§1982 Relief for Mobilized Military Reservists From Certain Agricultural Loan Obligations

Summary

Cancels interest charges, stops interest from building, and delays required payments on certain direct loans for people called up to active duty. A "mobilized military reservist" means either (1) someone on active duty under sections 688, 12301(a), 12301(g), 12302, 12304, 12306, or 12406, or chapter 13 of title 10, during a war or a national emergency declared by the President or Congress, or (2) a National Guard member on full-time National Guard duty under section 101(d)(5) and called under section 502(f) of title 32 for more than 30 consecutive days to respond to a President-declared, federally funded national emergency. While mobilized, the borrower does not have to make interest payments and interest does not accrue. Any principal payments due while or after mobilization are postponed for the same length of time the person is mobilized. Receiving this help will not make the borrower be treated as delinquent or as having had debt forgiven for purposes of getting direct or guaranteed loans under this chapter, even under section 2008h or other rules.