§1943. Limitations and prohibitions on loans

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, $200,000, or, in the case of a loan guaranteed by the Secretary, $400,000; 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.

(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.)

Amendments

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.