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7 U.S.C. § 1946 — Repealed. Pub. L. 104–127, title VI, § 613, Apr. 4, 1996, 110 Stat. 1089
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 87–128, title III, § 315, Aug. 8, 1961, 75 Stat. 311, authorized Secretary to participate in certain loans made under this subchapter.
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Source location: Title 7, Chapter 50, § 1946; chapter-050-agricultural-credit.md
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### Statutory Notes
Section, Pub. L. 87–128, title III, § 315, Aug. 8, 1961, 75 Stat. 311, authorized Secretary to participate in certain loans made under this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Period of repayment; interest rates**
(1) The period for repayment of loans under this subchapter shall not exceed forty years.
(2) Except as otherwise provided in paragraphs (3), (4), (5), and (6) of this subsection, the interest rates on loans under this subchapter shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, plus not to exceed 1 per centum, as determined by the Secretary, and adjusted to the nearest one-eighth of 1 per centum.
(3)
(A) Notwithstanding the provisions of the constitution or laws of any State limiting the rate or amount of interest that may be charged, taken, received, or reserved, except as provided in paragraph (6), the interest rates on loans (other than guaranteed loans), to public bodies or nonprofit associations (including Indian tribes on Federal and State reservations and other federally recognized Indian tribal groups) for water and waste disposal facilities and essential community facilities shall be set by the Secretary at rates not to exceed the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity for such loans, and adjusted to the nearest one-eighth of 1 per centum; and not in excess of 5 per centum per annum for any such loans which are for the upgrading of existing facilities or construction of new facilities as required to meet applicable health or sanitary standards in areas where the median household income of the persons to be served by such facility is below the higher of 80 per centum of the statewide nonmetropolitan median household income or the povert
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Federal law — U.S. Code and appendices · legal_authorities
Page 1111
TITLE 7—AGRICULTURE
§ 1946
1 See References in Text note below.
L. 110–234 were repealed by section 4(a) of Pub. L.
110–246.
AMENDMENTS
2018—Subsec. (a)(1). Pub. L. 115–334, § 5201(1), sub-
stituted
‘‘$400,000’’
for
‘‘$300,000’’, ‘‘$1,750,000’’
for
‘‘$700,000’’, and ‘‘2019’’ for ‘‘2000’’.
Subsec. (b)(1). Pub. L. 115–334, § 5201(2)(A), substituted
‘‘July’’ for ‘‘August’’.
Subsec. (b)(2). Pub. L. 115–334, § 5201(2)(B), substituted
‘‘that immediately precedes the 12-month period de-
scribed in paragraph (1)’’ for ‘‘ending on August 31,
1996’’.
Subsec. (c)(2). Pub. L. 115–334, § 5202, substituted ‘‘sub-
section to any 1 borrower’’ for ‘‘chapter to any 1 bor-
rower’’.
Subsec. (c)(4)(A). Pub. L. 115–334, § 5203, substituted
‘‘2023’’ for ‘‘2018’’ in introductory provisions.
2014—Subsec. (c). Pub. L. 113–79 added subsec. (c).
2008—Subsec. (a)(1). Pub. L. 110–246, § 5102, substituted
‘‘$300,000’’ for ‘‘$200,000’’.
1998—Pub. L. 105–277 inserted section catchline, des-
ignated existing provisions as subsec. (a), inserted
heading, substituted ‘‘this subchapter—’’ for ‘‘this sub-
chapter’’, in introductory provisions, realigned margin
of par. (1) and substituted ‘‘$700,000 (increased, begin-
ning with fiscal year 2000, by the inflation percentage
applicable to the fiscal year in which the loan is guar-
anteed and reduced by the unpaid indebtedness of the
borrower on loans under the sections specified in sec-
tion 1925 of this title that are guaranteed by the Sec-
retary); or’’ for ‘‘$400,000; or’’, realigned margin of par.
(2), and added subsec. (b).
1984—Pub.
L.
98–258
substituted
‘‘$200,000’’
and
‘‘$400,000’’ for ‘‘$100,000’’ and ‘‘$200,000’’, respectively.
1978—Pub. L. 95–334 substituted provisions setting
forth criteria for Secretary
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