Title 7 — Agriculture
Chapter 50 — Agricultural Credit
§ 1992. Loan limitations
Statutory text
No loan (other than one to a public body or nonprofit association (including Indian tribes on Federal and State reservations or other federally recognized Indian tribal groups) for community facilities or one of a type authorized by section 1926(a)(1) of this title prior to its amendment by the Rural Development Act of 1972) shall be made by the Secretary either for sale as an insured loan or otherwise under sections 1926(a)(1), 1932, or 1942(c) of this title unless the Secretary shall have determined that no other lender is willing to make such loan and assume 10 per centum of any loss sustained thereon. No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such 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 § 344 · 75 Stat. 294
Enacted · 7 U.S.C. § 1992
Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, Aug. 30, 1972, 86 Stat. 666
Source evidence
Code source credit
Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, Aug. 30, 1972, 86 Stat. 666Pub. L. 94–35 § 2 · 89 Stat. 213
Substituted · 7 U.S.C. § 1992
Pub. L. 94–35 substituted “guaranteed more than 90 per centum of the principal and interest on such loan” for “participate in more than 90 per centum of any loss sustained thereon”
Source evidence
Code amendment note
Pub. L. 94–35 substituted “guaranteed more than 90 per centum of the principal and interest on such loan” for “participate in more than 90 per centum of any loss sustained thereon”.Enacted provision · exact public law section
Sec. 2. Section 344 of the Consolidated Farm and Rural Development 7 USC 1992. Act (86 Stat. 667) is amended by changing the last sentence thereof to read as follows: “No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such loan.”.Federal Agriculture Improvement and Reform Act of 1996
Pub. L. 104–127 title VI § 661(i) · 110 Stat. 888
Substituted · 7 U.S.C. § 1992
Pub. L. 104–127 substituted “1926(a)(1), 1932, or 1942(c) of this title” for “1924(b), 1926(a)(1), 1932, 1942(b), or 1942(c) of this title”
Source evidence
Code amendment note
Pub. L. 104–127 substituted “1926(a)(1), 1932, or 1942(c) of this title” for “1924(b), 1926(a)(1), 1932, 1942(b), or 1942(c) of this title”.Enacted provision · exact public law section
(i) The first sentence of section 344 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1992) is amended by striking “304(b), 306(a)(1), 310B, 312(b), or 312(c)” and inserting “306(a)(1), 310B, or 312(c)”.
2 of 3 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
For statutory changes to section 1926(a)(1) of this title by the Rural Development Act of 1972, referred to in text, see 1972 Amendment note for section 104 of Pub. L. 92–419, set out under section 1926 of this title. For complete classification of Rural Development Act of 1972 to the Code, see Short Title of 1972 Amendment note set out under section 1921 of this title and Tables.
Amendments1975–1996 · 2 rounds
1996
Pub. L. 104–127 substituted “1926(a)(1), 1932, or 1942(c) of this title” for “1924(b), 1926(a)(1), 1932, 1942(b), or 1942(c) of this title”.
1975
Pub. L. 94–35 substituted “guaranteed more than 90 per centum of the principal and interest on such loan” for “participate in more than 90 per centum of any loss sustained thereon”.
Credits
1972–1996 · 3 acts
- 1972Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, , 86 Stat. 666
- 1975amended Pub. L. 94–35, § 2, , 89 Stat. 214
- 1996Pub. L. 104–127, title VI, § 661(i), , 110 Stat. 1107.
Show as published
(Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, , 86 Stat. 666; amended Pub. L. 94–35, § 2, , 89 Stat. 214; Pub. L. 104–127, title VI, § 661(i), , 110 Stat. 1107.)