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7 U.S.C. § 928 — Prompt processing of telephone loans
Federal law — U.S. Code and appendices · legal_authorities
Within ten days after the end of the second and fourth calendar quarters of each year, the Secretary shall submit to the Committee on Agriculture and the Committee on Appropriations of the House of Representatives, and to the Committee on Agriculture, Nutrition, and Forestry and the Committee on Appropriations of the Senate, a report—
(1) identifying each completed application for a telephone loan under [section 935 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section935&num=0&edition=prelim) or a guarantee of a telephone loan under [section 936 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section936&num=0&edition=prelim) that has not been finally acted upon within ninety days after the date the completed application is submitted; and
(2) stating the reasons for the failure to finally act upon the completed applications within such ninety-day period.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 928
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Stable record: federal_law:legal_authorities:record_usc_98e5d9fd7503fd4813702010
Source file: Laws/federal/codes/united-states-code/title-7/section-928-prompt-processing-of-telephone-loans--1576361f6c.md
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Passage SHA-256: bf77d0f996c2681c30c5de4501dfea30e96c2bbed84228da77ec37356506db14
Source location: Title 7, Chapter 31, § 928; chapter-031-rural-electrification-and-telephone-service.md
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Within ten days after the end of the second and fourth calendar quarters of each year, the Secretary shall submit to the Committee on Agriculture and the Committee on Appropriations of the House of Representatives, and to the Committee on Agriculture, Nutrition, and Forestry and the Committee on Appropriations of the Senate, a report—
(1) identifying each completed application for a telephone loan under [section 935 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section935&num=0&edition=prelim) or a guarantee of a telephone loan under [section 936 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section936&num=0&edition=prelim) that has not been finally acted upon within ninety days after the date the completed application is submitted; and
(2) stating the reasons for the failure to finally act upon the completed applications within such ninety-day period.
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary may provide financial assistance to borrowers for purposes provided in this chapter by guaranteeing loans, in the full amount thereof, made by the National Rural Utilities Cooperative Finance Corporation and any other legally organized lending agency, or by accommodating or subordinating liens or mortgages in the fund held by the Secretary as owner or as trustee or custodian for purchases of notes from the fund, or by any combination of such guarantee, accommodation, or subordination. The Secretary shall not provide such assistance to any borrower of a telephone loan under this chapter unless the borrower specifically applies for such assistance. No fees or charges shall be assessed for any such accommodation or subordination. Guaranteed loans shall bear interest at the rate agreed upon by the borrower and the lender. Guaranteed loans, and accommodation and subordination of liens or mortgages, may be made concurrently with an insured loan. The amount of guaranteed loans shall be subject only to such limitations as to amounts as may be authorized from time to time by the Congress of the United States: Provided, That any amounts guaranteed hereunder shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation imposed by statute on expenditures and net lending (budget outlays) of the United States. As used in this subchapter a guaranteed loan is one which is initially made, held, and serviced by a legally organized lending agency and which is guaranteed by the Secretary hereunder. A guaranteed loan, including the related guarantee, may be assigned to the extent provided in the contract of guarantee executed by the Secretary under this subchapter; the assignability of such loan and guarantee
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 936
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to make insured loans under this subchapter and at the interest rates hereinafter provided to the full extent of the assets available in the fund, subject only to limitations as to amounts authorized for loans and advances as may be from time to time imposed by the Congress of the United States for loans to be made in any one year, which amounts shall remain available until expended: Provided, That the Congress in the annual appropriation Act may also authorize the transfer of any excess cash in the fund for deposit into the Treasury as miscellaneous receipts: And provided further, That any such loans and advances shall not be included in the totals of the budget of the United States Government and shall be exempt from any general limitation imposed by statute on expenditures and net lending (budget outlays) of the United States.
**(b) Insured loans** Loans made under this section shall be insured by the Secretary when purchased by a lender. As used in this chapter, an insured loan is one which is made, held, and serviced by the Secretary, and sold and insured by the Secretary hereunder; such loans shall be sold and insured by the Secretary without undue delay.
**(c) Insured electric loans**
(1) **Hardship loans**
(A) *In general* — The Secretary shall make insured electric loans, to the extent of qualifying applications for the loans, at an interest rate of 5 percent per year to any applicant for a loan who meets each of the following requirements:
(i) The average revenue per kilowatt-hour sold by the applicant is not less than 120 percent of the average revenue per kilowatt-hour sold by all utilities in the State in which the applicant provides service.
(ii) The average residential revenue per kilowatt-hou
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 935
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Federal law — U.S. Code and appendices · legal_authorities
Page 531
TITLE 7—AGRICULTURE
§ 928
credit, guarantee, or advance made to, an af-
filiated company of the borrower, that is used
by such company for such a purpose) as a divi-
dend or distribution of capital to the extent
that, immediately after such investment, the
aggregate of such investments does not exceed
1⁄3 of the net worth of the borrower; or
(2) require a qualified telephone borrower to
obtain the approval of the Secretary in order
to make an investment described in paragraph
(1).
(b) ‘‘Qualified telephone borrower’’ defined
As used in subsection (a), the term ‘‘qualified
telephone borrower’’ means a person—
(1) to whom a telephone loan has been made
or guaranteed under this chapter; and
(2) whose net worth is at least 20 percent of
the total assets of such person.
(May 20, 1936, ch. 432, title II, § 205, as added Pub.
L. 101–624, title XXIII, § 2356, Nov. 28, 1990, 104
Stat. 4039; amended Pub. L. 103–354, title II,
§ 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L.
115–334, title VI, § 6602(b)(3), Dec. 20, 2018, 132
Stat. 4776.)
Editorial Notes
AMENDMENTS
2018—Subsec. (a). Pub. L. 115–334, § 6602(b)(3)(A),
struck out ‘‘and the Governor of the telephone bank’’
after ‘‘The Secretary’’ in introductory provisions.
Subsec. (a)(2). Pub. L. 115–334, § 6602(b)(3)(B), struck
out ‘‘or the Governor of the telephone bank’’ after ‘‘the
Secretary’’.
1994—Subsec. (a). Pub. L. 103–354 substituted ‘‘Sec-
retary’’ for ‘‘Administrator’’ in two places.
§ 927. General duties and prohibitions
(a) Duties
The Secretary shall—
(1) in evaluating the feasibility of a tele-
phone loan to be made to a borrower for tele-
phone services, use—
(A) with respect to items for which the
regulatory authority with jurisdiction over
the provision of such services
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 928
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