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12 U.S.C. § 2279aa–3 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter:
(1) **Agricultural real estate** — The term “agricultural real estate” means—
(A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that—
(i) is used for the production of one or more agricultural commodities or products; and
(ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or
(B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding—
(i) any community having a population in excess of 2,500 inhabitants; and
(ii) any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $100,000 (as adjusted for inflation).
(2) **Board** — The term “Board” means the board of directors established under [section 2279aa–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-2&num=0&edition=prelim).
(3) **Certified facility** — The term “certified facility” means—
(A) an agricultural mortgage marketing facility that is certified under [section 2279aa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-5&num=0&edition=prelim); or
(B) the Corporation and any affiliate thereof.
(4) **Corporation** — The term “Corporation” means the Federal Agricultural Mortgage Corporation established in [section 2279aa–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-1&num=0&edition=prelim).
(5) **Guarantee** — The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in acco
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Source location: Title 12, Chapter 23, § 2279aa–3; chapter-023-farm-credit-system.md
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For purposes of this subchapter:
(1) **Agricultural real estate** — The term “agricultural real estate” means—
(A) a parcel or parcels of land, or a building or structure affixed to the parcel or parcels, that—
(i) is used for the production of one or more agricultural commodities or products; and
(ii) consists of a minimum acreage or is used in producing minimum annual receipts, as determined by the Corporation; or
(B) a principal residence that is a single family, moderate-priced residential dwelling located in a rural area, excluding—
(i) any community having a population in excess of 2,500 inhabitants; and
(ii) any dwelling, excluding the land to which the dwelling is affixed, with a value exceeding $100,000 (as adjusted for inflation).
(2) **Board** — The term “Board” means the board of directors established under [section 2279aa–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-2&num=0&edition=prelim).
(3) **Certified facility** — The term “certified facility” means—
(A) an agricultural mortgage marketing facility that is certified under [section 2279aa–5 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-5&num=0&edition=prelim); or
(B) the Corporation and any affiliate thereof.
(4) **Corporation** — The term “Corporation” means the Federal Agricultural Mortgage Corporation established in [section 2279aa–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-1&num=0&edition=prelim).
(5) **Guarantee** — The term “guarantee” means the guarantee of timely payment of the principal and interest on securities representing interests in, or obligations backed by, pools of qualified loans, in accordance with this subchapter.
(6) **Originator** — The term “originator” means any Farm Credit System institution, bank, insurance company, business and industrial development company, savings and loan association, association of agricultural producers, agricultural cooperative, commercial finance company, trust company, credit union, or other entity that originates and services agricultural mortgage loans.
(7) **Qualified loan** — The term “qualified loan” means an obligation—
(A)
(i) that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage;
(ii) of—
(I) a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or
(II) a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in subclause (I); and
(iii) of a person, corporation, or partnership that has training or farming experience that, under criteria established by the Corporation, is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms;
(B) that is the portion of a loan guaranteed by the Secretary of Agriculture pursuant to the Consolidated Farm and Rural Development Act ([7 U.S.C. 1921](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1921&num=0&edition=prelim) et seq.), except that—
(i) subsections (b) and (c) of [section 2279aa–6 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279aa-6&num=0&edition=prelim), and sections 2279aa–8 and 2279aa–9 of this title, shall not apply to the portion of a loan guaranteed by the Secretary or to an obligation, pool, or security representing an interest in or obligation backed by a pool of obligations relating to the portion of a loan guaranteed by the Secretary; and
(ii) the portion of a loan guaranteed by the Secretary shall be considered to meet all standards for qualified loans for all purposes under this chapter; or
(C) that is a loan, or an interest in a loan, for an electric or telephone facility by a cooperative lender to a borrower that has received, or is eligible to receive, a loan under the Rural Electrification Act of 1936 ([7 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) et seq.).
(8) **State** — The term “State” has the meaning given such term in [section 2277a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2277a&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Any approvals granted by the Farm Credit Administration before January 6, 1988, shall remain in effect on and after such date.
**(b) Authority to issue regulations**
(1) **In general** — Any approval authority of the Farm Credit Administration that, under the amendments made by section 802 of the Agricultural Credit Act of 1987, became an authority to issue regulations may be exercised only until the earlier of the date the Farm Credit Administration issues final regulations under such authority, or 1 year after January 6, 1988.
(2) **Enforcement actions** — At the close of the 1-year period referred to in paragraph (1), the Farm Credit Administration shall not take any enforcement action against any System institution with respect to any provision so amended, until the Farm Credit Administration issues final regulations under such provision.
**(c) Effect of section** This section shall not affect the authority of the Farm Credit Administration to exercise any other approval authority either on a case-by-case basis or through regulation, as provided in [section 2252(a)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2252/a/5&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Voluntary liquidation** The Corporation may voluntarily liquidate only with the consent of, and in accordance with a plan of liquidation approved by, the Farm Credit Administration Board.
**(b) Involuntary liquidation**
(1) **In general** — The Farm Credit Administration Board may appoint a conservator or receiver for the Corporation under the circumstances specified in [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim).
(2) **Application** — In applying [section 2183(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2183/b&num=0&edition=prelim) to the Corporation under paragraph (1)—
(A) the Corporation shall also be considered insolvent if the Corporation is unable to pay its debts as they fall due in the ordinary course of business;
(B) a conservator may also be appointed for the Corporation if the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; and
(C) a receiver may also be appointed for the Corporation if—
(i)
(I) the authority of the Corporation to purchase qualified loans or issue or guarantee loan-backed securities is suspended; or
(II) the Corporation is classified under [section 2279bb–4 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2279bb-4&num=0&edition=prelim) as within level III or IV and the alternative actions available under part B are not satisfactory; and
(ii) the Farm Credit Administration determines that the appointment of a conservator would not be appropriate.
(3) **No effect on supervisory actions** — The grounds for appointment of a conservator for the Corporation
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2002
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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).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 8701
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “Rural Electrification Act of 1936”.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)**
(1) The financial statements of Government corporations shall be audited by the Inspector General of the corporation appointed under chapter 4 of title 5, or under other Federal law, or by an independent external auditor, as determined by the Inspector General or, if there is no Inspector General, by the head of the corporation.
(2) Audits under this section shall be conducted in accordance with applicable generally accepted government auditing standards.
(3) Upon completion of the audit required by this subsection, the person who audits the statement shall submit a report on the audit to the head of the Government corporation, to the Chairman of the Committee on Government Operations of the House of Representatives, and to the Chairman of the Committee on Governmental Affairs of the Senate.
(4) The Comptroller General of the United States—
(A) may review any audit of a financial statement conducted under this subsection by an Inspector General or an external auditor;
(B) shall report to the Congress, the Director of the Office of Management and Budget, and the head of the Government corporation which prepared the statement, regarding the results of the review and make any recommendation the Comptroller General of the United States considers appropriate; and
(C) may audit a financial statement of a Government corporation at the discretion of the Comptroller General or at the request of a committee of the Congress.
An audit the Comptroller General performs under this paragraph shall be in lieu of the audit otherwise required by paragraph (1) of this subsection. Prior to performing such audit, the Comptroller General shall consult with the Inspector General of the agency which prepared the statement.
(5) A Government corporation shall reimburse the
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Federal law — U.S. Code and appendices · legal_authorities
Page 1056
TITLE 7—AGRICULTURE
§ 1921
Sec.
2008u.
Health care services.
2008v.
Strategic economic and community develop-
ment.
2008w.
Rural Innovation Stronger Economy Grant
Program.
2008x.
Reporting.
SUBCHAPTER V—RURAL COMMUNITY
ADVANCEMENT PROGRAM
2009.
Definitions.
2009a.
Establishment.
2009b.
National objectives.
2009c.
Strategic plans.
2009d.
Rural Development Trust Fund.
2009e.
Transfers of funds.
2009f.
Grants to States.
2009g.
Guarantee and commitment to guarantee
loans.
2009h.
Local involvement.
2009i.
Interstate collaboration.
2009j.
Annual report.
2009k.
Rural
development
interagency
working
group.
2009l.
Duties of Rural Economic and Community
Development State Offices.
2009m.
Electronic transfer.
2009n.
Repealed.
SUBCHAPTER VI—DELTA REGIONAL AUTHORITY
2009aa.
Definitions.
2009aa–1. Delta Regional Authority.
2009aa–2. Economic
and
community
development
grants.
2009aa–3. Supplements to Federal grant programs.
2009aa–4. Local development districts; certification and
administrative expenses.
2009aa–5. Distressed counties and areas and nondis-
tressed counties.
2009aa–6. Development planning process.
2009aa–7. Program development criteria.
2009aa–8. Approval of development plans and projects.
2009aa–9. Consent of States.
2009aa–10. Records.
2009aa–11. Annual report.
2009aa–12. Authorization of appropriations.
2009aa–13. Repealed.
SUBCHAPTER VII—NORTHERN GREAT PLAINS
REGIONAL AUTHORITY
2009bb.
Definitions.
2009bb–1. Northern Great Plains Regional Authority.
2009bb–1a. Interstate cooperation for economic oppor-
tunity and efficiency.
2009bb–2. Economic
and
community
development
grants.
2009bb–3. Supplements to Federal grant programs.
2009bb–4. Multistate and local development districts
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1921
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Federal law — U.S. Code and appendices · legal_authorities
Page 518
TITLE 7—AGRICULTURE
§ 901
Sec.
918b.
Acquisition of existing systems in rural com-
munities with high energy costs.
918c.
Rural and remote communities electrifica-
tion grants.
SUBCHAPTER II—RURAL TELEPHONE SERVICE
921.
Congressional declaration of policy.
921a, 921b. Repealed.
922.
Loans for telephone service.
923.
State regulation of telephone service.
924.
Definition of telephone service and rural
area.
925.
Loan feasibility.
926.
Certain rural development investments by
qualified telephone borrowers not treated
as dividends or distributions.
927.
General duties and prohibitions.
928.
Prompt processing of telephone loans.
SUBCHAPTER III—RURAL ELECTRIC AND
TELEPHONE DIRECT LOAN PROGRAMS
930.
Congressional declaration of policy.
931.
Rural Electrification and Telephone Revolv-
ing Fund.
931a.
Level of loan programs under Rural Elec-
trification and Telephone Revolving Fund.
932.
Liabilities and uses of Rural Electrification
and Telephone Revolving Fund.
933.
Moneys in the Rural Electrification and Tele-
phone Revolving Fund.
934.
Authorized financial transactions; interim
notes; purchase of obligations for resale;
sale of notes and certificates; liens.
935.
Insured loans; interest rates and lending lev-
els.
936.
Guaranteed loans; accommodation and subor-
dination of liens; interest rates; assign-
ability of guaranteed loans and related
guarantees.
936a.
Prepayment of loans.
936b.
Sale or prepayment of direct or insured loans.
936c.
Refinancing and prepayment of FFB loans.
936d.
Eligibility
of
distribution
borrowers
for
loans, loan guarantees, and lien accom-
modations.
936e.
Administrative prohibitions applicable to cer-
tain electric borrowers.
936f.
Substantially underserved trust areas.
937.
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 901
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