Title 7 — AgricultureRelease 119-73not60
§912a Rescheduling and Refinancing of Loans
Title 7 › Chapter 31— RURAL ELECTRIFICATION AND TELEPHONE SERVICE › Subchapter I— RURAL ELECTRIFICATION › § 912a
Summary
The Secretary of Agriculture can change when and how borrowers in programs under the Rural Electrification Act of 1936 must pay principal and interest on their loans. The Secretary can also push the loan's final due date out, but not past 40 years from the loan date, if the borrower's system becomes financially unworkable or the borrower's property is lost, destroyed, or damaged by a major disaster.
Full Legal Text
Title 7, §912a
Agriculture — Source: USLM XML via OLRC
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
Notes & Related Subsidiaries
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.
Reference
Citations & Metadata
Citation
7 U.S.C. § 912a
Title 7 — Agriculture
Last Updated
Apr 3, 2026
Release point: 119-73not60