Browse Arkansas Code titles and sections
7 U.S.C. § 1963 — Loan determination factors; written credit declinations
Federal law — U.S. Code and appendices · legal_authorities
**(a)** For the purpose of determining whether to make or insure any loan under this subchapter, the Secretary shall take into consideration the net worth of the applicant involved, including all the assets and liabilities of the applicant.
**(b)** For the purpose of determining whether an applicant under this subchapter is not able to obtain sufficient credit elsewhere, the Secretary shall require at least one written indication of declination of credit, from a legally organized lending institution within reasonable proximity to the applicant, that specifies the reasons for the declination: Provided, That for loans in excess of $300,000, the Secretary shall require at least two such written declinations: Provided further, That for loans of $100,000 or less, the Secretary may waive the requirement of this subsection if the Secretary determines that it would impose an undue burden on the applicant.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1963
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 70871600b335711460733450cc071c5db08516a341e640919b5140c2198e4733. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_c36ae943df48f25b4c191b19
Source file: Laws/federal/codes/united-states-code/title-7/section-1963-loan-determination-factors-written-credit-declinations--6395f040eb.md
Pages: Not recorded – Not recorded
Passage SHA-256: daacf2ee7164e7f92a6d76484917dcf64d7f13bdb192f6b046c03942a2cfbd7d
Source location: Title 7, Chapter 50, § 1963; chapter-050-agricultural-credit.md
Stored source content
**(a)** For the purpose of determining whether to make or insure any loan under this subchapter, the Secretary shall take into consideration the net worth of the applicant involved, including all the assets and liabilities of the applicant.
**(b)** For the purpose of determining whether an applicant under this subchapter is not able to obtain sufficient credit elsewhere, the Secretary shall require at least one written indication of declination of credit, from a legally organized lending institution within reasonable proximity to the applicant, that specifies the reasons for the declination: Provided, That for loans in excess of $300,000, the Secretary shall require at least two such written declinations: Provided further, That for loans of $100,000 or less, the Secretary may waive the requirement of this subsection if the Secretary determines that it would impose an undue burden on the applicant.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
The Congress finds that the statutory authority of the Secretary of Agriculture, hereinafter referred to in this chapter as the “Secretary,” for making and insuring loans to farmers and ranchers should be revised and consolidated to provide for more effective credit services to farmers.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1922
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall establish a plan, in coordination with activities under sections 2006a, 2006b, 2006c, and 2006d of this title, to encourage each borrower with an outstanding loan under this subchapter or with respect to whom there is an outstanding guarantee under this subchapter to graduate to private commercial or other sources of credit.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1961
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1117
TITLE 7—AGRICULTURE
§ 1963
solidated Farm and Rural Development Act made by
subsection (b) of this section [amending this section
and sections 1962 to 1964 and 1971 of this title] shall be
effective with respect to loans approved by the Sec-
retary of Agriculture under subtitle C [this subchapter]
after the date of enactment of this Act [Oct. 13, 1980],
except that, for borrowers with loans outstanding
under subtitle C as of December 15, 1979—
‘‘(1) the limits on loans under section 324 of the
Consolidated Farm and Rural Development Act [sec-
tion 1964 of this title] made by subsection (b)(1) of
this section [amending this section and sections 1962
to 1964 of this title], and
‘‘(2) the reduction in the time limit on subsequent
emergency loans under section 330 of the Consoli-
dated Farm and Rural Development Act [section 1971
of this title] made by subsection (b)(2) of this section
[amending section 1971 of this title]
shall not apply to subsequent emergency loans under
section 330 (as in effect on the date preceding the date
of enactment of this Act) that are made to such bor-
rowers for the disasters for which the borrowers ob-
tained loans under subtitle C prior to December 16,
1979.’’
Amendment by Pub. L. 96–302 effective Oct. 1, 1980,
see section 507 of Pub. L. 96–302, set out as a note under
section 631 of Title 15, Commerce and Trade.
EFFECTIVE DATE OF 1974 AMENDMENT
Pub. L. 93–237, § 10(b), Jan. 2, 1974, 87 Stat. 1025, pro-
vided that: ‘‘The provisions of subsection (a) of this sec-
tion [amending this section] shall be given effect with
respect to all loan applications and loans made in con-
nection with a disaster occurring on or after April 20,
1973.’’
Pub. L. 93–237, § 10(d), Jan. 2, 1974, 87 Stat. 1025, pro-
vided in part th
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1963
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.