§ 2019. Purposes for extensions of credit

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1988

   Farm Credit Act of 1971

   Pub. L. 92–181 title I § 1 · 85 Stat. 583

   Enacted · 12 U.S.C. § 2019

   Pub. L. 92–181, title I, § 1.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627

   Source evidence

   Code source credit
   Pub. L. 92–181, title I, § 1.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627

   Enacted provision · exact public law section
   (1) Adopt and use a corporate seal.

2. 1988

   Agricultural Credit Technical Corrections Act of 1988

   Pub. L. 100–399 title IV § 401(j) · 102 Stat. 989

   Substituted · 12 U.S.C. § 2019(c)(2)

   Pub. L. 100–399 substituted “this subchapter or subchapter II, equipment or facilities” for “this subchapter, facilities”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 100–399 substituted “this subchapter or subchapter II, equipment or facilities” for “this subchapter, facilities”.

   Enacted provision · exact public law section
   (j) Section 1.11(c)(2) is amended— (1) by inserting “equipment or” before “facilities”; and (2) by inserting “or title II” after “title”.

3. 1990

   Food, Agriculture, Conservation, and Trade Act of 1990

   Pub. L. 101–624 title XVIII § 1832(a) · 104 Stat. 3359

   1. Amended · 12 U.S.C. § 2019(a)

      Pub. L. 101–624 designated existing provisions as par. (1)

   2. Inserted · 12 U.S.C. § 2019(a)

      Pub. L. 101–624 inserted heading

   3. Substituted · 12 U.S.C. § 2019(a)

      Pub. L. 101–624 substituted “some portion” for “at least 20 percent, or such larger percent as may be required by the board of directors of the bank under regulations of the Farm Credit Administration,”

   4. Added · 12 U.S.C. § 2019(a)

      Pub. L. 101–624 added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 101–624 designated existing provisions as par. (1), inserted heading, substituted “some portion” for “at least 20 percent, or such larger percent as may be required by the board of directors of the bank under regulations of the Farm Credit Administration,”, and added par. (2).

   Enacted provision · exact public law section
   (a) Farm Credit Banks.— Section 1.11(a) (12 U.S.C. 2019(a)) is amended— (1) by striking “(a) Agricultural or Aquatic Purposes.—Loans made by a Farm Credit Bank” and inserting the following: “(a) Agricultural or Aquatic Purposes.— “(1) In general.— Loans made by a Farm Credit Bank”; (2) by striking “at least 20 percent,” and all that follows through “Farm Credit Administration,” and inserting “some portion”; and (3) by adding after and below the end the following new paragraph: “(2) Limitation on loans for basic processing and marketing operations.— The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.”.

   Effective date note
   Amendment 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)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.

4. 1991

   Pub. L. 102–237 title V § 502(a) · 105 Stat. 1818

   Changed · 12 U.S.C. § 2019(a)

   Pub. L. 102–237 made technical amendments to headings of subsec. (a) and pars. (1) and (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–237 made technical amendments to headings of subsec. (a) and pars. (1) and (2).

   Enacted provision · exact public law section
   (a) Amendments to Section 1.11(a).— Section 1.11(a) of the Farm Credit Act of 1971 (12 U.S.C. 2019(a)) is amended— (1) by striking “(a) Agricultural or Aquatic Purposes” and inserting the following: “(a) Agricultural or Aquatic Purposes”; (2) by striking “(1) In general” and inserting the following: “(1) In general”; and (3) by striking “(2) Limitation on loans for basic processing and marketing operations” and inserting the following: “(2) Limitation on loans for basic processing and marketing operations”.

   Effective date note
   Amendment 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)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture.

7 of 7 references resolved to an enrolled provision