7 USC Ch. 50: Front Matter
From Title 7-AGRICULTURECHAPTER 50-AGRICULTURAL CREDIT
CHAPTER 50-AGRICULTURAL CREDIT
Sec.
1921.
Congressional findings.
SUBCHAPTER I-REAL ESTATE LOANS
1922.
Persons eligible for loans.
1923.
Purposes of loans.
(a)
Preferences.
(b)
Definitions.
1924.
Additional purposes of loans.
(a)
Soil and water conservation and protection.
(b)
Rural enterprise financing.
(c)
Waste pollution abatement facilities financing.
1925.
Limitation on amount of loan.
1926.
Water and waste facility loans and grants.
(a)
Criteria; definitions; limitation on allowable uses of Federal funds; inclusion of interest or other income in gross income on sale of insured loan.
(b)
Curtailment or limitation of service prohibited.
(c)
Repealed.
(d)
Carryover of unused authorizations for appropriations.
1926 1.
Water and waste facility financing.
(a)
Authority.
(b)
Limitation.
(c)
Priority.
(d)
Coordination.
(e)
Terms.
(f)
Private sector capital.
(g)
Appropriations.
(h)
Repayment.
(i)
Full use.
(j)
Replenishment of water and waste facility fund.
1926a.
Emergency community water assistance grant program.
(a)
In general.
(b)
Priority.
(c)
Eligibility.
(d)
Uses.
(e)
Restrictions.
(f)
Maximum grants.
(g)
Full funding.
(h)
Application.
(i)
Authorization of appropriations.
1926b.
Emergency community water assistance grant program.
(a)
In general.
(b)
Priority.
(c)
Eligibility.
(d)
Uses.
(e)
Restrictions.
(f)
Maximum grants.
(g)
Full funding.
(h)
Application.
(i)
Limitations on authorization of appropriations.
1926c.
Water and waste facility loans and grants to alleviate health risks.
(a)
Loans and grants to persons other than individuals.
(b)
Loans and grants to individuals.
(c)
Preference.
(d)
"Cooperative" defined.
(e)
Limitations on authorization of appropriations.
(f)
Regulations.
1927.
Repayment requirements.
(a)
Period of repayment; interest rates.
(b)
Payment of charges; prepayment of taxes and insurance.
(c)
Mortgages, liens, and other security.
(d)
Mineral rights as collateral.
(e)
Additional collateral.
1927a.
Loan interest rates charged by Farmers Home Administration; grant funds associated with loans.
1928.
Insurance of loans, servicing and purchase of loans; retention of charges out of payments; full faith and credit of United States; incontestability.
1929.
Agricultural Credit Insurance Fund.
(a)
Revolving fund.
(b)
Deposits of funds; investments; purchase of notes.
(c)
Notes; form and denominations; maturities; terms and conditions; interest rate; purchase by Treasury; public debt transaction.
(d)
Notes and security as part of fund; collection or sale of notes; deposit of net proceeds in 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.
(f)
Utilization of fund.
(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.
(h)
Guaranteed loans; interest rate for loans sold into secondary market; loan fees.
(i)
Coordination of assistance for qualified beginning farmers and ranchers.
1929 1.
Level of loan programs under Agricultural Credit Insurance Fund.
1929a.
Rural Development Insurance Fund
(a)
Creation; revolving fund; rural development loans.
(b)
Transfer of assets and liabilities.
(c)
Credits in the Treasury; investments; notes, purchasing authority of the Secretary.
(d)
Notes, issuing authority of the Secretary; use of funds; terms and conditions, form, denominations, maturities, and interest rate of notes; notes, purchasing authority of the Secretary of the Treasury; public debt transactions.
(e)
Notes and security as part of Insurance Fund; collection and sale of notes and other obligations; deposit of net proceeds in Insurance Fund.
(f)
Deposit of loan service charges in Insurance Fund.
(g)
Use of Insurance Fund.
(h)
Gross income; interest or other income on insured loans.
1929b.
Purchase of guaranteed portions of loans; terms and conditions; exercise of authorities.
1930.
Continued availability of appropriated funds for direct real estate loans to farmers and ranchers.
1931.
Insured watershed and resource conservation and development loans.
1932.
Rural industrialization assistance.
(a)
Loans for private business enterprises; pollution abatement and control; aquaculture; solar energy; loan guarantees.
(b)
Grants for pollution abatement and control projects; limitations.
(c)
Grants for private business enterprises or other organizations which provide job training or technical assistance; limitation.
(d)
Joint loans or grants for private business enterprises; restrictions; system of certification for expeditious processing of requests for assistance; prior approval of grant or loan; equity investment as condition for loan commitment; issuance of certificates of beneficial ownership of notes.
(e)
Construction or improvement of subterminal facilities.
(f)
Grants for centers of rural technology and cooperative development.
(g)
Prevention of excessive unemployment or underemployment.
(h)
Grants to defray administrative costs.
(i)
Loans for business telecommunications partnerships.
(j)
Grants to broadcasting systems.
1933.
Guaranteed rural housing loans; Hawaiian home lands.
1934.
Low-income farm ownership loan program; eligibility; repayment requirements.
1935.
Down payment loan program.
(a)
In general.
(b)
Loan terms.
(c)
Limitations.
(d)
Administration.
1936.
Availability of farm ownership loans and loan guarantees for certain qualified beginning farmers and ranchers.
(a)
Assistance prohibited for limited period.
(b)
Availability of down payment loans.
(c)
Availability of loan guarantees.
(d)
"Applicable period" defined.
SUBCHAPTER II-OPERATING LOANS
1941.
Persons eligible for loans.
(a)
Requirements.
(b)
Rural youths in 4 H Clubs, Future Farmers of America, etc.
(c)
Restriction on eligibility.
1942.
Purposes of loans; grants for pollution abatement and control projects, limitations; nonsupervised accounts.
1943.
Limitations and prohibitions on loans.
1944.
Soil conservation district loans; limitation; purchase of conservation equipment.
1945.
Participating loans.
1946.
Liability of borrower; determination of interest rates; payment period; consolidation and rescheduling of loans.
1947.
Insured operating loans.
1948.
Special assistance to certain qualified beginning farmers and ranchers.
(a)
In general.
(b)
Submission of plan of farm operation.
(c)
Determinations by county committee; approval of plan.
(d)
Determination by Secretary; approval of application for assistance.
(e)
Provision of assistance.
(f)
Annual plan revisions required as condition of continued assistance.
(g)
Effects of avoidable failure to achieve goals.
1949.
Graduation of borrowers with operating loans or guarantees to private commercial credit.
(a)
Graduation plan.
(b)
Limitation on period for which borrowers are eligible for assistance under this subchapter.
SUBCHAPTER III-EMERGENCY LOANS
1961.
Eligibility for loans.
(a)
Persons eligible.
(b)
Persons ineligible.
(c)
Family farm system.
(d)
Definitions.
1962.
Loan determination factors; written credit declinations.
1963.
Purpose and extent of loans.
1964.
Loan limitation, interest rates and subsidies, and repayment; grant eligibility.
(a)
Limitation on loans.
(b)
Interest rates.
(c)
Interest subsidies.
(d)
Repayment; security; repayment period extension; review.
(e)
Grant eligibility.
1965.
Repealed.
1966.
Emergency Credit Revolving Fund utilization.
1967.
Addition to Emergency Credit Revolving Fund of sums from liquidation of loans; authorization of appropriations.
1968.
Insurance of loans.
1969.
Repealed.
1970.
Eligibility for assistance based on production loss.
1971.
Repealed.
SUBCHAPTER IV-ADMINISTRATIVE PROVISIONS
1981.
Farmers Home Administration.
(a)
Appointment and compensation of Administrator; transfer of powers, duties, and assets pertaining to agricultural credit.
(b)
Powers of Secretary of Agriculture.
(c)
Delinquent claims and obligations.
1981a.
Loan moratorium and policy on foreclosures.
1981b.
Farm loan interest rates.
1981c.
Oil and gas royalty payments on loans.
1981d.
Notice of loan service programs.
(a)
Requirement.
(b)
Contents.
(c)
Contained in regulations.
(d)
Timing.
(e)
Consideration of borrowers for loan service programs.
1981e.
Planting and production history guidelines.
(a)
In general.
(b)
Calculation of yields.
1981f.
Underwriting forms and standards.
1982.
Repealed.
1983.
Special conditions and limitations on loans.
1983a.
Prompt approval of loans and loan guarantees.
(a)
Applications; time for action by Secretary; notice; statement of reasons.
(b)
Loan proceeds; time for receipt.
(c)
Reconsideration of applications; time for action by Secretary.
(d)
Approved lender designation applications; time for decision by Secretary.
(e)
Processing loan applications; personnel and other resources made available; use of authorities of law.
(f)
Graduation of seasoned direct loan borrowers to loan guarantee program.
(g)
Simplified application for guaranteed loans of $50,000 or less.
1983b.
Repealed.
1983c.
Provision of information to borrowers.
(a)
In general.
(b)
Construction of section.
1984.
Taxation.
1985.
Security servicing; operation or lease of realty; disposition of surplus property; conveyance of complete interest of United States; easements; condemnations; farmland sales and leases: management contracts, installments, selection of purchasers, subdivisions, announcements, conservation practices, and adverse effects prohibition; normal security income; conservation easements on wetlands on inventoried property.
1986.
Conflicts of interests.
(a)
Acceptance of fees, commissions, gifts, or other considerations prohibited.
(b)
Acquisition of interest in land by certain officers or employees of Department of Agriculture prohibited; 3-year period.
(c)
Certifications on loans to family members prohibited.
(d)
Penalties.
1987.
Debt adjustment and credit counseling; "summary period" defined; loan summary statements.
1988.
Appropriations.
(a)
Authorization.
(b)
Notes; form and denominations; maturities; terms and conditions; interest rate; purchase by Treasury; public debt transaction.
(c)
Farmers Home Administration direct loan account; deposits; liabilities; obligations; expenditures; net expenditure basis of budgeting.
(d)
Sale of notes and mortgages.
(e)
Distribution of real estate loans among States.
(f)
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.
1989.
Rules and regulations.
(a)
In general.
(b)
Debt service margin requirements.
(c)
Certified Lenders Program.
(d)
Preferred Certified Lenders Program.
1990.
Transfer of lands to Secretary.
1991.
Definitions.
1992.
Loan limitations.
1993.
Testimony before Congressional committees.
1994.
Maximum amounts for loans authorized; long-term cost projections.
(a)
Maximum aggregate principal amounts for loans authorized.
(b)
Maximum amounts for loans under Agricultural Credit Insurance Fund for fiscal years 1991 through 1995.
(c)
Development of long-term cost projections for loan program authorizations.
(d)
Low-income, limited-resource borrowers.
1995.
Participation and financial and technical assistance by other Federal departments, etc., to program participants.
1996.
Loans to resident aliens.
1997.
Conservation easements.
(a)
Definitions.
(b)
Duration; purposes.
(c)
Property requirements.
(d)
Terms and conditions.
(e)
Purchase; limitation upon cancellation or prepayment.
(f)
Consultations with Director of Fish and Wildlife Service.
(g)
Enforcement.
1998.
Guaranteed farm loan programs.
1999.
Interest rate reduction program.
(a)
Establishment and execution.
(b)
Contracts with lenders.
(c)
Payments to lenders.
(d)
Duration of contracts.
(e)
Agricultural Credit Insurance Fund use limitation.
(f)
List of approved lender participants in guaranteed loan program.
(g)
Foreclosure action provision in farm loan guarantees.
(h)
Demonstration project for purchase of System land.
2000.
Homestead protection.
(a)
Definitions.
(b)
Occupancy of homestead upon foreclosure, bankruptcy, or liquidation; appraisal; period of occupancy.
(c)
Terms and conditions.
(d)
First right of refusal of reacquisition.
(e)
Value as measure of reacquisition payment of principal.
(f)
Contract authority.
(g)
Conflict between Federal and State law.
2001.
Debt restructuring and loan servicing.
(a)
In general.
(b)
Eligibility.
(c)
Restructuring determinations.
(d)
Principal and interest write-down.
(e)
Shared appreciation arrangements.
(f)
Determination to restructure.
(g)
Prerequisites to foreclosure or liquidation.
(h)
Time limits for restructuring.
(i)
Notice of ineligibility for restructuring.
(j)
Independent appraisals.
(k)
Future creditworthiness of borrower determined without regard to restructuring.
(l)
Partial liquidations.
(m)
Disposition of normal income security.
(n)
Only 1 write-down or net recovery buy-out per borrower for loan made after January 6, 1988.
(o)
Liquidation of assets.
(p)
Lifetime limitation on debt forgiveness per borrower.
2001a.
Debt restructuring and loan servicing for community facility loans.
2002.
Transfer of inventory lands.
2003.
Target participation rates.
(a)
Establishment.
(b)
Reservation and allocation.
(c)
Operating loans.
(d)
Report.
(e)
Definitions.
2004.
Expedited clearing of title to inventory property.
2005.
Payment of losses on guaranteed loans.
(a)
Payments to lenders.
(b)
Administration.
2006.
Waiver of mediation rights by borrowers.
2006a.
Borrower training.
(a)
In general.
(b)
Contract.
(c)
Eligibility for loans.
(d)
Guidelines and curriculum.
(e)
Payment.
(f)
Waivers.
2006b.
Loan assessments.
(a)
In general.
(b)
Determinations.
(c)
Contract.
(d)
Review of loans.
(e)
Guidelines.
2006c.
Supervised credit.
2006d.
Market placement.
2006e.
Prohibition on use of loans for certain purposes.
2006f.
Repealed.
2007.
General provisions.
(a)
Application for participation.
(b)
Selection of States.
(c)
Duration of projects.
(d)
Effective date.
2007a.
Definitions.
2007b.
Rural Partnerships Investment Board.
(a)
Establishment.
(b)
Board of Directors.
(c)
Powers of Investment Board.
2007c.
Establishment of investment fund.
(a)
Establishment.
(b)
Use.
(c)
Applications of eligible entities for lines of credit.
(d)
Limitation on authorization of appropriations.
(e)
Relocation and refinancing.
2007d.
Local revolving funds.
(a)
Establishment.
(b)
Use of fund.
(c)
Decisions concerning funding.
(d)
Requirement of partnerships for loans or investments.
(e)
Investment size limits.
(f)
Subordinated interest of local revolving fund.
(g)
Other investors.
(h)
Additional capital.
(i)
Continuation of line of credit.
(j)
Continuation of business promotion activities.
(k)
Development of monitoring procedures.
(l)
Refund of funds.
(m)
Annual reports to Board.
(n)
Termination of Board.
2007e.
Compliance and enforcement.
(a)
Revocation or cancellation of line of credit and refund.
(b)
Investigations and examinations.
(c)
Injunctions or other orders.
(d)
Unlawful acts and omissions by officers, directors, employees, or agents.
(e)
Penalties and forfeitures.
(f)
Jurisdiction and service of process.
(g)
Substitution of Secretary.
(h)
Revocation, suspension, or termination.
2008.
System for delivery of certain rural development programs.
(a)
In general.
(b)
Definitions.
(c)
Duties of Secretary.
(d)
Official information.
(e)
Allocation of appropriated funds.
(f)
Inapplicability of Federal Advisory Committee Act.
(g)
No liability of members of State rural economic development review panels.
(h)
Eligibility for water and waste facility loans.
2008a.
State rural economic development review panel.
(a)
In general.
(b)
Duties.
(c)
Membership.
(d)
Notification.
(e)
Qualifications of panel members appointed by Governor.
(f)
Vacancies.
(g)
Chairperson and vice chairperson.
(h)
No compensation for Federal members.
(i)
Rules governing panel meetings.
2008b.
Limited transfer authority of loan amounts.
(a)
Transfer of funds.
(b)
Limitation on loan amounts transferred.
2008c.
Allocation and transfer of loan guarantee authority.
(a)
Allocation of loan guarantee authority.
(b)
Transfer of loan guarantee authority.
2008d.
Recordkeeping of loans by borrower's gender.
2008e.
Prohibition under rural development programs.
(a)
Prohibition.
(b)
Ensuring compliance.
(c)
Regulations.
2008f.
Crop insurance requirement.
(a)
In general.
(b)
Applicable benefits.
Chapter Referred to in Other Sections
This chapter is referred to in sections 940, 2279, 2279a of this title; title 12 sections 2219d, 2279aa; title 15 section 636; title 16 sections 590h, 3811, 3821; title 21 section 889; title 38 section 3711; title 40 App. sections 204, 214; title 42 sections 8813, 9817.