c, Pub. L. 101–624, title XXIII, § 2313, Nov. 28, 1990, 104 Stat. 3986; Pub. L. 102–237, title VII, § 702(c), Dec. 13, 1991, 105 Stat. 1880, established Rural Business Investment Fund.
|
||||
|
||||
Section 2007d, Pub. L. 101–624, title XXIII, § 2314, Nov. 28, 1990, 104 Stat. 3991; Pub. L. 102–237, title VII, § 702(d), Dec. 13, 1991, 105 Stat. 1880, related to establishment of local revolving funds.
|
||||
|
||||
Section 2007e, Pub. L. 101–624, title XXIII, § 2315, Nov. 28, 1990, 104 Stat. 3994; Pub. L. 102–237, title VII, § 702(e), Dec. 13, 1991, 105 Stat. 1880, related to compliance with and enforcement of former sections 2007a to 2007e of this title and regulations promulgated thereunder.
|
||||
@@ -0,0 +1,47 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
section: "2008"
|
||||
citation: "7 U.S.C. § 2008"
|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
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|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008 - Rural development and farm loan program activities
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary may not complete a study of, or enter into a contract with a private party to carry out, without specific authorization in a subsequent Act of Congress, a competitive sourcing activity of the Secretary, including support personnel of the Department of Agriculture, relating to rural development or farm loan programs.
|
||||
|
||||
(Pub. L. 87–128, title III, § 365, as added Pub. L. 110–234, title V, § 5306, May 22, 2008, 122 Stat. 1153, and Pub. L. 110–246, § 4(a), title V, § 5306, June 18, 2008, 122 Stat. 1664, 1915.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Codification Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
|
||||
|
||||
Prior ProvisionsA prior section 2008, Pub. L. 87–128, title III, § 365, as added Pub. L. 101–624, title XXIII, § 2316(a), Nov. 28, 1990, 104 Stat. 4000; amended Pub. L. 102–237, title VII, § 701(e), Dec. 13, 1991, 105 Stat. 1879, related to system for delivery of certain rural development programs, prior to repeal by Pub. L. 104–127, title VII, § 753(a), Apr. 4, 1996, 110 Stat. 1131.
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateEnactment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as a note under section 8701 of this title.
|
||||
@@ -0,0 +1,67 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008a"
|
||||
description: "Equitable relief"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008a"
|
||||
citation: "7 U.S.C. § 2008a"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008a"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "8ec1147e53549fd5ddb97f612db6f5de2d60f795111d90356ada0535ff3b27c3"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "c1cadb8b5551b48e0b4354264fa2572dd9cf66eabe444eef266a842fddbc117f"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008a - Equitable relief
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general Subject to subsection (b), the Secretary may provide a form of relief described in subsection (c) to any farmer or rancher who—
|
||||
|
||||
(1) received a direct farm ownership, operating, or emergency loan under this chapter; and
|
||||
|
||||
(2) the Secretary determines is not in compliance with the requirements of this chapter with respect to the loan.
|
||||
|
||||
(b) Limitation The Secretary may only provide relief to a farmer or rancher under subsection (a) if the Secretary determines that the farmer or rancher—
|
||||
|
||||
(1) acted in good faith; and
|
||||
|
||||
(2) relied on an action of, or the advice of, the Secretary (including any authorized representative of the Secretary) to the detriment of the farming or ranching operation of the farmer or rancher.
|
||||
|
||||
(c) Forms of relief The Secretary may provide to a farmer or rancher under subsection (a) any of the following forms of relief:
|
||||
|
||||
(1) The farmer or rancher may retain loans or other benefits received in association with the loan with respect to which the farmer or rancher was determined to be noncompliant under subsection (a)(2).
|
||||
|
||||
(2) The farmer or rancher may receive such other equitable relief as the Secretary determines to be appropriate.
|
||||
|
||||
(d) Condition As a condition of receiving relief under this section, the Secretary may require the farmer or rancher to take actions designed to remedy the noncompliance.
|
||||
|
||||
(e) Administrative appeal; judicial review A determination or action of the Secretary under this section—
|
||||
|
||||
(1) shall be final; and
|
||||
|
||||
(2) shall not be subject to administrative appeal or judicial review under chapter 7 of title 5.
|
||||
|
||||
(Pub. L. 87–128, title III, § 366, as added Pub. L. 115–334, title V, § 5305, Dec. 20, 2018, 132 Stat. 4672.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in subsec. (a), was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
|
||||
Prior ProvisionsA prior section 2008a, Pub. L. 87–128, title III, § 366, as added Pub. L. 101–624, title XXIII, § 2316(a), Nov. 28, 1990, 104 Stat. 4004; amended Pub. L. 102–237, title VII, § 701(f), Dec. 13, 1991, 105 Stat. 1879, related to State rural economic development review panel, prior to repeal by Pub. L. 104–127, title VII, § 754, Apr. 4, 1996, 110 Stat. 1131.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008b"
|
||||
description: "Socially disadvantaged farmers and ranchers; qualified beginning farmers and ranchers"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008b"
|
||||
citation: "7 U.S.C. § 2008b"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008b"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "cdc27b3d00ef4c5aa127563ee49647ac0843d904c9d31ad6ecd33e1cb8b6b14c"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "7a2a3e9ebd1565bc9fc04fbc8451fcb0ad1595cfd17f7b9b53c3e06c33af7a43"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008b - Socially disadvantaged farmers and ranchers; qualified beginning farmers and ranchers
|
||||
|
||||
## Text
|
||||
|
||||
In the case of a loan guaranteed by the Secretary under subchapter I or II to a socially disadvantaged farmer or rancher (as defined in section 2003(e) of this title) or a qualified beginning farmer or rancher, the Secretary may provide for a standard guarantee plan, which shall cover an amount equal to 95 percent of the outstanding principal of the loan.
|
||||
|
||||
(Pub. L. 87–128, title III, § 367, as added Pub. L. 115–334, title V, § 5306, Dec. 20, 2018, 132 Stat. 4673.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 2008b, Pub. L. 87–128, title III, § 367, as added Pub. L. 101–624, title XXIII, § 2317, Nov. 28, 1990, 104 Stat. 4008; amended Pub. L. 102–237, title VII, § 701(g), Dec. 13, 1991, 105 Stat. 1879, related to limited transfer authority of loan amounts, prior to repeal by Pub. L. 104–127, title VII, § 755, Apr. 4, 1996, 110 Stat. 1131.
|
||||
@@ -0,0 +1,57 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008c"
|
||||
description: "Rural Business-Cooperative Service programs technical assistance and training"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008c"
|
||||
citation: "7 U.S.C. § 2008c"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008c"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "162a851c70875c9b38d445e82d10174591a8973dce5a7039085eb39f4d632c12"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "9cd9346354e6ccf5dc4f230eed197b77dd1d5131b966627d66a8ccc8b2ca0619"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008c - Rural Business-Cooperative Service programs technical assistance and training
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general The Secretary may make grants to public bodies, private nonprofit corporations, economic development authorities, institutions of higher education, federally recognized Indian Tribes, and rural cooperatives for the purpose of providing or obtaining technical assistance and training to support funding applications for programs carried out by the Secretary, acting through the Administrator of the Rural Business-Cooperative Service.
|
||||
|
||||
(b) Purposes A grant under subsection (a) may be used—
|
||||
|
||||
(1) to assist communities in identifying and planning for business and economic development needs;
|
||||
|
||||
(2) to identify public and private resources to finance business and small and emerging business needs;
|
||||
|
||||
(3) to prepare reports and surveys necessary to request financial assistance for businesses in rural communities; and
|
||||
|
||||
(4) to prepare applications for financial assistance.
|
||||
|
||||
(c) Selection priority In selecting recipients of grants under this section, the Secretary shall give priority to grants serving persistent poverty counties and high poverty communities, as determined by the Secretary.
|
||||
|
||||
(d) Funding (1) In general There is authorized to be appropriated to carry out this section $5,000,000 for each of fiscal years 2019 through 2023, to remain available until expended.
|
||||
|
||||
(2) Availability Any amounts authorized to be appropriated under paragraph (1) for any fiscal year that are not appropriated for that fiscal year may be appropriated for the immediately succeeding fiscal year.
|
||||
|
||||
(Pub. L. 87–128, title III, § 368, as added Pub. L. 115–334, title VI, § 6419, Dec. 20, 2018, 132 Stat. 4764.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
Prior ProvisionsA prior section 2008c, Pub. L. 87–128, title III, § 368, as added Pub. L. 101–624, title XXIII, § 2317, Nov. 28, 1990, 104 Stat. 4009, related to allocation and transfer of loan guarantee authority, prior to repeal by Pub. L. 104–127, title VII, § 756, Apr. 4, 1996, 110 Stat. 1131.
|
||||
@@ -0,0 +1,41 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008d"
|
||||
description: "Recordkeeping of loans by borrower’s gender"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008d"
|
||||
citation: "7 U.S.C. § 2008d"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008d"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "06b47d0fb9a7bf41262df99b6f154985b2db621f1de9752d57da90a1ca7252b5"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "eb99ef1461a8b925f997c14f9f5a80276f538e01c73b396ac86e9833ab822b16"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008d - Recordkeeping of loans by borrower’s gender
|
||||
|
||||
## Text
|
||||
|
||||
The Secretary shall classify, by gender, records of applicants for loans and loan guarantees under this chapter.
|
||||
|
||||
(Pub. L. 87–128, title III, § 369, as added Pub. L. 102–554, § 21(c), Oct. 28, 1992, 106 Stat. 4161.)
|
||||
|
||||
## Notes
|
||||
|
||||
Editorial Notes
|
||||
|
||||
References in TextThis chapter, referred to in text, was in the original “this title”, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.
|
||||
@@ -0,0 +1,39 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008e"
|
||||
description: "Prohibition under rural development programs"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008e"
|
||||
citation: "7 U.S.C. § 2008e"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008e"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "12e4abca7c43b43a651bb9f4bf67083998a5f7e84dd59ec09c0e831c5684dd63"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "a4372e261c40a14227e3e102210d9b83374415babc34620da6a372468d925575"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008e - Prohibition under rural development programs
|
||||
|
||||
## Text
|
||||
|
||||
(a) Prohibition Assistance under any rural development program administered by the Rural Development Administration, the Farmers Home Administration, the Rural Electrification Administration, or any other agency of the Department of Agriculture shall not be conditioned on any requirement that the recipient of such assistance accept or receive electric service from any particular utility, supplier, or cooperative.
|
||||
|
||||
(b) Ensuring compliance The Secretary shall establish, by regulation, adequate safeguards to ensure that assistance under such rural development programs is not subject to such a condition. Such safeguards shall include periodic certifications and audits, and appropriate measures and sanctions against any person violating, or attempting to violate, the prohibition in subsection (a).
|
||||
|
||||
(c) Regulations Not later than 6 months after November 1, 1993, the Secretary shall issue interim final regulations to ensure compliance with subsection (a).
|
||||
|
||||
(Pub. L. 87–128, title III, § 370, as added Pub. L. 103–129, § 5, Nov. 1, 1993, 107 Stat. 1366.)
|
||||
@@ -0,0 +1,49 @@
|
||||
---
|
||||
type: "LegalText"
|
||||
title: "7 U.S.C. § 2008f"
|
||||
description: "Crop insurance requirement"
|
||||
jurisdiction: "us"
|
||||
corpus: "united_states_code"
|
||||
kind: "code_section"
|
||||
title_number: 7
|
||||
title_name: "AGRICULTURE"
|
||||
chapter_number: "50"
|
||||
chapter_name: "AGRICULTURAL CREDIT"
|
||||
section: "2008f"
|
||||
citation: "7 U.S.C. § 2008f"
|
||||
status: "current"
|
||||
release_point: "119-100"
|
||||
release_date: "2026-06-26"
|
||||
source: "official"
|
||||
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip"
|
||||
source_identifier: "/us/usc/t7/s2008f"
|
||||
source_file: "data/legal/raw/us/code/title-07/usc07.xml"
|
||||
source_hash: "319615ba154fccb45326cc5dd37a8ac701d791acaca86956948024283f6ac8b0"
|
||||
raw_snapshot_hash: "50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984"
|
||||
text_hash: "f83e2cbb30166e032ea8a5d26aef25d8e1cc75318d116681e650ded27ed203c9"
|
||||
retrieved_at: "2026-07-04"
|
||||
confidence: "official"
|
||||
tags: ["legal", "us-code"]
|
||||
---
|
||||
|
||||
# 7 U.S.C. § 2008f - Crop insurance requirement
|
||||
|
||||
## Text
|
||||
|
||||
(a) In general As a condition of obtaining any benefit (including a direct loan, loan guarantee, or payment) described in subsection (b), a borrower must obtain at least catastrophic risk protection insurance coverage under section 1508 of this title for the crop and crop year for which the benefit is sought, if the coverage is offered by the Corporation.
|
||||
|
||||
(b) Applicable benefits Subsection (a) shall apply to—
|
||||
|
||||
(1) a farm ownership loan (FO) under section 1923 of this title;
|
||||
|
||||
(2) an operating loan (OL) under section 1942 of this title; and
|
||||
|
||||
(3) an emergency loan (EM) under section 1961 of this title.
|
||||
|
||||
(Pub. L. 87–128, title III, § 371, as added Pub. L. 103–354, title I, § 119(b), Oct. 13, 1994, 108 Stat. 3208.)
|
||||
|
||||
## Notes
|
||||
|
||||
Statutory Notes and Related Subsidiaries
|
||||
|
||||
Effective DateSection effective Oct. 13, 1994, and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in effect on the day before Oct. 13, 1994, to continue to apply with respect to 1994 crop year, see section 120 of Pub. L. 103–354, set out as an Effective Date of 1994 Amendment note under section 1502 of this title.
|
||||
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Reference in New Issue
Block a user