§ 1929. Agricultural Credit Insurance Fund

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 § 309 · 75 Stat. 294

   Enacted · 7 U.S.C. § 1929

   Pub. L. 87–128, title III, § 309, Aug. 8, 1961, 75 Stat. 309

   Source evidence

   Code source credit
   Pub. L. 87–128, title III, § 309, Aug. 8, 1961, 75 Stat. 309

   Enacted provision · exact public law section
   Sec. 309. (a) The fund established pursuant to section 11(a) of the Agricultural Credit Insurance Fund. 60 Stat. 1072. 7 USC 1005a. Bankhead-Jones Farm Tenant Act, as amended, shall hereafter be called the Agricultural Credit Insurance Fund and is hereinafter in this subtitle referred to as the “fund”. The fund shall remain available as a revolving fund for the discharge of the obligations of the Secretary under agreements insuring loans under this subtitle and loans and mortgages insured under prior authority. (b) Moneys in the fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the fund or invested in direct obligations of the United States or obligations guaranteed by the United States. The Secretary may purchase with money in the fund any notes issued by the Secretary to the Secretary of the Treasury for the purpose of obtaining money for the fund. (c) The Secretary is authorized to make and issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under this section and for authorized expenditures out of the fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Such notes shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consideration the current average market yield of outstanding marketable obligations of the United States having maturities comparable to the notes issued by the Secretary under this subtitle. The Secretary of the Treasury is authorized and directed to purchase any notes of the Secretary issued hereunder, and, for that purpose, the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which such securities may be 40 Stat. 288. 31 USC 774. issued under such Act, as amended, are extended to include the purchase of notes issued by the Secretary. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes shall be treated as public debt transactions of the United States. (d) Notes and security acquired by the Secretary in connection with loans insured under this subtitle and under prior authority shall become a part of the fund. Notes may be held in the fund and collected in accordance with their terms or may be sold by the Secretary with or without agreements for insurance thereof at the balance due thereon, or on such other basis as the Secretary may determine from time to time. All net proceeds from such collections, including sales of notes or property, shall be deposited in and become a part of the fund. (e) The Secretary shall deposit in the fund such portion of the charge collected in connection with the insurance of loans at least equal to a rate of one-half of 1 per centum per annum on the outstanding principal obligations and the remainder of such charge shall be available for administrative expenses of the Farmers Home Administration, to be transferred annually and become merged with any appropriation for administrative expenses. (f) The Secretary may utilize the fund— (1) to make loans which could be insured under this subtitle whenever the Secretary has reasonable assurance that they can be sold without undue delay, and may sell and insure such loans. The aggregate of the principal of such loans made and not disposed of shall not exceed $10,000,000 at any one time; (2) to pay the interest to which the holder of the note is entitled on loans heretofore or hereafter insured accruing between the date of any prepayments made by the borrower and the date of transmittal of any such prepayments to the lender. In the discretion of the Secretary, prepayments other than final payments need not be remitted to the holder until the due date of the annual installment; (3) to pay to the holder of the notes any defaulted installment or, upon assignment of the note to the Secretary at the Secretary’s request, the entire balance due on the loan; (4) to purchase notes in accordance with agreements previously entered into; and (5) to pay taxes, insurance, prior liens, expenses necessary to make fiscal adjustments in connection with the application and transmittal of collections and other expenses and advances authorized in section 335(a) in connection with insured loans.

2. 1962

   Food and Agriculture Act of 1962

   Pub. L. 87–703 title IV § 401(3) · 76 Stat. 605

   Changed · 7 U.S.C. § 1929(f)(1)

   Pub. L. 87–703 increased from $10,000,000 to $25,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time

   Source evidence

   Code amendment note
   Subsec. (f)(1). Pub. L. 87–703 increased from $10,000,000 to $25,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time.

   Enacted provision · exact public law section
   (3) By striking out in section 309 (f) (1) the figure “$10,000,000” and inserting in lieu thereof the figure “$25,000,000”;

3. 1965

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

   Substituted · 7 U.S.C. § 1929(e)

   Pub. L. 89–240, § 2(b), substituted “all or a portion, not to exceed one-half of 1 per centum of the unpaid principal balance of the loan of any charge collected in connection with the insurance of loans; and any remainder of any such charge” for “such portion of the charge collected in connection with the insurance of loans at least equal to a rate of one-half of 1 per centum per annum on the outstanding principal obligations and the remainder of such charge”

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 89–240, § 2(b), substituted “all or a portion, not to exceed one-half of 1 per centum of the unpaid principal balance of the loan of any charge collected in connection with the insurance of loans; and any remainder of any such charge” for “such portion of the charge collected in connection with the insurance of loans at least equal to a rate of one-half of 1 per centum per annum on the outstanding principal obligations and the remainder of such charge”.

   Enacted provision · exact public law section
   (b) Section 309(e) of such Act is amended by striking out “such portion of the charge collected in connection with the insurance of loans at least equal to a rate of one-half of 1 per centum per annum on the outstanding principal obligations and the remainder of such charge” and inserting in lieu thereof “all or a portion, not to exceed one-half of 1 per centum of the unpaid principal balance of the loan, of any charge collected in connection with the insurance of loans; and any remainder of any such charge”.

4. 1965

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

   Substituted · 7 U.S.C. § 1929(f)(1)

   Pub. L. 89–240, § 2(c), substituted “$50,000,000” for “$25,000,000”

   Source evidence

   Code amendment note
   Subsec. (f)(1). Pub. L. 89–240, § 2(c), substituted “$50,000,000” for “$25,000,000”.

   Enacted provision · exact public law section
   (c) Section 309(f)(1) of such Act is amended by striking out “$25,000,000” and inserting in lieu thereof “$50,000,000”.

5. 1966

   Pub. L. 89–633 · 80 Stat. 879

   Substituted · 7 U.S.C. § 1929(f)(2)

   Pub. L. 89–633 substituted “until due” for “until the due date of the annual installment”

   Source evidence

   Code amendment note
   Subsec. (f)(2). Pub. L. 89–633 substituted “until due” for “until the due date of the annual installment”.

6. 1968

   Pub. L. 90–488 § 7 · 82 Stat. 770

   Changed · 7 U.S.C. § 1929(f)(1)

   Pub. L. 90–488 increased from $50,000,000 to $100,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time

   Source evidence

   Code amendment note
   Subsec. (f)(1). Pub. L. 90–488 increased from $50,000,000 to $100,000,000 the aggregate amount of loans to be sold and insured and undisposed of at any one time.

   Enacted provision · exact public law section
   Sec. 7. Section 309(f) is amended by changing “$50,000,000” to 7 USC 1929. “$100,000,000”.

7. 1972

   Rural Development Act of 1972

   Pub. L. 92–419 § 115(a)(1) · 86 Stat. 657

   Substituted · 7 U.S.C. § 1929(f)(1)

   Pub. L. 92–419, § 115(a)(1), substituted “$500,000,000” for “$100,000,000”

   Source evidence

   Code amendment note
   Subsec. (f)(1). Pub. L. 92–419, § 115(a)(1), substituted “$500,000,000” for “$100,000,000”.

   Enacted provision · exact public law section
   (1) changing “$100,000,000” to “$500.000.000” in paragraph

8. 1972

   Rural Development Act of 1972

   Pub. L. 92–419 § 115(a)(2) · 86 Stat. 657

   1. Substituted · 7 U.S.C. § 1929(f)(2)

      Pub. L. 92–419, § 115(a)(2), substituted “amounts” for “the interest” in three places

   2. Substituted · 7 U.S.C. § 1929(f)(2)

      Pub. L. 92–419, § 115(a)(2), substituted “payments” for “prepayments” in three places

   3. Inserted · 7 U.S.C. § 1929(f)(2)

      Pub. L. 92–419, § 115(a)(2), inserted “or until the next agreed annual or semi-annual remittance date” after “until due”

   Source evidence

   Code amendment note
   Subsec. (f)(2). Pub. L. 92–419, § 115(a)(2), substituted “amounts” for “the interest” and “payments” for “prepayments” in three places and inserted “or until the next agreed annual or semi-annual remittance date” after “until due”.

   Enacted provision · exact public law section
   (2) changing paragraph (2) by— (A) striking out “the interest” and inserting in lieu thereof “amounts”; (B) changing “prepayments” to “payments” in all three places; and (C) inserting after “until due” the following: “or until the next agreed annual or semiannual remittance date”.

9. 1972

   Rural Development Act of 1972

   Pub. L. 92–419 § 115(a)(3) · 86 Stat. 657

   Substituted · 7 U.S.C. § 1929(f)(5)

   Pub. L. 92–419, § 115(a)(3), (4), substituted “connection with insured loans, including the difference between interest payable to borrowers and interest to which insured lenders or insured holders are entitled under agreements with the Secretary included in contracts of insurance” for “section 1985(a) of this title in connection with insured loans,” and provided payment for contract services

   Source evidence

   Code amendment note
   Subsec. (f)(5). Pub. L. 92–419, § 115(a)(3), (4), substituted “connection with insured loans, including the difference between interest payable to borrowers and interest to which insured lenders or insured holders are entitled under agreements with the Secretary included in contracts of insurance” for “section 1985(a) of this title in connection with insured loans,” and provided payment for contract services.

   Enacted provision · exact public law section
   (3) striking out “section 335(a) in connection with insured loans.” in paragraph (5) and inserting in lieu thereof “connection with insured loans, including the difference between interest payable by borrowers and interest to which insured lenders or insured holders are entitled under agreements with the Secretary included in contracts of insurance.”.

10. 1972

    Rural Development Act of 1972

    Pub. L. 92–419 § 115(b) · 86 Stat. 657

    Added · 7 U.S.C. § 1929(g); 7 U.S.C. § 1929(h)

    Pub. L. 92–419, § 115(b), added subsecs. (g) and (h)

    Source evidence

    Code amendment note
    Subsecs. (g), (h). Pub. L. 92–419, § 115(b), added subsecs. (g) and (h).

    Enacted provision · exact public law section
    (b) Section 309 of such Act is amended by adding at the end thereof Ante, p. 660. the following new subsections: “(g) (1) The assets and liabilities of, and authorizations applicable Transfer of funds. 80 Stat. 167. 7 USC 1988. 7 USC 1966. to, the Farmers Home Administration direct loan account created by section 338(c) and the Emergency Credit Revolving Fund referred to in section 326 are hereby transferred to the fund, and such account and such revolving fund are hereby abolished. Such assets and their proceeds, including loans made out of the fund pursuant to this section, shall be subject to the provisions of this section, section 308, the last 7 USC 1928. 7 USC 1926, 1927. sentence of section 306 (a)(1), and the last sentence of section 307. “(2) From time to time, and at least at the close of each fiscal year, the Secretary shall pay from the fund into the Treasury as miscellaneous receipts interest on the value as determined by the Secretary, with the approval of the Comptroller General, of the Government’s equity transferred to the fund pursuant to the first sentence of this subsection plus the cumulative amount of appropriations made available after enactment of this provision as capital and for administration of the programs financed from the fund, less the average undisbursed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, taking into consideration the current average yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of loans made or insured from the fund, adjusted to the nearest one-eighth of 1 per centum. Interest payments may be deferred with the approval of the Secretary of the Treasury, but any interest payments so deferred shall themselves bear interest. If at any time the Secretary determines that moneys in the fund exceed present and any reasonably prospective future requirements of the fund, such excess may be transferred to the general fund of the Treasury. “(h) The Secretary may provide financial assistance to borrowers Guaranteed loans. for purposes provided in this title by guaranteeing loans made by any Federal or State chartered bank, savings and loan association, cooperative lending agency, or other legally organized lending agency.”

11. 1977

    Food and Agriculture Act of 1977

    Pub. L. 95–113 title XV § 1510(a) · 91 Stat. 913

    Substituted · 7 U.S.C. § 1929(f)(3)

    Pub. L. 95–113 substituted “any deferred or defaulted installment” for “any defaulted installment”

    Source evidence

    Code amendment note
    Subsec. (f)(3). Pub. L. 95–113 substituted “any deferred or defaulted installment” for “any defaulted installment”.

    Enacted provision · exact public law section
    (a) Section 309 (7 U.S.C. 1929) is amended by adding in subsection (f) (3) between the words “any” and “defaulted” the words “deferred or”.

12. 1978

    Agricultural Credit Act of 1978

    Pub. L. 95–334 title I § 109(a) · 92 Stat. 420

    1. Struck · 7 U.S.C. § 1929(f)(1); 7 U.S.C. § 1929(f)(6)

       Pub. L. 95–334 in par. (1) struck out provisions limiting amount of loans outstanding at any one time

    2. Added · 7 U.S.C. § 1929(f)(1); 7 U.S.C. § 1929(f)(6)

       Pub. L. 95–334 in par. (1) added par. (6)

    Source evidence

    Code amendment note
    Subsec. (f)(1), (6). Pub. L. 95–334 in par. (1) struck out provisions limiting amount of loans outstanding at any one time, and added par. (6).

    Enacted provision · exact public law section
    (a) Section 309(f) of the Consolidated Farm and Rural Development Act is amended by— 7 USC 1929. (1) in paragraph (1), changing the period at the end of the first sentence to a semicolon and striking out the second sentence therein which reads: “The aggregate of the principal of such loans made and not disposed of shall not exceed $500,000,000 at any one time;”; (2) striking out “and” at the end of paragraph (4), and changing the period at the end of paragraph (5) to a semicolon; and (3) adding at the end thereof new paragraph (6) as follows: “(6) to pay the Secretary’s costs of administration necessary to insure, make grants, service, and otherwise carry out the programs under this title not specifically covered by the Rural Development Insurance Fund of section 309A, including costs of the Secretary 7 USC 1929a. incidental to guaranteeing loans under this title, either directly from the Fund or by transfers from the Fund to, and merger with, any appropriations for administrative expenses.”.

13. 1990

    Rural Economic Development Act of 1990

    Pub. L. 101–624 title XXIII § 2302(a)(2) · 104 Stat. 3359

    1. Inserted · 7 U.S.C. § 1929(e)

       Pub. L. 101–624 inserted “and the Rural Development Administration, in proportion to such charges collected in connection with the insurance of loans by such agency”

    2. Substituted · 7 U.S.C. § 1929(e)

       Pub. L. 101–624 substituted “expenses for such agency” for “expenses”

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 101–624 inserted “and the Rural Development Administration, in proportion to such charges collected in connection with the insurance of loans by such agency” and substituted “expenses for such agency” for “expenses”.

    Enacted provision · exact public law section
    (2) in section 309(e)— (A) by inserting “and the Rural Development Administration, in proportion to such charges collected in connection with the insurance of loans by such agency” after “Farmers Home Administration”; and (B) by striking “expenses.” and inserting “expenses for such agency.”.

14. 1992

    Agricultural Credit Improvement Act of 1992

    Pub. L. 102–554 § 4 · 106 Stat. 4142

    1. Amended · 7 U.S.C. § 1929(h)

       Pub. L. 102–554, § 4, designated existing provisions as par. (1)

    2. Added · 7 U.S.C. § 1929(h)

       Pub. L. 102–554, § 4, added pars. (2) and (3)

    Source evidence

    Code amendment note
    Subsec. (h). Pub. L. 102–554, § 4, designated existing provisions as par. (1) and added pars. (2) and (3).

    Enacted provision · exact public law section
    SEC. 4. INTEREST RATE FOR LOANS SOLD INTO SECONDARY MARKET; GUARANTEED LOAN FEES. Section 309(h) (7 U.S.C. 1929(h)) is amended— (1) by inserting “(1)” after “(h)”; and (2) by adding at the end the following new paragraphs: “(2) The interest rate payable by a borrower on the portion of a guaranteed loan that is sold by a lender to the secondary market under this title may be lower than the interest rate charged on the portion retained by the lender, but shall not exceed the average interest rate charged by the lender on loans made to farm and ranch borrowers. “(3) With regard to any loan guarantee on a loan made by a commercial or cooperative lender related to a loan made by the Secretary under section 310E— “(A) the Secretary shall not charge a fee to any person (including a lender); and “(B) a lender may charge a loan origination and servicing fee in an amount not to exceed 1 percent of the amount of the loan.”.

15. 1992

    Agricultural Credit Improvement Act of 1992

    Pub. L. 102–554 § 5(a) · 106 Stat. 4142

    Added · 7 U.S.C. § 1929(i)

    Pub. L. 102–554, § 5(a), added subsec. (i)

    Source evidence

    Code amendment note
    Subsec. (i). Pub. L. 102–554, § 5(a), added subsec. (i).

    Enacted provision · exact public law section
    (a) Coordination of Assistance for Qualified Beginning Farmers and Ranchers.— Section 309 (7 U.S.C. 1929) is amended by adding at the end the following new subsection: “(i) (1) Not later than 60 days after any State expresses to the Secretary, in writing, a desire to coordinate the provision of financial assistance to qualified beginning farmers and ranchers in the State, the Secretary and the State shall conclude a joint memorandum of understanding that shall govern the coordination of the provision of the financial assistance by the State and the Secretary. “(2) The memorandum of understanding shall provide that if a State beginning farmer program makes a commitment to provide a qualified beginning farmer or rancher with financing to establish or maintain a viable farming or ranching operation, the Secretary shall, subject to applicable law, normal loan approval criteria, and the availability of funds provide the farmer or rancher with a down payment loan under section 310E or a guarantee of the financing provided by the State program, or both. “(3) The Secretary shall not charge any person (including a lender) any fee with respect to the provision of any guarantee under this subsection. “(4) The Secretary shall notify each State of the provisions of this subsection. “(5) As used in paragraph (1), the term ‘State beginning farmer program’ means any program that is— “(A) carried out by, or under contract with, a State; and “(B) designed to assist persons in obtaining the financial assistance necessary to enter agriculture and establish viable farming or ranching operations.”.

16. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 744 · 110 Stat. 888

    1. Redesignated · 7 U.S.C. § 1929(f)

       Pub. L. 104–127, § 744, redesignated pars. (2) to (6) as (1) to (5), respectively

    2. Struck · 7 U.S.C. § 1929(f)

       Pub. L. 104–127, § 744, struck out former par. (1) which read as follows: “to make loans which could be insured under this subchapter whenever the Secretary has reasonable assurance that they can be sold without undue delay, and may sell and insure such loans;”

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 104–127, § 744, redesignated pars. (2) to (6) as (1) to (5), respectively, and struck out former par. (1) which read as follows: “to make loans which could be insured under this subchapter whenever the Secretary has reasonable assurance that they can be sold without undue delay, and may sell and insure such loans;”.

    Enacted provision · exact public law section
    SEC. 744. AGRICULTURAL CREDIT INSURANCE FUND. Section 309(f) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929(f)) is amended— (1) by striking paragraph (1); and (2) by redesignating paragraphs (2) through (6) as paragraphs (1) through (5), respectively.

    Effective date note
    Amendment by section 606 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(b) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.

17. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 749(b)(1) · 110 Stat. 888

    Inserted · 7 U.S.C. § 1929(g)(1)

    Pub. L. 104–127, § 749(b)(1), inserted “(before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996)” after “section 1988(c) of this title”

    Source evidence

    Code amendment note
    Subsec. (g)(1). Pub. L. 104–127, § 749(b)(1), inserted “(before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996)” after “section 1988(c) of this title”.

    Enacted provision · exact public law section
    (1) The first sentence of section 309(g)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929(g)(1)) is amended by inserting after “section 338(c)” the following: “(before the amendment made by section 749(a)(1) of the Federal Agriculture Improvement and Reform Act of 1996)”.

    Effective date note
    Amendment by section 606 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(b) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.

18. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 661(b) · 110 Stat. 888

    Struck · 7 U.S.C. § 1929(g)(1)

    Pub. L. 104–127, § 661(b), struck out “section 1928,” after “provisions of this section,”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 104–127, § 661(b), struck out “section 1928,” after “provisions of this section,”.

    Enacted provision · exact public law section
    (b) The second sentence of section 309(g)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929(g)(1)) is amended by striking “section 308,”.

    Effective date note
    Amendment by section 606 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(b) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.

19. 1996

    Federal Agriculture Improvement and Reform Act of 1996

    Pub. L. 104–127 § 606 · 110 Stat. 888

    Added · 7 U.S.C. § 1929(h)(4)(6)

    Pub. L. 104–127, § 606, added pars. (4) to (6)

    Source evidence

    Code amendment note
    Subsec. (h)(4) to (6). Pub. L. 104–127, § 606, added pars. (4) to (6).

    Enacted provision · exact public law section
    SEC. 606. LOANS GUARANTEED. Section 309(h) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929(h)) is amended by adding at the end the following: “(4) Maximum guarantee of 90 percent.— Except as provided in paragraphs (5) and (6), a loan guarantee under this title shall be for not more than 90 percent of the principal and interest due on the loan. “(5) Refinanced loans guaranteed at 95 percent.— The Secretary shall guarantee 95 percent of— “(A) in the case of a loan that solely refinances a direct loan made under this title, the principal and interest due on the loan on the date of the refinancing; or “(B) in the case of a loan that is used for multiple purposes, the portion of the loan that refinances the principal and interest due on a direct loan made under this title that is outstanding on the date the loan is guaranteed. “(6) Beginning farmer loans guaranteed up to 95 percent.— The Secretary may guarantee not more than 95 percent of— “(A) a farm ownership loan for acquiring a farm or ranch to a borrower who is participating in the down payment loan program under section 310E; or “(B) an operating loan to a borrower who is participating in the down payment loan program under section 310E that is made during the period that the borrower has a direct loan outstanding under this subtitle for acquiring a farm or ranch.”.

    Effective date note
    Amendment by section 606 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, and amendment by section 661(b) of Pub. L. 104–127 effective Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under section 1922 of this title.

20. 2002

    Pub. L. 107–171 § 5003(1) · 116 Stat. 134

    Substituted · 7 U.S.C. § 1929(h)(4)

    Pub. L. 107–171, § 5003(1), substituted “paragraphs (5), (6), and (7)” for “paragraphs (5) and (6)”

    Source evidence

    Code amendment note
    Subsec. (h)(4). Pub. L. 107–171, § 5003(1), substituted “paragraphs (5), (6), and (7)” for “paragraphs (5) and (6)”.

    Enacted provision · exact public law section
    (1) in paragraph (4), by striking “paragraphs (5) and (6)” and inserting “paragraphs (5), (6), and (7)”; and

21. 2002

    Pub. L. 107–171 § 5003(2) · 116 Stat. 134

    Added · 7 U.S.C. § 1929(h)(7)

    Pub. L. 107–171, § 5003(2), added par. (7)

    Source evidence

    Code amendment note
    Subsec. (h)(7). Pub. L. 107–171, § 5003(2), added par. (7).

    Enacted provision · exact public law section
    (2) by adding at the end the following: “(7) Amount of guarantee of loans for farm operations on tribal lands.— In the case of an operating loan made to a farmer or rancher whose farm or ranch land is subject to the jurisdiction of an Indian tribe and whose loan is secured by 1 or more security instruments that are subject to the jurisdiction of an Indian tribe, the Secretary shall guarantee 95 percent of the loan.”.

22. 2002

    Pub. L. 107–171 § 5004 · 116 Stat. 134

    Added · 7 U.S.C. § 1929(j)

    Pub. L. 107–171, § 5004, added subsec. (j)

    Source evidence

    Code amendment note
    Subsec. (j). Pub. L. 107–171, § 5004, added subsec. (j).

    Enacted provision · exact public law section
    SEC. 5004. GUARANTEE OF LOANS MADE UNDER STATE BEGINNING FARMER OR RANCHER PROGRAMS. Section 309 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1929) is amended by adding at the end the following: “(j) Guarantee of Loans Made Under State Beginning Farmer or Rancher Programs.— The Secretary may guarantee under this title a loan made under a State beginning farmer or rancher program, including a loan financed by the net proceeds of a qualified small issue agricultural bond for land or property described in section 144(a)(12)(b)(ii) of the Internal Revenue Code of 1986”.

27 of 28 references resolved to an enrolled provision · 1 partial