§ 1987. Debt adjustment and credit counseling; “summary period” defined; loan summary statements

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 § 337 · 75 Stat. 294

   Enacted · 7 U.S.C. § 1987

   Pub. L. 87–128, title III, § 337, Aug. 8, 1961, 75 Stat. 316

   Source evidence

   Code source credit
   Pub. L. 87–128, title III, § 337, Aug. 8, 1961, 75 Stat. 316

   Enacted provision · exact public law section
   Sec. 337. The Secretary may provide voluntary debt adjustment assistance between farmers and their creditors and may cooperate with State, territorial, and local agencies and committees engaged in such debt adjustment, and may give credit counseling.

2. 1985

   Food Security Act of 1985

   Pub. L. 99–198 title XIII § 1316 · 99 Stat. 1354

   1. Amended · 7 U.S.C. § 1987

      Pub. L. 99–198 designated existing provisions as subsec. (a)

   2. Added · 7 U.S.C. § 1987

      Pub. L. 99–198 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 99–198 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   Sec. 1316. loan summary statements Section 337 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1987) is amended by— (1) inserting “(a)” after the section designation; and (2) adding at the end thereof the following new subsection: “(b) (1) As used in this subsection, the term ‘summary period’ means— “(A) the period beginning on the date of enactment of the Food Security Act of 1985 and ending on the date on which the first loan summary statement is issued after such date of enactment; or “(B) the period beginning on the date of issuance of the preceding loan summary statement and ending on the date of issuance of the current loan summary statement. “(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this title, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this title to such borrower, including— “(A) the outstanding amount of principal due on each such loan at the beginning of the summary period; “(B) the interest rate charged on each such loan; “(C) the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments; “(D) the amount of principal and interest due on each such loan at the end of the summary period; “(E) the total amount of unpaid principal and interest on all such loans at the end of the summary period; “(F) any delinquency in the repayment of any such loan; “(G) a schedule of the amount and date of payments due on each such loan; and “(H) the procedure the borrower may use to obtain more information concerning the status of such loans.”.

3 of 3 references resolved to an enrolled provision