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7 U.S.C. § 912a — Rescheduling and refinancing of loans
Federal law — U.S. Code and appendices · legal_authorities
In addition to the loan extension authority provided in [section 912 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) 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.
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Stable record: federal_law:legal_authorities:record_usc_910866378f5fb3689a89c315
Source file: Laws/federal/codes/united-states-code/title-7/section-912a-rescheduling-and-refinancing-of-loans--80ce7dc844.md
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Source location: Title 7, Chapter 31, § 912a; chapter-031-rural-electrification-and-telephone-service.md
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In addition to the loan extension authority provided in [section 912 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) 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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
**(d) Wagering losses**
(1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
**(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
**(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized and empowered to extend the time of payment of interest or principal of any loans made by the Secretary pursuant to this chapter, except that, with respect to any loan made under section 904 or 922 of this title, the payment of interest or principal shall not be extended more than five years after such payment shall have become due.
**(b) Terms of deferment**
(1) Subject to limitations established in appropriations Acts, the Secretary shall permit any borrower to defer the payment of principal and interest on any insured or direct loan made under this chapter under circumstances described in this subsection, notwithstanding any limitation contained in subsection (a), except that such deferment shall not be permitted based on the determination of the Secretary of the financial hardship of the borrower.
(2)
(A) In the case of deferments made to enable the borrower to provide financing to local businesses, the deferment shall be repaid in equal installments, without the accrual of interest, over the 60-month period beginning on the date of the deferment, and the total amount of such payments shall be equal to the amount of the payment deferred.
(B) In the case of deferments made to enable the borrower to provide community development assistance, technical assistance to businesses, and for other community, business, or economic development projects not included under subparagraph (A), the deferment shall be repaid in equal installments, without the accrual of interest, over the 120-month period beginning on the date of the deferment, and the total amount of such payments shall be equal to the amount of the payment deferred.
(3)
(A) A borrower may defer its debt service payments only in an amount equal to an investm
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 912
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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”.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 901
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1855aa, Pub. L. 89–769, § 2, Nov. 6, 1966, 80 Stat. 1316, defined “major disaster.”
Pub. L. 89–769, §§ 1, 14, Nov. 6, 1966, 80 Stat. 1316, 1321, set out as notes under [section 1855aa of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1855aa&num=0&edition=prelim), gave the name “Disaster Relief Act of 1966” to Pub. L. 89–769, and provided for effective date of such act.
Section 1855bb, Pub. L. 89–769, § 3(a), Nov. 6, 1966, 80 Stat. 1316, called for rescheduling and refinancing of Federal loans in event of a major disaster. See [section 3538 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3538&num=0&edition=prelim) and [section 912a of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912a&num=0&edition=prelim), Agriculture.
Section 1855cc, Pub. L. 89–769, § 5, Nov. 6, 1966, 80 Stat. 1317, authorized Secretary of Defense to make available facilities of civil defense communications system in case of imminent natural disasters.
Section 1855dd, Pub. L. 89–769, § 8, Nov. 6, 1966, 80 Stat. 1320, set out order of priorities to be followed in processing applications for public facility and public housing assistance in major disaster areas.
Section 1855ee, Pub. L. 89–769, § 9, Nov. 6, 1966, 80 Stat. 1320, provided for reimbursement of costs of reconstruction of public facilities, eligible costs, and agencies and parties entitled to reimbursement.
Section 1855ff, Pub. L. 89–769, § 10, Nov. 6, 1966, 80 Stat. 1320, directed department heads to administer programs covering major disasters so that there is no duplication of efforts between various programs.
Section 1855gg, Pub. L. 89–769, § 11, Nov. 6, 1966, 80 Stat. 1321, provided f
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1855aa to 1855ii
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section 4453, Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754, which related to disaster loan interest rates, was transferred to [section 636b of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), Commerce and Trade.
Section 4454, Pub. L. 91–606, title II, § 235, Dec. 31, 1970, 84 Stat. 1754, which related to prohibition on consideration of age of applicant for disaster loans, was transferred to [section 636c of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636c&num=0&edition=prelim).
Section 4455(a), Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Agriculture to reschedule and refinance Federal loans under the Rural Electrification Administration, was transferred to [section 912a of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912a&num=0&edition=prelim), Agriculture.
Section 4455(b), Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Housing and Urban Development to reschedule and refinance Federal loans, was transferred to [section 3538 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3538&num=0&edition=prelim).
Section 4456, Pub. L. 91–606, title II, § 237, Dec. 31, 1970, 84 Stat. 1754, which related to disaster aid to major sources of employment, was transferred to [section 636d of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636d&num=0&edition=prelim), Commerce and Trade.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4453 to 4456
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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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Federal law — U.S. Code and appendices · legal_authorities
Page 525
TITLE 7—AGRICULTURE
§ 913
(May 20, 1936, ch. 432, title I, § 12, 49 Stat. 1366;
Oct. 28, 1949, ch. 776, §§ 2, 4(f), 63 Stat. 948; Pub.
L. 101–624, title XXIII, § 2344, Nov. 28, 1990, 104
Stat. 4028; Pub. L. 103–354, title II, § 235(a)(13),
Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–127, title
VII, § 774(b), Apr. 4, 1996, 110 Stat. 1150; Pub. L.
110–234, title VI, § 6103, May 22, 2008, 122 Stat.
1195; Pub. L. 110–246, § 4(a), title VI, § 6103, June
18, 2008, 122 Stat. 1664, 1956; Pub. L. 115–334, title
VI, § 6504(a), Dec. 20, 2018, 132 Stat. 4773.)
Editorial Notes
CODIFICATION
Pub. L. 110–234 and Pub. L. 110–246 made identical
amendments to this section. The amendments by Pub.
L. 110–234 were repealed by section 4(a) of Pub. L.
110–246.
AMENDMENTS
2018—Subsec. (b)(3)(D). Pub. L. 115–334 substituted
‘‘940c(b)(2) of this title’’ for ‘‘940c(b)(2)(A) of this title’’.
2008—Subsec. (c). Pub. L. 110–246, § 6103, added subsec.
(c).
1996—Subsec.
(a).
Pub.
L.
104–127
substituted
‘‘, except
that,
with
respect
to
any
loan’’
for
‘‘: Provided, however, That with respect to any loan’’
and struck out ‘‘, and with respect to any loan made
under section 905 of this title, the payment of principal
or interest shall not be extended more than two years
after such payment shall have become due: And pro-
vided further, That the provisions of this section shall
not apply to any obligations or the security therefor
which may be held by the Reconstruction Finance Cor-
poration under the provisions of section 903 of this
title’’ after ‘‘such payment shall have become due’’.
1994—Subsecs. (a), (b)(1), (4). Pub. L. 103–354 sub-
stituted ‘‘Secretary’’ for ‘‘Administrator’’ wherever ap-
pearing.
1990—Pub. L. 101–624 designated existing provisions as
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 912a
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