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7 U.S.C. § 927 — General duties and prohibitions

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

7 U.S.C. § 927 — General duties and prohibitions

**(a) Duties** The Secretary shall— (1) in evaluating the feasibility of a telephone loan to be made to a borrower for telephone services, use— (A) with respect to items for which the regulatory authority with jurisdiction over the provision of such services has approved the depreciation rates used by the borrower, such approved rates; and (B) with respect to other items, the average of the depreciation rates used by borrowers of telephone loans made under this chapter; (2) annually determine and publish the average described in paragraph (2)(B); and (3) make loans for all purposes for which telephone loans are authorized under [section 922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section922&num=0&edition=prelim), to the extent of qualifying applications therefor. **(b) Prohibitions** The Secretary shall not— (1) rescind an insured telephone loan made under this chapter without the consent of the borrower, unless all of the purposes for which telephone loans have been made to the borrower under this chapter have been accomplished with funds provided under this chapter; (2) regulate the order or sequence of advances of funds under telephone loans made under this chapter to any borrower who has received any combination of telephone loans from the Secretary or the Federal Financing Bank; or (3) deny a loan or advance to, or take any other adverse action against, an applicant for, or a borrower of, a telephone loan under this chapter for any reason that is not based on a rule, regulation, bulletin, or other written policy standard that has not been published pursuant to [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim).

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Source file: Laws/federal/codes/united-states-code/title-7/section-927-general-duties-and-prohibitions--64d611cdb8.md
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Source location: Title 7, Chapter 31, § 927; chapter-031-rural-electrification-and-telephone-service.md

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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

7 U.S.C. § 922 — Loans for telephone service

From such sums as are from time to time made available by the Congress to the Secretary for such purpose, pursuant to [section 903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section903&num=0&edition=prelim), the Secretary is authorized and empowered to make loans to persons now providing or who may hereafter provide telephone service in rural areas, to public bodies now providing telephone service in rural areas and to cooperative, nonprofit, limited dividend, or mutual associations. Except as otherwise provided by this subchapter, such loans shall be made under the same terms and conditions as are provided in [section 904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section904&num=0&edition=prelim), for the purpose of financing the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems to furnish and improve telephone service in rural areas: Provided, however, That the Secretary, in making such loans, shall give preference to persons providing telephone service in rural areas, to public bodies now providing telephone service in rural areas, and to cooperative, nonprofit, limited dividend, or mutual associations. The Secretary in making such loans shall, insofar as possible, obtain assurance that the telephone service to be furnished or improved thereby will be made available to the widest practical number of rural users. When it is determined by the Secretary to be necessary in order to furnish or improve telephone service in rural areas, such loans may be made for the improvement, expansion, construction, acquisition, and operation of telephone lines, facilities, or systems without regard to their geographical location. The Secretary is fu

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

7 U.S.C. § 927 — General duties and prohibitions

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

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