§ 912a. Rescheduling and refinancing of loans

Statutory text

In addition to the loan extension authority provided in section 912 of this title, the Secretary of Agriculture is authorized to adjust and readjust the schedules for payment of principal and interest on loans to borrowers under programs administered by the Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.), and to extend the maturity date of any such loan to a date not beyond forty years from the date of such loan where he determines such action is necessary because of the impairment of the economic feasibility of the system, or the loss, destruction, or damage of the property of such borrowers as a result of a major disaster.

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.

1970
Disaster Relief Act of 1970
Pub. L. 91–606 title II § 236(a) · 84 Stat. 1744
Enacted · 7 U.S.C. § 912a
Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754
Source evidence
Code source credit
Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754
Enacted provision · exact public law section
(a) In addition to the loan extension authority provided 49 Stat. 1366. 7 USC 912. in section 12 of the Rural Electrification Act, the Secretary of Agriculture is authorized to adjust and readjust the schedules for payment of principal and interest on loans to borrowers under programs administered by the Rural Electrification Administration, and to extend the maturity date of any such loan to a date not beyond forty years from the date of such loan where he determines such action is necessary because of the impairment of the economic, feasibility of the system, or the loss, destruction, or damage of the property of such borrowers as a result of a major disaster.
1994
Department of Agriculture Reorganization Act of 1994
Pub. L. 103–354 title II § 235(b)(1) · 108 Stat. 3178
Substituted · 7 U.S.C. § 912a
Pub. L. 103–354 substituted “Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.)” for “Rural Electrification Administration”
Source evidence
Code amendment note
Pub. L. 103–354 substituted “Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.)” for “Rural Electrification Administration”.
Enacted provision · exact public law section
(1) Section 236(a) of the Disaster Relief Act of 1970 (7 U.S.C. 912a) is amended by striking “Rural Electrification Administration” and inserting “Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.)”.

2 of 2 references resolved to an enrolled provision

Editorial Notes

References in Text

The Rural Electrification Act of 1936, referred to in text, is act May 20, 1936, ch. 432, 49 Stat. 1363, which is classified generally to this chapter. For complete classification of this Act to the Code, see section 901 of this title and Tables.

Codification

Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Rural Electrification Act of 1936 which constitutes this chapter. Section was formerly classified to section 4455(a) of Title 42, The Public Health and Welfare.

Amendments

1994—Pub. L. 103–354 substituted “Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.)” for “Rural Electrification Administration”.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amendment note under section 165 of Title 26, Internal Revenue Code.

Credits

1970–1994 · 2 acts

1970Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754
1994Pub. L. 103–354, title II, § 235(b)(1), Oct. 13, 1994, 108 Stat. 3221.

Show as published

(Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754; Pub. L. 103–354, title II, § 235(b)(1), Oct. 13, 1994, 108 Stat. 3221.)