Public Law 74–15

There shall be required as security for any such loan a first lien, or an agreement to give a first lien, upon all crops of which the production or harvesting, or both, is to be financed, in whole or in part, with the proceeds of such loan ; or, in case of any loan for the purchase or production of feed for livestock, a first lien upon the

Fees.

livestock to be fed. Fees for recording, filing, and registering shall not exceed 75 cents per loan and may be deducted from the proceeds

Interest rate.

Collection of loans.

of the loan. Each loan shall bear interest at the rate of 5½ per centum per annum. For the purpose of carrying out the provisions of this Act and collecting loans made under other Acts of the same

Vol. 48, p. 1056.

general character, including loans made by the Governor with funds appropriated by the Emergency Appropriation Act, fiscal year 1935,

Facilities available.

the Governor may use the facilities and services of the Farm Credit Administration and any institution operating under its supervision, or of any officer or officers thereof, and may pay for such services and the use of such facilities from the funds made available for the payment of necessary administrative expenses; and such institutions are hereby expressly empowered to enter into agreements with the Governor for the accomplishment of such purposes.

The amount which may be loaned to any borrower pursuant to this Act shall not exceed $500: Provided, however, That in any area certified by the President of the United States to the Governor as a distressed emergency area, the Governor may make Ioans without regard to the foregoing limitations as to amount, under such regulations and with such maturities as he may prescribe therefor.

No loan shall be made under this Act to any applicant who

Conditions prescribed.

shall not have first established to the satisfaction of the proper officer or employee of the Farm Credit Administration, under such regulations as the Governor may prescribe: (1) that such applicant is

Applicant unable to procure elsewhere.

unable to procure from other sources a loan in an amount reasonably adequate to meet his needs for the purposes for which Ioans may be made under this Act; and (2) that such applicant is cooperating

Cooperating under Agricultural Adjustment program.

Vol. 48, p. 31.

directly in the crop production control program of the Agricultural Adjustment Administration or is not proposing to increase his 1935 production of basic agricultural commodities in a manner detrimental to the success of such program.

The moneys authorized to be loaned by the Governor

Loans declared impressed with a trust.

under this Act are declared to be impressed with a trust to accomplish the purposes provided for by this Act (namely, for fallowing, production, harvesting, or feed), which trust shall continue until the moneys loaned pursuant to this Act have been used by the borrower for such purposes.

It shall be unlawful for any person to make any material false

Unlawful acts.

False representations.

representation for the purpose of obtaining, or assisting another to obtain, a loan under the provisions of this Act; or willfully to dispose of, or assist in disposing of, except for the account of the Governor, any crops or other property upon which there exists a lien securing a loan made under the provisions of this Act.

It shall be unlawful for any person to charge a fee for the

Fee for preparing application.

purpose of preparing or assisting in the preparation of any papers of an applicant for a loan under the provisions of this Act.

Any person violating any of the provisions of this Act shall,

Punishment for violations.

upon conviction thereof, be punished by a fine of not more than $1,000, or by imprisonment for not more than six months, or both.

There is hereby authorized to be appropriated, out of

Sum authorized.

Post, pp. 50, 1458.

any money in the Treasury not otherwise appropriated, the sum of not to exceed $60,000,000, or so much thereof as may be necessary, to carry out the provisions of this Act. Any part of such sum may

Transfer of unobligated funds made available under designated acts.

be made up as follows: All unobligated balances of appropriations and funds available thereunder to enable the Secretary of Agriculture or the Governor to make advances or loans under the following Acts and Resolutions, and all repayments of such advances and loans and interest: March 3, 1921 (41 Stat. 1347); March 20, 1922 (42 Stat. 467); April 26, 1924 (43 Stat. 110); February 28, 1927 (44 Stat. 1251); February 25, 1929 (45 Stat. 1306), as amended May 17, 1929 (46 Stat. 3); March 3, 1930 (46 Stat. 78, 79); December 20, 1930 (46 Stat. 1032), as amended February 14, 1931 (46 Stat. 1160); February 23, 1931 (46 Stat. 1276); March 3, 1932 (47 Stat. 60); February 4, 1933 (47 Stat. 795); February 23, 1934 148 Stat. 354); and June 19, 1934 (48 Stat. 1021).

The moneys made available under subsection (a), and all collections

Use for administrative expenses.

of both principal and interest on loans made under this Act, may be used by the Governor for making loans under this Act and for all necessary administrative expenses in making and collecting such loans.

Expenditures for printing and binding necessary in carrying out the provisions of this Act may be made without regard to the provisions of section 3709 of the Revised Statutes.