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7 U.S.C. § 1990 — Rules and regulations

Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1990 — Rules and regulations

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Source location: Title 7, Chapter 50, § 1990; chapter-050-agricultural-credit.md

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**(a) In general** The Secretary is authorized to make such rules and regulations, prescribe the terms and conditions for making or insuring loans, security instruments and agreements, except as otherwise specified herein, and make such delegations of authority as he deems necessary to carry out this chapter. **(b) Debt service margin requirements** Notwithstanding subsection (a), in providing farmer program loan guarantees under this chapter, the Secretary shall consider the income of the borrower adequate if the income is equal to or greater than the income necessary— (1) to make principal and interest payments on all debt obligations of the borrower, in a timely manner; (2) to cover the necessary living expenses of the family of the borrower; and (3) to pay all other obligations and expenses of the borrower not financed through debt obligations referred to in paragraph (1). **(c) Certified Lenders Program** (1) **In general** — The Secretary shall establish a program under which the Secretary shall guarantee loans for any purpose specified in subchapter II that are made by lending institutions certified by the Secretary. (2) **Certification requirements** — The Secretary shall certify a lending institution that meets such criteria as the Secretary may prescribe in regulations, including the ability of the institution to properly make, service, and liquidate the loans of the institution. (3) **Condition of certification** — As a condition of the certification, the Secretary shall require the institution to undertake to service the loans guaranteed by the Secretary under this subsection, using standards that are not less stringent than generally accepted banking standards concerning loan servicing employed by prudent commercial or cooperative lenders. The Secretary shall, at least annually, monitor the performance of each certified lender to ensure that the conditions of the certification are being met. (4) **Effect of certification** — Notwithstanding any other provision of law: (A) The Secretary shall guarantee 80 percent of a loan made under this subsection by a certified lending institution as described in paragraph (1), subject to county committee certification that the borrower of the loan meets the eligibility requirements and such other criteria as may be applicable to loans guaranteed by the Secretary under other provisions of this chapter. (B) With respect to loans to be guaranteed by the Secretary under this subsection, the Secretary shall permit certified lending institutions to make appropriate certifications (as provided by regulations issued by the Secretary)— (i) relating to issues such as creditworthiness, repayment ability, adequacy of collateral, and feasibility of farm operation; and (ii) that the borrower is in compliance with all requirements of law, including regulations issued by the Secretary. (C) The Secretary shall approve or disapprove a guarantee not later than 14 calendar days after the date that the lending institution applied to the Secretary for the guarantee. If the Secretary rejects the loan application within the 14-day period, the Secretary shall state, in writing, all of the reasons the application was rejected. (5) **Relationship to other requirements** — Neither this subsection nor subsection (d) shall affect the responsibility of the Secretary to certify eligibility, review financial information, and otherwise assess an application. **(d) Preferred Certified Lenders Program** (1) **In general** — Commencing not later than two years after October 28, 1992, the Secretary shall establish a Preferred Certified Lenders Program for lenders who establish their— (A) knowledge of, and experience under, the program established under subsection (c); (B) knowledge of the regulations concerning the guaranteed loan program; and (C) proficiency related to the certified lender program requirements. The Secretary shall certify any lending institution as a Preferred Certified Lender that meets such criteria as the Secretary may prescribe by regulation. (2) **Revocation of designation** — The designation of a lender as a Preferred Certified Lender shall be revoked at any time that the Secretary determines that such lender is not adhering to the rules and regulations applicable to the program or if the loss experiences of a Preferred Certified Lender are excessive as compared to other Preferred Certified Lenders, except that such suspension or revocation shall not affect any outstanding guarantee. (3) **Condition of certification** — As a condition of such preferred certification, the Secretary shall require the institution to undertake to service the loans guaranteed by the Secretary under this subsection using generally accepted banking standards concerning loan servicing employed by prudent commercial or cooperative lenders. The Secretary shall, at least annually, monitor the performance of each Preferred Certified Lender to ensure that the conditions of such certification are being met. (4) **Effect of preferred lender certification** — Notwithstanding any other provision of law, the Secretary shall— (A) guarantee 80 percent of an approved loan made by a certified lending institution as described in this subsection, subject to county committee certification that the borrower meets the eligibility requirements or such other criteria as may be applicable to loans guaranteed by the Secretary under other provisions of this chapter; (B) permit certified lending institutions to make all decisions, with respect to loans to be guaranteed by the Secretary under this subsection relating to credit worthiness, the closing, monitoring, collection and liquidation of loans, and to accept appropriate certifications, as provided by regulations issued by the Secretary, that the borrower is in compliance with all requirements of law or regulations promulgated by the Secretary; and (C) be deemed to have guaranteed 80 percent of a loan made by a preferred certified lending institution as described in paragraph (1), if the Secretary fails to approve or reject the application of such institution within 14 calendar days after the date that the lending institution presented the application to the Secretary. If the Secretary rejects the application within the 14-day period, the Secretary shall state, in writing, the reasons the application was rejected. **(e) Administration of Certified Lenders and Preferred Certified Lenders programs** The Secretary may administer the loan guarantee programs under subsections (c) and (d) through central offices established in States or in multi-State areas.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1921 — Repealed. Pub. L. 110–234, title VI, § 6002(b), May 22, 2008, 122 Stat. 1162, and Pub. L. 110–246, § 4(a), title VI, § 6002(b), June 18, 2008, 122 Stat. 1664, 1923

### 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

7 U.S.C. § 1999 — Guaranteed farm loan programs

Notwithstanding any other provision of this chapter, the Secretary shall ensure that farm loan guarantee programs carried out under this chapter are designed so as to be responsive to borrower and lender needs and to include provisions under reasonable terms and conditions for advances, before completion of the liquidation process, of guarantee proceeds on loans in default.

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 553 — Rule making

**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved— (1) a military or foreign affairs function of the United States; or (2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts. **(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include— (1) a statement of the time, place, and nature of public rule making proceedings; (2) reference to the legal authority under which the rule is proposed; (3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and (4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov). Except when notice or hearing is required by statute, this subsection does not apply— (A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or (B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest. **(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm

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Federal law — U.S. Code and appendices · legal_authorities

25 U.S.C. § 5141 — Interest rates and taxes

Loans made or insured pursuant to sections 5136 to 5143 of this title will be subject to the interest rate provisions of section 307(a)(3)(B) of the Consolidated Farmers Home Administration Act of 1961, as amended [[7 U.S.C. 1927(a)(3)(B)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1927/a/3/B&num=0&edition=prelim)], and to the provisions of subtitle D of that Act [[7 U.S.C. 1981](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1981&num=0&edition=prelim) et seq.] except sections 340 [[7 U.S.C. 1990](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1990&num=0&edition=prelim)], 341, 342 [[7 U.S.C. 1013a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1013a&num=0&edition=prelim)], and 343 [[7 U.S.C. 1991](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1991&num=0&edition=prelim)] thereof: Provided, That section 334 [[7 U.S.C. 1984](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1984&num=0&edition=prelim)] thereof shall not be construed to subject to taxation any lands or interests therein while they are held by an Indian tribe or tribal corporation or by the United States in trust for such tribe or tribal corporation pursuant to sections 5136 to 5143 of this title.

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Federal law — U.S. Code and appendices · legal_authorities

3 U.S.C. § 301 — General authorization to delegate functions; publication of delegations

The President of the United States is authorized to designate and empower the head of any department or agency in the executive branch, or any official thereof who is required to be appointed by and with the advice and consent of the Senate, to perform without approval, ratification, or other action by the President (1) any function which is vested in the President by law, or (2) any function which such officer is required or authorized by law to perform only with or subject to the approval, ratification, or other action of the President: Provided, That nothing contained herein shall relieve the President of his responsibility in office for the acts of any such head or other official designated by him to perform such functions. Such designation and authorization shall be in writing, shall be published in the Federal Register, shall be subject to such terms, conditions, and limitations as the President may deem advisable, and shall be revocable at any time by the President in whole or in part.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 1990 — Transfer of lands to Secretary

Page 1151 TITLE 7—AGRICULTURE § 1990a AMENDMENTS 2018—Subsec. (d)(3). Pub. L. 115–334 substituted ‘‘Pre- ferred Certified Lender’’ for ‘‘preferred certified lend- er’’. 2002—Subsec. (e). Pub. L. 107–171 added subsec. (e). 1999—Subsec. (b)(3). Pub. L. 106–31 struck out ‘‘, including expenses of replacing capital items (deter- mined after taking into account depreciation of the items)’’ after ‘‘paragraph (1)’’. 1992—Pub. L. 102–554, inserted section catchline, des- ignated existing provisions as subsec. (a), inserted heading, and added subsecs. (b) to (d). Statutory Notes and Related Subsidiaries REGULATIONS Pub. L. 102–554, § 23, Oct. 28, 1992, 106 Stat. 4161, pro- vided that: ‘‘(a) INTERIM REGULATIONS.—Not later than 180 days after the date of enactment of this Act [Oct. 28, 1992], the Secretary of Agriculture shall issue such interim regulations as are necessary to implement this Act [see Short Title of 1992 Amendment note set out under sec- tion 1921 of this title] and the amendments made by this Act. ‘‘(b) FINAL REGULATIONS.—Not later than October 1, 1993, the Secretary of Agriculture shall issue such final regulations as are necessary to implement this Act and the amendments made by this Act.’’ Pub. L. 100–233, title VI, § 624, Jan. 6, 1988, 101 Stat. 1685, provided that: ‘‘Within 150 days after the date of the enactment of this title [Jan. 6, 1988], and after con- sidering public comment obtained under section 553 of title 5, United States Code, the Secretary shall issue final regulations to carry out the amendments made by this title [enacting sections 1981d, 1981e, 1983c, and 2001 to 2005 of this title, amending sections 1927, 1927a, 1981, 1982, 1983b, 1985, 1991, 1997, 1999, and 2000 of this title, and amending provisions set ou

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