§ 1928. Full faith and 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. 1961

   Agricultural Act of 1961

   Pub. L. 87–128 title III § 308 · 75 Stat. 294

   Enacted · 7 U.S.C. § 1928

   Pub. L. 87–128, title III, § 308, Aug. 8, 1961, 75 Stat. 308

   Source evidence

   Code source credit
   Pub. L. 87–128, title III, § 308, Aug. 8, 1961, 75 Stat. 308

   Enacted provision · exact public law section
   Sec. 308. Loans under this subtitle may be insured by the Secretary, aggregating not more than $150,000,000 in any one year, whenever funds are advanced or a loan is purchased by a lender other than the United States. In connection with insurance of loans, the Secretary— (a) is authorized to make agreements with respect to the servicing of loans insured hereunder and to purchase such loans on such terms and conditions as he may prescribe, except that no agreement shall provide for purchase by the Secretary at a date sooner than three years from the date of the note; and (b) shall retain out of payments by the borrower a charge at a rate determined by the Secretary from time to time equivalent to not less than one-half of 1 per centum per annum on the principal unpaid balance of the loan. Any contract of insurance executed by the Secretary under this subtitle shall be an obligation supported by the full faith and credit of the United States and incontestable except for fraud or misrepresentation of which the holder has actual knowledge.

2. 1962

   Pub. L. 87–798 · 76 Stat. 908

   Changed · 7 U.S.C. § 1928

   Pub. L. 87–798 increased aggregate amount of loans that may be insured in any one year from $150,000,000 to $200,000,000

   Source evidence

   Code amendment note
   Pub. L. 87–798 increased aggregate amount of loans that may be insured in any one year from $150,000,000 to $200,000,000.

3. 1965

   Pub. L. 89–240 § 2(a) · 79 Stat. 931

   1. Substituted · 7 U.S.C. § 1928

      Pub. L. 89–240 substituted “$450,000,000” for “$200,000,000”

   2. Substituted · 7 U.S.C. § 1928

      Pub. L. 89–240 substituted “may retain” for “shall retain”

   3. Substituted · 7 U.S.C. § 1928

      Pub. L. 89–240 substituted “specified in the insurance agreement applicable to the loan” for “determined by the Secretary from time to time equivalent to not less than one-half of 1 per centum per annum on the principal unpaid balance of the loan”

   4. Struck · 7 U.S.C. § 1928

      Pub. L. 89–240 struck out “except that no agreement shall provide for purchase by the Secretary at a date sooner than three years from the date of the note” after “he may prescribe”

   Source evidence

   Code amendment note
   Pub. L. 89–240 substituted “$450,000,000” for “$200,000,000”, “may retain” for “shall retain”, and “specified in the insurance agreement applicable to the loan” for “determined by the Secretary from time to time equivalent to not less than one-half of 1 per centum per annum on the principal unpaid balance of the loan”, and struck out “except that no agreement shall provide for purchase by the Secretary at a date sooner than three years from the date of the note” after “he may prescribe”.

   Enacted provision · exact public law section
   (a) Section 308 of the Consolidated Farmers Home Administration Act of 1961 is amended by— (1) striking out “$200,000,000” and inserting in lieu thereof “$450,000,000”; (2) in clause (a) striking out “except that no agreement shall provide for purchase by the Secretary at a date sooner than three years from the date of the note”; and (3) striking out clause (b) and inserting in lieu thereof “(b) may retain out of payments by the borrower a charge at a rate specified in the insurance agreement applicable to the loan”.

4. 1968

   Pub. L. 90–488 § 6 · 82 Stat. 770

   Changed · 7 U.S.C. § 1928

   Pub. L. 90–488 authorized insurance of loans until Oct. 1, 1971, without the $450,000,000 limitation on aggregate amount in any one year

   Source evidence

   Code amendment note
   Pub. L. 90–488 authorized insurance of loans until Oct. 1, 1971, without the $450,000,000 limitation on aggregate amount in any one year.

   Enacted provision · exact public law section
   Sec. 6. Section 308 is amended by striking the word “Loans” front the beginning of the first sentence and inserting in lieu thereof “Until October 1, 1971, loans” and by striking the comma after the word “Secretary” and the phrase “aggregating not more than $450,000,000 in any one year,”.

5. 1971

   Pub. L. 92–133 · 85 Stat. 364

   Changed · 7 U.S.C. § 1928

   Pub. L. 92–133 eliminated October 1, 1971, as time limitation for insurance of loans

   Source evidence

   Code amendment note
   Pub. L. 92–133 eliminated October 1, 1971, as time limitation for insurance of loans.

6. 1990

   Rural Economic Development Act of 1990

   Pub. L. 101–624 title XXIII § 2388(a) · 104 Stat. 3359

   1. Redesignated · 7 U.S.C. § 1928

      Pub. L. 101–624 redesignated pars. (a) and (b) as pars. (1) and (2), respectively, and in par. (1)

   2. Substituted · 7 U.S.C. § 1928

      Pub. L. 101–624 substituted “prescribe;” for “prescribe,;”

   Source evidence

   Code amendment note
   Pub. L. 101–624 redesignated pars. (a) and (b) as pars. (1) and (2), respectively, and in par. (1), substituted “prescribe;” for “prescribe,;”.

   Enacted provision · exact public law section
   (a) Section 308 Amendments.— Section 308 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1928) is amended— (1) in paragraph (a), by striking “prescribe,;” and inserting “prescribe;”; and (2) by redesignating paragraphs (a) and (b), as paragraphs (1) and (2), respectively.

7. 1996

   Federal Agriculture Improvement and Reform Act of 1996

   Pub. L. 104–127 title VI § 605 · 110 Stat. 888

   Amended · 7 U.S.C. § 1928

   Pub. L. 104–127 amended section generally. Prior to amendment, section read as follows: “Loans under this subchapter may be insured by the Secretary whenever funds are advanced or a loan is purchased by a lender other than the United States. In connection with insurance of loans, the Secretary—

   Source evidence

   Code amendment note
   Pub. L. 104–127 amended section generally. Prior to amendment, section read as follows: “Loans under this subchapter may be insured by the Secretary whenever funds are advanced or a loan is purchased by a lender other than the United States. In connection with insurance of loans, the Secretary—

   “(1) is authorized to make agreements with respect to the servicing of loans insured hereunder and to purchase such loans on such terms and conditions as he may prescribe; and “(2) may retain out of payments by the borrower a charge at a rate specified in the insurance agreement applicable to the loan. Any contract of insurance executed by the Secretary under this subchapter shall be an obligation supported by the full faith and credit of the United States and incontestable except for fraud or misrepresentation of which the holder has actual knowledge.”

   Enacted provision · exact public law section
   SEC. 605. INSURANCE OF LOANS. Section 308 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1928) is amended to read as follows: “SEC. 308. FULL FAITH AND CREDIT. (a) In General.— A contract of insurance or guarantee executed by the Secretary under this title shall be an obligation supported by the full faith and credit of the United States. “(b) Contestability.— A contract of insurance or guarantee executed by the Secretary under this title shall be incontestable except for fraud or misrepresentation that the lender or any holder— “(1) has actual knowledge of at the time the contract or guarantee is executed; or “(2) participates in or condones.”.

9 of 11 references resolved to an enrolled provision · 2 partial