§1934 — Title 7 Agriculture | U.S. Code

Summary

The Secretary can make and insure loans for the uses listed in section 1923(a) or in section 1924(a)(1)–(5). Eligible borrowers are farmers and ranchers in the United States who are U.S. citizens, meet certain credit qualifications under section 1922, cannot get enough credit under section 1922 to meet their real needs, are owners or operators of small or family farms (including new owners), have low incomes, and show they need the loan to increase income from farming or ranching. The Secretary can also lend to farm cooperatives or U.S. domestic corporations or partnerships run by farmers and mainly engaged in farming if all owners are U.S. citizens and meet the same eligibility rules. Loan payments are scheduled so payments are smaller at first and larger later, as the Secretary decides.

Title 7, §1934

Agriculture — Source: USLM XML via OLRC

(a)The Secretary is authorized to make and insure loans for any of the purposes referred to in section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title, to farmers and ranchers in the United States who (1) are citizens of the United States, (2) meet the requirements of paragraphs (2) through (4) of section 1922 of this title, (3) are unable to obtain sufficient credit under section 1922 of this title to finance their actual needs, (4) are owners or operators of small or family farms (including new owners or operators), (5) are farmers or ranchers with a low income, and (6) demonstrate a need to maximize their income from farming or ranching operations. The Secretary is also authorized to make such loans to any farm cooperative or private domestic corporation or partnership, or such other legal entities as the Secretary considers appropriate, that is controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States if all of its members, stockholders, partners, or owners, as applicable, are citizens of the United States and the entity and all such members, stockholders, partners, or owners meet the requirements of paragraphs (2) through (6) of the preceding sentence.

(b)Each loan made or insured under this section shall be repayable in such installments as the Secretary determines will provide for reduced payments during the initial repayment period of the loan and larger payments during the remainder of the repayment period of the loan.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2014—Subsec. (a). Pub. L. 113–79 inserted “, or such other legal entities as the Secretary considers appropriate,” after “partnership” and substituted “partners, or owners” for “or partners” in two places. 1996—Subsec. (a). Pub. L. 104–127 substituted “section 1923(a) of this title, or paragraphs (1) through (5) of section 1924(a) of this title” for “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(a)(1) of this title”. 1992—Subsec. (a). Pub. L. 102–552 substituted “1924(a)(1)” for “1924(d)(1)”. 1990—Subsec. (a). Pub. L. 101–624 substituted “paragraphs (1) through (5) of section 1923(a) of this title, or subparagraphs (A) through (E) of section 1924(d)(1) of this title,” for “clauses (1) through (5) of section 1923(a) of this title”, substituted “paragraphs” for “clauses” before “(2) through (4) of section”, made technical amendment to reference to section 1922 of this title which required no change in text, and substituted “paragraphs” for “clauses” before “(2) through (6) of the”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1992 Amendment Pub. L. 102–552, title V, § 516(e)(2), Oct. 28, 1992, 106 Stat. 4137, provided that: “The amendment made by paragraph (1) of this subsection [amending this section] shall take effect at the same time as the

Amendments

made by section 501(a) of the Food, Agriculture, Conservation, and Trade Act

Amendments

of 1991 (Public Law 102–237; 105 Stat. 1865) [amending section 1924 of this title] took effect.”

§1934 Low-income Farm Ownership Loan Program; Eligibility; Repayment Requirements

Summary

Title 7, §1934

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Amendments

Amendments

Citations & Metadata