§ 912. Extension of time for repayment of 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. 1936

   Pub. L. 74–432 · 49 Stat. 513

   Enacted · 7 U.S.C. § 912

   May 20, 1936, ch. 432, title I, § 12, 49 Stat. 1366

   Source evidence

   Code source credit
   May 20, 1936, ch. 432, title I, § 12, 49 Stat. 1366

2. 1990

   Rural Economic Development Act of 1990

   Pub. L. 101–624 title XXIII § 2344 · 104 Stat. 3359

   1. Amended · 7 U.S.C. § 912

      Pub. L. 101–624 designated existing provisions as subsec. (a)

   2. Added · 7 U.S.C. § 912

      Pub. L. 101–624 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 101–624 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   SEC. 2344. DEFERMENT OF PAYMENT ON ECONOMIC DEVELOPMENT LOANS. Section 12 of the Rural Electrification Act of 1936 (7 U.S.C. 912) is amended— (1) by inserting “(a)” before “The Administrator”; and (2) by adding at the end the following new subsection: “(b) (1) Subject to limitations established in appropriations Acts, the Administrator shall permit any borrower to defer the payment of principal and interest on any insured or direct loan made under this Act under circumstances described in this subsection, notwithstanding any limitation contained in subsection (a), except that such deferment shall not be permitted based on the determination of the Administrator of the financial hardship of the borrower. “(2) (A) In the case of deferments made to enable the borrower to provide financing to local businesses, the deferment shall be repaid in equal installments, without the accrual of interest, over the 60-month period beginning on the date of the deferment, and the total amount of such payments shall be equal to the amount of the payment deferred. “(B) In the case of deferments made to enable the borrower to provide community development assistance, technical assistance to businesses, and for other community, business, or economic development projects not included under subparagraph (A), the deferment shall be repaid in equal installments, without the accrual of interest, over the 120-month period beginning on the date of the deferment, and the total amount of such payments shall be equal to the amount of the payment deferred. “(3) (A) A borrower may defer its debt service payments only in an amount equal to an investment made by such borrower as described in paragraph (2). “(B) The amount of the deferment shall not exceed 50 percent of the total cost of a community or economic development project for which a deferment is provided under this subsection. “(C) The total amount of deferments under this subsection during each of the fiscal years 1990 through 1993 shall not exceed 3 percent of the total payments due during such fiscal year from all borrowers on direct and insured loans made under this Act and shall not exceed 5 percent of such total payments due in each subsequent fiscal year. “(D) At the time of a deferment, the borrower shall make a payment to a cushion of credit account established and maintained pursuant to section 313 in an amount equal to the amount of the payment deferred. The balance of such account shall not be reduced by the borrower below the level of the unpaid balance of the payment deferred. Subject to limitations established in annual appropriations Acts, such cushion of credit amounts and any other cushion of credit and advance payments of any borrower shall be included in the interest differential calculation under section 313(b)(2)(A). “(4) The Administrator shall undertake all reasonable efforts to permit the full amount of deferments authorized by this subsection during each fiscal year.”.

3. 1994

   Department of Agriculture Reorganization Act of 1994

   Pub. L. 103–354 title II § 235(a)(13) · 108 Stat. 3178

   Substituted · 7 U.S.C. § 912(a); 7 U.S.C. § 912(b)(1); 7 U.S.C. § 912(4)

   Pub. L. 103–354 substituted “Secretary” for “Administrator” wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (a), (b)(1), (4). Pub. L. 103–354 substituted “Secretary” for “Administrator” wherever appearing.

   Enacted provision · exact public law section
   (13) except as otherwise provided in this subsection, by striking “Administrator” each place it appears in such Act and inserting “Secretary”.

4. 1996

   Federal Agriculture Improvement and Reform Act of 1996

   Pub. L. 104–127 title VII § 774(b) · 110 Stat. 888

   1. Substituted · 7 U.S.C. § 912(a)

      Pub. L. 104–127 substituted “, except that, with respect to any loan” for “: Provided, however, That with respect to any loan”

   2. Struck · 7 U.S.C. § 912(a)

      Pub. L. 104–127 struck out “, and with respect to any loan made under section 905 of this title, the payment of principal or interest shall not be extended more than two years after such payment shall have become due: And provided further, That the provisions of this section shall not apply to any obligations or the security therefor which may be held by the Reconstruction Finance Corporation under the provisions of section 903 of this title” after “such payment shall have become due”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 104–127 substituted “, except that, with respect to any loan” for “: Provided, however, That with respect to any loan” and struck out “, and with respect to any loan made under section 905 of this title, the payment of principal or interest shall not be extended more than two years after such payment shall have become due: And provided further, That the provisions of this section shall not apply to any obligations or the security therefor which may be held by the Reconstruction Finance Corporation under the provisions of section 903 of this title” after “such payment shall have become due”.

   Enacted provision · exact public law section
   (b) Conforming Amendments.—Section 12(a) of the Rural Electrification Act of 1936 (7 U.S.C. 912(a)) is amended— (1) by striking “: Provided, however, That” and inserting “, except that,”; and (2) by striking “, and with respect to any loan made under section 5,” and all that follows through “section 3”.

5. 2008

   Food, Conservation, and Energy Act of 2008

   Pub. L. 110–246 § 6103 · 122 Stat. 1651

   Added · 7 U.S.C. § 912(c)

   Pub. L. 110–246, § 6103, added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 110–246, § 6103, added subsec. (c).

   Enacted provision · exact public law section
   SEC. 6103. DEFERMENT OF PAYMENTS TO ALLOWS LOANS FOR IMPROVED ENERGY EFFICIENCY AND DEMAND REDUCTION AND FOR ENERGY EFFICIENCY AND USE AUDITS.   Section 12 of the Rural Electrification Act of 1936 (7 U.S.C. 912) is amended by adding at the end the following: “(c) Deferment of Payments on Loans.— “(1) In general.— The Secretary shall allow borrowers to defer payment of principal and interest on any direct loan made under this Act to enable the borrower to make loans to residential, commercial, and industrial consumers— “(A) to conduct energy efficiency and use audits; and “(B) to install energy efficient measures or devices that reduce the demand on electric systems. “(2) Amount.— The total amount of a deferment under this subsection shall not exceed the sum of the principal and interest on the loans made to a customer of the borrower, as determined by the Secretary. “(3) Term.— The term of a deferment under this subsection shall not exceed 60 months.” .

   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.

6. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 title VI § 6504(a) · 132 Stat. 4490

   Substituted · 7 U.S.C. § 912(b)(3)(D)

   Pub. L. 115–334 substituted “940c(b)(2) of this title” for “940c(b)(2)(A) of this title”

   Source evidence

   Code amendment note
   Subsec. (b)(3)(D). Pub. L. 115–334 substituted “940c(b)(2) of this title” for “940c(b)(2)(A) of this title”.

   Enacted provision · exact public law section
   (a) Section 12(b)(3)(D) of the Rural Electrification Act of 1936 (7 U.S.C. 912(b)(3)(D)) is amended by striking “313(b)(2)(A)” and inserting “313(b)(2)”.

7 of 8 references resolved to an enrolled provision · 1 partial