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7 U.S.C. § 912 — Extension of time for repayment of loans
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
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Source file: Laws/federal/codes/united-states-code/title-7/section-912-extension-of-time-for-repayment-of-loans--5b000220e3.md
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Source location: Title 7, Chapter 31, § 912; chapter-031-rural-electrification-and-telephone-service.md
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**(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 investment made by such borrower as described in paragraph (2).
(B) The amount of the deferment shall not exceed 50 percent of the total cost of a community or economic development project for which a deferment is provided under this subsection.
(C) The total amount of deferments under this subsection during each of the fiscal years 1990 through 1993 shall not exceed 3 percent of the total payments due during such fiscal year from all borrowers on direct and insured loans made under this chapter and shall not exceed 5 percent of such total payments due in each subsequent fiscal year.
(D) At the time of a deferment, the borrower shall make a payment to a cushion of credit account established and maintained pursuant to [section 940c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section940c&num=0&edition=prelim) in an amount equal to the amount of the payment deferred. The balance of such account shall not be reduced by the borrower below the level of the unpaid balance of the payment deferred. Subject to limitations established in annual appropriations Acts, such cushion of credit amounts and any other cushion of credit and advance payments of any borrower shall be included in the interest differential calculation under [section 940c(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section940c/b/2&num=0&edition=prelim).
(4) The Secretary shall undertake all reasonable efforts to permit the full amount of deferments authorized by this subsection during each fiscal year.
**(c) Deferment of payments on loans**
(1) **In general** — The Secretary shall allow borrowers to defer payment of principal and interest on any direct loan made under this chapter to enable the borrower to make loans to residential, commercial, and industrial consumers—
(A) to conduct energy efficiency and use audits; and
(B) to install energy efficient measures or devices that reduce the demand on electric systems.
(2) **Amount** — The total amount of a deferment under this subsection shall not exceed the sum of the principal and interest on the loans made to a customer of the borrower, as determined by the Secretary.
(3) **Term** — The term of a deferment under this subsection shall not exceed 60 months.
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Federal law — U.S. Code and appendices · legal_authorities
There are authorized to be appropriated such sums as are necessary to carry out this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment**
(1) **In general**
(A) *Development and promotion of program* — The Secretary shall develop and promote a program to encourage borrowers to voluntarily make deposits into cushion of credit accounts established within the Rural Electrification and Telephone Revolving Fund.
(B) *Termination* — Effective on December 20, 2018, no deposits may be made under subparagraph (A).
(2) **Interest**
(A) *In general* — Amounts in each cushion of credit account shall accrue interest to the borrower at a rate of 5 percent per annum.
(B) *Reduction* — Notwithstanding subparagraph (A), amounts in each cushion of credit account shall accrue interest to the borrower at a rate equal to—
(i) 4 percent per annum in fiscal year 2021; and
(ii) the then applicable 1-year Treasury rate thereafter.
(3) **Balance**
(A) *In general* — A borrower may reduce the balance of its cushion of credit account only if the amount obtained from the reduction is used to make scheduled payments on loans made or guaranteed under this chapter.
(B) *Prepayment* — Notwithstanding subparagraph (A) and subject to subparagraph (C), beginning on December 20, 2018, and ending with September 30, 2020, a borrower may, at the sole discretion of the borrower, reduce the balance of its cushion of credit account if the amount obtained from the reduction is used to prepay loans made or guaranteed under this chapter.
(C) *No prepayment premium* — Notwithstanding any other provision of this chapter, no prepayment premium shall be imposed or collected with respect to that portion of a loan that is prepaid by a borrower in accordance with subparagraph (B).
(D) *Mandatory funding* — Notwithstanding [section 661c of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:US
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 940c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For electrification baseload generation loan guarantees, the Secretary shall, at the request of the borrower, charge an upfront fee to cover the costs of the loan guarantee.
**(b) Fee** The fee described in subsection (a) for a loan guarantee shall be equal to the costs of the loan guarantee (within the meaning of [section 661a(5)(C) of title 2](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661a/5/C&num=0&edition=prelim)).
**(c) Limitation** Funds received from a borrower to pay the fee described in this section shall not be derived from a loan or other debt obligation that is made or guaranteed by the Federal Government.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 905
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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
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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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Federal law — U.S. Code and appendices · legal_authorities
Page 524
TITLE 7—AGRICULTURE
§ 911a
carrying vehicles; and printing and binding) as
are appropriate and necessary to carry out the
provisions of this chapter.
(May 20, 1936, ch. 432, title I, § 11, 49 Stat. 1366;
Oct. 28, 1949, ch. 776, § 2, 63 Stat. 948; Pub. L.
103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat.
3221.)
Editorial Notes
CODIFICATION
Provisions which authorized the appointment and fix-
ing of compensation of attorneys, engineers, and ex-
perts ‘‘without regard to the provisions of the civil
service laws applicable to officers and employees of the
United States’’ were omitted from the Code as obsolete
and superseded. Such appointments are now subject to
the civil service laws unless specifically excepted by
those laws or by laws enacted subsequent to Executive
Order 8743, Apr. 23, 1941, issued by the President pursu-
ant to act Nov. 26, 1940, ch. 919, title I, § 1, 54 Stat. 1211,
which covered most excepted positions into the classi-
fied (competitive) civil service. The Order is set out as
a note under section 3301 of Title 5, Government Orga-
nization and Employees. As to the compensation of
such personnel, sections 1202 and 1204 of the Classifica-
tion Act of 1949, 63 Stat. 972, 973, repealed the Classi-
fication Act of 1923 and all other laws or parts of laws
inconsistent with the 1949 Act. The Classification Act
of 1949 was repealed by Pub. L. 89–554, Sept. 6, 1966,
§ 8(a), 80 Stat. 632, and reenacted as chapter 51 and sub-
chapter III of chapter 53 of Title 5. Section 5102 of Title
5 now contains the applicability provisions of the 1949
Act, and section 5103 of Title 5 authorizes the Office of
Personnel Management to determine the applicability
to specific positions and employees.
AMENDMENTS
1994—Pub. L. 103–354 subs
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