7 USC 950b: Borrower net worth
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7 USC 950b: Borrower net worth Text contains those laws in effect on January 7, 2011
From Title 7-AGRICULTURECHAPTER 31-RURAL ELECTRIFICATION AND TELEPHONE SERVICESUBCHAPTER IV-RURAL TELEPHONE BANK
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§950b. Borrower net worth

Except as provided in subsection (b)(2) of section 948 of this title, notwithstanding any other provision of law, a loan shall not be made under section 922 of this title to any borrower which during the immediately preceding year had a net worth in excess of 20 per centum of its assets unless the Secretary finds that the borrower cannot obtain such a loan from the telephone bank or from other reliable sources at reasonable rates of interest and terms and conditions.

(May 20, 1936, ch. 432, title IV, §412, as added Pub. L. 92–12, §2, May 7, 1971, 85 Stat. 37 ; amended Pub. L. 103–354, title II, §235(a)(13), Oct. 13, 1994, 108 Stat. 3221 .)

Amendments

1994-Pub. L. 103–354 substituted "Secretary" for "Administrator".

Effective Date

Section effective May 7, 1971, see section 7 of Pub. L. 92–12, set out as a note under section 921a of this title.