Title 7 — Agriculture
Chapter 50 — Agricultural Credit
§ 1934. Low-income farm ownership loan program; eligibility; repayment requirements
Statutory text
The Secretary is authorized to make and insure loans for any of the purposes referred to in section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title, to farmers and ranchers in the United States who (1) are citizens of the United States, (2) meet the requirements of paragraphs (2) through (4) of section 1922 of this title, (3) are unable to obtain sufficient credit under section 1922 of this title to finance their actual needs, (4) are owners or operators of small or family farms (including new owners or operators), (5) are farmers or ranchers with a low income, and (6) demonstrate a need to maximize their income from farming or ranching operations. The Secretary is also authorized to make such loans to any farm cooperative or private domestic corporation or partnership, or such other legal entities as the Secretary considers appropriate, that is controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States if all of its members, stockholders, partners, or owners, as applicable, are citizens of the United States and the entity and all such members, stockholders, partners, or owners meet the requirements of paragraphs (2) through (6) of the preceding sentence.
Each loan made or insured under this section shall be repayable in such installments as the Secretary determines will provide for reduced payments during the initial repayment period of the loan and larger payments during the remainder of the repayment period of the loan.
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.
Agricultural Act of 1961
Pub. L. 87–128 title III § 310D · 75 Stat. 294
Enacted · 7 U.S.C. § 1934
Pub. L. 87–128, title III, § 310D, as added Pub. L. 95–334, title I, § 113, Aug. 4, 1978, 92 Stat. 424
Source evidence
Code source credit
Pub. L. 87–128, title III, § 310D, as added Pub. L. 95–334, title I, § 113, Aug. 4, 1978, 92 Stat. 424Food, Agriculture, Conservation, and Trade Act of 1990
Pub. L. 101–624 title XVIII § 1802(b) · 104 Stat. 3359
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 101–624 substituted “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(d)(1) of this title,” for “clauses (1) through (5) of section 1923(a) of this title”
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 101–624 substituted “paragraphs” for “clauses” before “(2) through (4) of section”, made technical amendment to reference to section 1922 of this title which required no change in text
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 101–624 substituted “paragraphs” for “clauses” before “(2) through (6) of the”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 101–624 substituted “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(d)(1) of this title,” for “clauses (1) through (5) of section 1923(a) of this title”, substituted “paragraphs” for “clauses” before “(2) through (4) of section”, made technical amendment to reference to section 1922 of this title which required no change in text, and substituted “paragraphs” for “clauses” before “(2) through (6) of the”.Enacted provision · exact public law section
(b) Limited Resource Authorization.— Section 310D(a) (7 U.S.C. 1934(a)) is amended— (1) by striking “clauses (1) through (5) of section 303(a) of this title” and inserting “paragraphs (1) through (5) of section 303(a), or subparagraphs (A) through (E) of section 304(d)(1),”; (2) in paragraph (2), by striking “clauses” and inserting “paragraphs”; (3) in paragraph (3), by striking “of this title”; and (4) in the second sentence, by striking “clauses” and inserting “paragraphs”.Farm Credit Banks and Associations Safety and Soundness Act of 1992
Pub. L. 102–552 title V § 516(e)(1) · 106 Stat. 4102
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 102–552 substituted “1924(a)(1)” for “1924(d)(1)”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 102–552 substituted “1924(a)(1)” for “1924(d)(1)”.Enacted provision · exact public law section
(1) Correction.— Section 310D(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1934(a)) is amended by striking “304(d)(1)” and inserting “304(a)(1)”.Effective date note
Pub. L. 102–552, title V, § 516(e)(2), Oct. 28, 1992, 106 Stat. 4137, provided that: “The amendment made by paragraph (1) of this subsection [amending this section] shall take effect at the same time as the amendments made by section 501(a) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1865) [amending section 1924 of this title] took effect.”Federal Agriculture Improvement and Reform Act of 1996
Pub. L. 104–127 title VI § 661(e) · 110 Stat. 888
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 104–127 substituted “section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title” for “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(a)(1) of this title”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 104–127 substituted “section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title” for “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(a)(1) of this title”.Enacted provision · exact public law section
(e) The first sentence of section 310D(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1934(a)) is amended by striking “paragraphs (1) through (5) of section 303(a), or subparagraphs (A) through (E) of section 304(a)(1)” and inserting “section 303(a), or paragraphs (1) through (5) of section 304(a)”.Agricultural Act of 2014
Pub. L. 113–79 title V § 5001(c)(2) · 128 Stat. 649
Inserted · 7 U.S.C. § 1934(a)
Pub. L. 113–79 inserted “, or such other legal entities as the Secretary considers appropriate,” after “partnership”
Substituted · 7 U.S.C. § 1934(a)
Pub. L. 113–79 substituted “partners, or owners” for “or partners” in two places
Source evidence
Code amendment note
Subsec. (a). Pub. L. 113–79 inserted “, or such other legal entities as the Secretary considers appropriate,” after “partnership” and substituted “partners, or owners” for “or partners” in two places.Enacted provision · exact public law section
(2) Section 310D(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1934(a)) is amended in the second sentence— (A) by inserting after “partnership” the following: “, or such other legal entities as the Secretary considers appropriate,”; and (B) by striking “or partners” each place it appears and inserting “partners, or owners”.
7 of 8 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1990–2014 · 4 rounds
2014
Subsec. (a). Pub. L. 113–79 inserted “, or such other legal entities as the Secretary considers appropriate,” after “partnership” and substituted “partners, or owners” for “or partners” in two places.
1996
Subsec. (a). Pub. L. 104–127 substituted “section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title” for “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(a)(1) of this title”.
1992
Subsec. (a). Pub. L. 102–552 substituted “1924(a)(1)” for “1924(d)(1)”.
1990
Subsec. (a). Pub. L. 101–624 substituted “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(d)(1) of this title,” for “clauses (1) through (5) of section 1923(a) of this title”, substituted “paragraphs” for “clauses” before “(2) through (4) of section”, made technical amendment to reference to section 1922 of this title which required no change in text, and substituted “paragraphs” for “clauses” before “(2) through (6) of the”.
Statutory Notes and Related Subsidiaries
Effective Date of 1992 Amendment
Pub. L. 102–552, title V, § 516(e)(2), , 106 Stat. 4137, provided that: “The amendment made by paragraph (1) of this subsection [amending this section] shall take effect at the same time as the amendments made by section 501(a) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1865) [amending section 1924 of this title] took effect.”
Credits
1978–2014 · 5 acts
- 1978Pub. L. 87–128, title III, § 310D, as added Pub. L. 95–334, title I, § 113, , 92 Stat. 424
- 1990amended Pub. L. 101–624, title XVIII, § 1802(b), , 104 Stat. 3818
- 1992Pub. L. 102–552, title V, § 516(e)(1), , 106 Stat. 4137
- 1996Pub. L. 104–127, title VI, § 661(e), , 110 Stat. 1107
- 2014Pub. L. 113–79, title V, § 5001(c)(2), , 128 Stat. 833.
Show as published
(Pub. L. 87–128, title III, § 310D, as added Pub. L. 95–334, title I, § 113, , 92 Stat. 424; amended Pub. L. 101–624, title XVIII, § 1802(b), , 104 Stat. 3818; Pub. L. 102–552, title V, § 516(e)(1), , 106 Stat. 4137; Pub. L. 104–127, title VI, § 661(e), , 110 Stat. 1107; Pub. L. 113–79, title V, § 5001(c)(2), , 128 Stat. 833.)