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7 U.S.C. § 1988 — Debt adjustment and credit counseling; “summary period” defined; loan summary statements
Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary may provide voluntary debt adjustment assistance between farmers and their creditors and may cooperate with State, territorial, and local agencies and committees engaged in such debt adjustment, and may give credit counseling.
**(b)**
(1) As used in this subsection, the term “summary period” means—
(A) the period beginning on December 23, 1985, and ending on the date on which the first loan summary statement is issued after December 23, 1985; or
(B) the period beginning on the date of issuance of the preceding loan summary statement and ending on the date of issuance of the current loan summary statement.
(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this chapter, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this chapter to such borrower, including—
(A) the outstanding amount of principal due on each such loan at the beginning of the summary period;
(B) the interest rate charged on each such loan;
(C) the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments;
(D) the amount of principal and interest due on each such loan at the end of the summary period;
(E) the total amount of unpaid principal and interest on all such loans at the end of the summary period;
(F) any delinquency in the repayment of any such loan;
(G) a schedule of the amount and date of payments due on each such loan; and
(H) the procedure the borrower may use to obtain more information concerning the status of such loans.
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Source file: Laws/federal/codes/united-states-code/title-7/section-1988-debt-adjustment-and-credit-counseling-summary-period-defined-loan-summar--1142f2dd3f.md
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Source location: Title 7, Chapter 50, § 1988; chapter-050-agricultural-credit.md
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**(a)** The Secretary may provide voluntary debt adjustment assistance between farmers and their creditors and may cooperate with State, territorial, and local agencies and committees engaged in such debt adjustment, and may give credit counseling.
**(b)**
(1) As used in this subsection, the term “summary period” means—
(A) the period beginning on December 23, 1985, and ending on the date on which the first loan summary statement is issued after December 23, 1985; or
(B) the period beginning on the date of issuance of the preceding loan summary statement and ending on the date of issuance of the current loan summary statement.
(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this chapter, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this chapter to such borrower, including—
(A) the outstanding amount of principal due on each such loan at the beginning of the summary period;
(B) the interest rate charged on each such loan;
(C) the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments;
(D) the amount of principal and interest due on each such loan at the end of the summary period;
(E) the total amount of unpaid principal and interest on all such loans at the end of the summary period;
(F) any delinquency in the repayment of any such loan;
(G) a schedule of the amount and date of payments due on each such loan; and
(H) the procedure the borrower may use to obtain more information concerning the status of such loans.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 2009ee, Pub. L. 107–171, title VI, § 6301, May 13, 2002, 116 Stat. 421, defined terms.
Section 2009ee–1, Pub. L. 107–171, title VI, § 6302, May 13, 2002, 116 Stat. 422, related to SEARCH grant program. See [section 1926 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim).
Section 2009ee–2, Pub. L. 107–171, title VI, § 6303, May 13, 2002, 116 Stat. 424, related to annual report on projects.
Section 2009ee–3, Pub. L. 107–171, title VI, § 6304, May 13, 2002, 116 Stat. 424, related to funding.
#### Codification
Pub. L. 110–234 and Pub. L. 110–246 repealed this subchapter. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
#### Effective Date of Repeal
Repeal of this subchapter and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under [section 8701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8701&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1921
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; succession; principal and other offices**
(1) There is created a body corporate to be known as the “Federal National Mortgage Association”, which shall be in the Department of Housing and Urban Development. The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate in the conduct of its business.
(2) On September 1, 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows:
(A) One of such separated portions shall be a body corporate without capital stock to be known as Government National Mortgage Association (hereinafter referred to as the “Association”), which shall be in the Department of Housing and Urban Development and which shall retain the assets and liabilities acquired and incurred under sections 1720 11 See References in Text note below. and 1721 of this title prior to such date, including any and all liabilities incurred pursuant to subsection (c). The Association shall have succession until dissolved by Act of Congress. It shall maintain its principal office in the District of Columbia and shall be deemed, for purposes of venue in civil actions, to be a resident thereof. Agencies or offices may be established by the Association in such other place or places as it may deem necessary or appropriate i
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The banks established pursuant to the merger of each District Federal Intermediate Credit Bank and Federal Land Bank (hereinafter referred to in this subchapter as “Farm Credit Banks”), as provided in section 410 of the Agricultural Credit Act of 1987, shall be Federally chartered instrumentalities of the United States.
**(b) Charters** The Farm Credit Administration shall, consistent with this chapter, issue charters for, and approve amendments to charters of, the Farm Credit Banks.
**(c) Title** Each Farm Credit Bank may include in its title the name of the city in which it is located or other geographical designation.
**(d) Branches** Each Farm Credit Bank may establish such branches or other offices as may be appropriate for the effective operation of its business.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2013
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Revolving fund** The fund established pursuant to section 11(a) of the Bankhead-Jones Farm Tenant Act, as amended, shall hereafter be called the Agricultural Credit Insurance Fund and is hereinafter in this subchapter referred to as the “fund”. The fund shall remain available as a revolving fund for the discharge of the obligations of the Secretary under agreements insuring loans under this subchapter and loans and mortgages insured under prior authority.
**(b) Deposits of funds; investments; purchase of notes** Moneys in the fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the fund or invested in direct obligations of the United States or obligations guaranteed by the United States. The Secretary may purchase with money in the fund any notes issued by the Secretary to the Secretary of the Treasury for the purpose of obtaining money for the fund.
**(c) Notes; form and denominations; maturities; terms and conditions; interest rate; purchase by Treasury; public debt transaction** The Secretary is authorized to make and issue notes to the Secretary of the Treasury for the purpose of obtaining funds necessary for discharging obligations under this section and for authorized expenditures out of the fund. Such notes shall be in such form and denominations and have such maturities and be subject to such terms and conditions as may be prescribed by the Secretary with the approval of the Secretary of the Treasury. Such notes shall bear interest at a rate fixed by the Secretary of the Treasury, taking into consideration the current average market yield of outstanding marketable obligations of the United States having maturities comparable to the notes issued by the Secretary under this subchapter. The Secretar
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929–1
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Federal law — U.S. Code and appendices · legal_authorities
Page 1147
TITLE 7—AGRICULTURE
§ 1988
§ 1986. Conflicts of interests
(a) Acceptance of fees, commissions, gifts, or
other considerations prohibited
No officer, attorney, or other employee of the
Secretary shall, directly or indirectly, be the
beneficiary of or receive any fee, commission,
gift, or other consideration for or in connection
with any transaction or business under this
chapter other than such salary, fee, or other
compensation as he may receive as such officer,
attorney, or employee.
(b) Acquisition of interest in land by certain offi-
cers or employees of Department of Agri-
culture prohibited; 3-year period
Except as otherwise provided in this sub-
section, no officer or employee of the Depart-
ment of Agriculture who acts on or reviews an
application made by any person under this chap-
ter for a loan to purchase land may acquire, di-
rectly or indirectly, any interest in such land
for a period of three years after the date on
which such action is taken or such review is
made. This prohibition shall not apply to a
former member of a county committee upon a
determination by the Secretary, prior to the ac-
quisition of such interest, that such former
member acted in good faith when acting on or
reviewing such application.
(c) Certifications on loans to family members
prohibited
No member of a county committee shall know-
ingly make or join in making any certification
with respect to a loan to purchase any land in
which he or any person related to him within
the second degree of consanguinity or affinity
has or may acquire any interest or with respect
to any applicant related to him within the sec-
ond degree of consanguinity or affinity.
(d) Penalties
Any persons violating any provision of this
section shall, upon conviction the
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1988
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