PRIA, Government Policy, Made Personal

Summary

Farmers Home Administration must, if asked, charge the lower interest rate that is in effect at loan approval or at loan closing for water, waste disposal, and community facility borrowers (Oct 1, 1981) and for housing and farm borrowers (Nov 12, 1983). Any grants tied to those loans are set using the approval rate.

Title 7, §1927a

Agriculture, Source: USLM XML via OLRC

Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers, upon request of the borrower, the interest rate charged by the Farmers Home Administration to such borrowers shall be the lower of the rates in effect at either the time of loan approval or loan closing and any Farmers Home Administration grant funds associated with such loans shall be set in amount based on the interest rate in effect at the time of loan approval.

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Supplemental Appropriations Act, 1985, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.

Amendments

1988—Pub. L. 100–233 substituted “Effective

October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective

November 12, 1983, and thereafter, in the case of housing and farm borrowers” for “Effective

November 12, 1983, and thereafter” and “to such borrowers” for “to housing, farm, water and waste disposal, and community facility borrowers”.

Statutory Notes and Related Subsidiaries

Applicability of 1988 Amendment Pub. L. 100–233, title VI, § 615(b)(1)(B), Jan. 6, 1988, 101 Stat. 1682, provided that: “The amendment made by subparagraph (A) [amending this section] shall not apply to any note or other obligation sold under section 1001 of the Omnibus [Budget] Reconciliation Act of 1986 [Pub. L. 99–509, 7 U.S.C. 1929a note] on or before the date of the enactment of this paragraph [Jan. 6, 1988].”

§1927a Loan Interest Rates Charged by Farmers Home Administration; Grant Funds Associated with Loans