§ 1943. Limitations on amount of operating loans

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 § 313 · 75 Stat. 294

   Enacted · 7 U.S.C. § 1943

   Pub. L. 87–128, title III, § 313, Aug. 8, 1961, 75 Stat. 310

   Source evidence

   Code source credit
   Pub. L. 87–128, title III, § 313, Aug. 8, 1961, 75 Stat. 310

   Enacted provision · exact public law section
   Sec. 313. The Secretary shall make no loan under this subtitle (1) which would cause the total principal indebtedness outstanding at any one time for loans made under this subtitle and under section 70 Stat. 802. 7 USC 1007. 21 of the Bankhead-Jones Farm Tenant Act, as amended, to exceed $35,000: Provided, however, That not more than 25 per centum of the sums made available for loans under this subtitle may be used for loans which would cause such indebtedness of any borrower under said Acts to exceed $15,000, (2) for the purchasing or leasing of land other than for cash rent, or for carrying on any land leasing or land purchasing program, or (3) in excess of an amount certified by the county committee.

2. 1968

   Pub. L. 90–488 § 9 · 82 Stat. 770

   Struck · 7 U.S.C. § 1943

   Pub. L. 90–488 struck out from item (1) the proviso which limited the amount to be used for loans which would cause the indebtedness of any borrower to exceed $15,000 to 25 per centum of the sums made available for loans

   Source evidence

   Code amendment note
   Pub. L. 90–488 struck out from item (1) the proviso which limited the amount to be used for loans which would cause the indebtedness of any borrower to exceed $15,000 to 25 per centum of the sums made available for loans.

   Enacted provision · exact public law section
   Sec. 9. Section 313 is amended by changing the colon after “$35,000” 7 USC 1943. to a comma, and by striking the proviso in item (1).

3. 1972

   Rural Development Act of 1972

   Pub. L. 92–419 title I § 122 · 86 Stat. 657

   Substituted · 7 U.S.C. § 1943

   Pub. L. 92–419 substituted “$50,000” for “$35,000”

   Source evidence

   Code amendment note
   Pub. L. 92–419 substituted “$50,000” for “$35,000”.

   Enacted provision · exact public law section
   Sec. 122. Maximum Size.— Section 313 of the Consolidated Farmers Home Administration Act of 1961 is amended by changing “$35,000” 75 Stat. 310. 7 USC 1943. to “$50,000”.

4. 1978

   Agricultural Credit Act of 1978

   Pub. L. 95–334 title I § 116 · 92 Stat. 420

   Substituted · 7 U.S.C. § 1943

   Pub. L. 95–334 substituted provisions setting forth criteria for Secretary to make or insure loans under this subchapter for provisions setting forth criteria for Secretary to make loans under this subchapter

   Source evidence

   Code amendment note
   Pub. L. 95–334 substituted provisions setting forth criteria for Secretary to make or insure loans under this subchapter for provisions setting forth criteria for Secretary to make loans under this subchapter.

   Enacted provision · exact public law section
   Sec. 116. limitations on farm operating loans Section 313 of the Consolidated Farm and Rural Development Act is amended to read as follows: 7 USC 1943. “Sec. 313. The Secretary shall make or insure no loan under this subtitle (1) that would cause the total principal indebtedness outstanding at any one time for loans made under this subtitle to any one borrower to exceed, in the case of a loan other than a loan guaranteed by the Secretary, $100,000, or, in the case of a loan guaranteed by the Secretary, $200,000; or (2) for the purchasing or leasing of land other than for cash rent, or for carrying on any land leasing or land purchasing program.”.

5. 1984

   Emergency Agricultural Credit Act of 1984

   Pub. L. 98–258 title VI § 604(a) · 98 Stat. 130

   Substituted · 7 U.S.C. § 1943

   Pub. L. 98–258 substituted “$200,000” and “$400,000” for “$100,000” and “$200,000”, respectively

   Source evidence

   Code amendment note
   Pub. L. 98–258 substituted “$200,000” and “$400,000” for “$100,000” and “$200,000”, respectively.

   Enacted provision · exact public law section
   (a) Section 313 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1943) is amended by striking out “$100,000, or, in the case of a loan guaranteed by the Secretary, $200,000” and inserting in lieu thereof “$200,000, or, in the case of a loan guaranteed by the Secretary, $400,000”.

6. 1998

   Pub. L. 105–277 div. A § 101(a)(tVIII)(s806)(b) · 112 Stat. 2681

   1. Inserted · 7 U.S.C. § 1943

      Pub. L. 105–277 inserted section catchline

   2. Amended · 7 U.S.C. § 1943

      Pub. L. 105–277 designated existing provisions as subsec. (a)

   3. Inserted · 7 U.S.C. § 1943

      Pub. L. 105–277 inserted heading

   4. Substituted · 7 U.S.C. § 1943

      Pub. L. 105–277 substituted “this subchapter—” for “this subchapter”, in introductory provisions, realigned margin of par. (1)

   5. Substituted · 7 U.S.C. § 1943

      Pub. L. 105–277 substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or” for “$400,000; or”, realigned margin of par. (2)

   6. Added · 7 U.S.C. § 1943

      Pub. L. 105–277 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 105–277 inserted section catchline, designated existing provisions as subsec. (a), inserted heading, substituted “this subchapter—” for “this subchapter”, in introductory provisions, realigned margin of par. (1) and substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or” for “$400,000; or”, realigned margin of par. (2), and added subsec. (b).

   Enacted provision · exact public law section
   Sec. 101. For programs, projects or activities in the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999, provided as follows, to be effective as if it had been enacted into law as the regular appropriations Act: AN ACT Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 1999, and for other purposes. Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999.

7. 2008

   Food, Conservation, and Energy Act of 2008

   Pub. L. 110–246 § 5102 · 122 Stat. 1651

   Substituted · 7 U.S.C. § 1943(a)(1)

   Pub. L. 110–246, § 5102, substituted “$300,000” for “$200,000”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 110–246, § 5102, substituted “$300,000” for “$200,000”.

   Enacted provision · exact public law section
   SEC. 5102. LIMITATIONS ON AMOUNT OF OPERATING LOANS.   Section 313(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1943(a)(1)) is amended by striking “$200,000” and inserting “$300,000”.

   Effective date note
   Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

8. 2014

   Agricultural Act of 2014

   Pub. L. 113–79 title V § 5106(a) · 128 Stat. 649

   Added · 7 U.S.C. § 1943(c)

   Pub. L. 113–79 added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 113–79 added subsec. (c).

   Enacted provision · exact public law section
   (a) In General.— Section 313 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1943) is amended by adding at the end the following: “(c) Microloans.— “(1) In general.— Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans. “(2) Limitations.— The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this title to any 1 borrower to exceed $50,000. “(3) Applications.— To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection. “(4) Cooperative lending pilot projects.— “(A) In general.— Subject to subparagraph (B), during each of the 2014 through 2018 fiscal years, the Secretary may carry out a pilot project to make loans to community development financial institutions, as the Secretary determines appropriate— “(i) to make or guarantee microloans consistent with the terms provided under this subsection; and “(ii) to provide business, financial, marketing, and credit management services to microloan borrowers. “(B) Requirements.— Prior to making a loan to an institution described in subparagraph (A), the Secretary shall— “(i) review and approve— “(I) the loan loss reserve fund for microloans established by the institution; and “(II) the underwriting standards for microloans of the institution; and “(ii) establish such other requirements for making a loan to the institution as the Secretary determines necessary. “(C) Eligibility.— To be eligible for a loan under subparagraph (A), an institution described in subparagraph (A) shall, as determined by the Secretary— “(i) have the legal authority necessary to carry out the actions described in subparagraph (A); “(ii) have a proven track record of successfully assisting agricultural borrowers; and “(iii) have the services of a staff with appropriate loan making and servicing expertise. “(D) Oversight.— Not less often than annually, on a date determined by the Secretary, an institution that has a loan under this paragraph shall provide to the Secretary such information as the Secretary may require to ensure that the services provided by the institution are serving the purposes of this subsection. “(E) Limitation.— The Secretary shall not make more than $10,000,000 in loans under this paragraph in any fiscal year.” .

9. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 5201(1) · 132 Stat. 4490

   1. Substituted · 7 U.S.C. § 1943(a)(1)

      Pub. L. 115–334, § 5201(1), substituted “$400,000” for “$300,000”

   2. Substituted · 7 U.S.C. § 1943(a)(1)

      Pub. L. 115–334, § 5201(1), substituted “$1,750,000” for “$700,000”

   3. Substituted · 7 U.S.C. § 1943(a)(1)

      Pub. L. 115–334, § 5201(1), substituted “2019” for “2000”

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 115–334, § 5201(1), substituted “$400,000” for “$300,000”, “$1,750,000” for “$700,000”, and “2019” for “2000”.

   Enacted provision · exact public law section
   (1) in subsection (a)(1)— (A) by striking “$300,000” and inserting “$400,000”; (B) by striking “$700,000” and inserting “$1,750,000”; and (C) by striking “2000” and inserting “2019”; and

10. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5201(2)(A) · 132 Stat. 4490

    Substituted · 7 U.S.C. § 1943(b)(1)

    Pub. L. 115–334, § 5201(2)(A), substituted “July” for “August”

    Source evidence

    Code amendment note
    Subsec. (b)(1). Pub. L. 115–334, § 5201(2)(A), substituted “July” for “August”.

    Enacted provision · exact public law section
    (A) in paragraph (1), by striking “August” and inserting “July”; and

11. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5201(2)(B) · 132 Stat. 4490

    Substituted · 7 U.S.C. § 1943(b)(2)

    Pub. L. 115–334, § 5201(2)(B), substituted “that immediately precedes the 12-month period described in paragraph (1)” for “ending on August 31, 1996”

    Source evidence

    Code amendment note
    Subsec. (b)(2). Pub. L. 115–334, § 5201(2)(B), substituted “that immediately precedes the 12-month period described in paragraph (1)” for “ending on August 31, 1996”.

    Enacted provision · exact public law section
    (B) in paragraph (2), by striking “ending on August 31, 1996” and inserting “that immediately precedes the 12-month period described in paragraph (1)”.

12. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5202 · 132 Stat. 4490

    Substituted · 7 U.S.C. § 1943(c)(2)

    Pub. L. 115–334, § 5202, substituted “subsection to any 1 borrower” for “chapter to any 1 borrower”

    Source evidence

    Code amendment note
    Subsec. (c)(2). Pub. L. 115–334, § 5202, substituted “subsection to any 1 borrower” for “chapter to any 1 borrower”.

    Enacted provision · exact public law section
    SEC. 5202. MICROLOANS.   Section 313(c)(2) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1943(c)(2)) is amended by striking “title” and inserting “subsection”.

13. 2018

    Agriculture Improvement Act of 2018

    Pub. L. 115–334 § 5203 · 132 Stat. 4490

    Substituted · 7 U.S.C. § 1943(c)(4)(A)

    Pub. L. 115–334, § 5203, substituted “2023” for “2018” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (c)(4)(A). Pub. L. 115–334, § 5203, substituted “2023” for “2018” in introductory provisions.

    Enacted provision · exact public law section
    SEC. 5203. COOPERATIVE LENDING PILOT PROJECTS.   Section 313(c)(4)(A) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1943(c)(4)(A)) is amended by striking “2018” and inserting “2023”.

20 of 20 references resolved to an enrolled provision