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7 U.S.C. § 1924 — Purposes of loans

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

7 U.S.C. § 1924 — Purposes of loans

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Source file: Laws/federal/codes/united-states-code/title-7/section-1924-purposes-of-loans--64aa3109cf.md
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Source location: Title 7, Chapter 50, § 1924; chapter-050-agricultural-credit.md

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**(a) Allowed purposes** (1) **Direct loans** — A farmer or rancher may use a direct loan made under this subchapter only for— (A) acquiring or enlarging a farm or ranch; (B) making capital improvements to a farm or ranch; (C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch; (D) paying for activities to promote soil and water conservation and protection described in [section 1924 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1924&num=0&edition=prelim) on a farm or ranch; or (E) refinancing a temporary bridge loan made by a commercial or cooperative lender to a farmer or rancher for the acquisition of land for a farm or ranch, if— (i) the Secretary approved an application for a direct farm ownership loan to the farmer or rancher for acquisition of the land; and (ii) funds for direct farm ownership loans under [section 1994(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1994/b&num=0&edition=prelim) were not available at the time at which the application was approved. (2) **Guaranteed loans** — A farmer or rancher may use a loan guaranteed under this subchapter only for— (A) acquiring or enlarging a farm or ranch; (B) making capital improvements to a farm or ranch; (C) paying loan closing costs related to acquiring, enlarging, or improving a farm or ranch; (D) paying for activities to promote soil and water conservation and protection described in [section 1924 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1924&num=0&edition=prelim) on a farm or ranch; or (E) refinancing indebtedness. **(b) Preferences** In making or guaranteeing a loan under this subchapter for purchase of a farm or ranch, the Secretary shall give preference to a person who— (1) has a dependent family; (2) to the extent practicable, is able to make an initial down payment on the farm or ranch; or (3) is an owner of livestock or farm or ranch equipment that is necessary to successfully carry out farming or ranching operations. **(c) Hazard insurance requirement** (1) **In general** — After the Secretary makes the determination required by paragraph (2), the Secretary may not make a loan to a farmer or rancher under this subchapter unless the farmer or rancher has, or agrees to obtain, hazard insurance on any real property to be acquired or improved with the loan. (2) **Determination** — Not later than 180 days after April 4, 1996, the Secretary shall determine the appropriate level of insurance to be required under paragraph (1).

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

7 U.S.C. § 1307 — Consumer safeguards

The powers conferred under this chapter shall not be used to discourage the production of supplies of foods and fibers sufficient to maintain normal domestic human consumption as determined by the Secretary from the records of domestic human consumption in the years 1920 to 1929, inclusive, taking into consideration increased population quantities of any commodity that were forced into domestic consumption by decline in exports during such period, current trends in domestic consumption and exports of particular commodities, and the quantities of substitutes available for domestic consumption within any general class of food commodities. In carrying out the purposes of this chapter it shall be the duty of the Secretary to give due regard to the maintenance of a continuous and stable supply of agricultural commodities from domestic production adequate to meet consumer demand at prices fair to both producers and consumers.

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

7 U.S.C. § 4301 — Congressional findings and declaration of policy

Flowers and plants are an integral part of American life, contributing a natural and beautiful element, especially in urban areas, to what is increasingly a manmade, artificial environment for this country’s citizens. Providing comfort and pleasure for many special occasions as well as for everyday living, flowers and plants work against visual pollution and, in the case of green plants, generate oxygen within their environment. The flowers and plants to which this chapter refers are cut flowers, potted flowering plants, and foliage plants. These flowers and plants are produced by many individual producers throughout the United States and in foreign countries. These products move in interstate and foreign commerce, and those that do not move in such channels of commerce directly burden or affect interstate commerce of these products. The maintenance and expansion of existing markets and the development of new or improved markets and uses are vital to the welfare of flower and plant producers, brokers, wholesalers, and retailers throughout the Nation. The floral industry within the United States is comprised mainly of small- and medium-sized businesses. The producers are primarily agriculturally-oriented companies rather than promotion-oriented companies. The development and implementation of coordinated programs of research and promotion necessary for the maintenance of markets and the development of new markets have been inadequate. Without cooperative action in providing for and financing such programs, individual flower and plant producers, wholesalers, and retailers are unable to implement programs of research, consumer and producer information, and promotion necessary to maintain and improve markets for these products. It is widely recognized that it is in the publ

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 4301

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

7 U.S.C. § 1927a — Repayment requirements

**(a) Period of repayment; interest rates** (1) The period for repayment of loans under this subchapter shall not exceed forty years. (2) Except as otherwise provided in paragraphs (3), (4), (5), and (6) of this subsection, the interest rates on loans under this subchapter shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, plus not to exceed 1 per centum, as determined by the Secretary, and adjusted to the nearest one-eighth of 1 per centum. (3) (A) Notwithstanding the provisions of the constitution or laws of any State limiting the rate or amount of interest that may be charged, taken, received, or reserved, except as provided in paragraph (6), the interest rates on loans (other than guaranteed loans), to public bodies or nonprofit associations (including Indian tribes on Federal and State reservations and other federally recognized Indian tribal groups) for water and waste disposal facilities and essential community facilities shall be set by the Secretary at rates not to exceed the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity for such loans, and adjusted to the nearest one-eighth of 1 per centum; and not in excess of 5 per centum per annum for any such loans which are for the upgrading of existing facilities or construction of new facilities as required to meet applicable health or sanitary standards in areas where the median household income of the persons to be served by such facility is below the higher of 80 per centum of the statewide nonmetropolitan median household income or the povert

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1927a

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

7 U.S.C. § 1933 — Assistance for rural entities

**(a) Loans to private business enterprises** (1) **Definitions** — In this subsection: (A) *Aquaculture* — The term “aquaculture” means the culture or husbandry of aquatic animals or plants by private industry for commercial purposes including the culture and growing of fish by private industry for the purpose of creating or augmenting publicly owned and regulated stocks of fish. (B) *Solar energy* — The term “solar energy” means energy derived from sources (other than fossil fuels) and technologies included in the Federal Nonnuclear Energy Research and Development Act of 1974, as amended [[42 U.S.C. 5901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5901&num=0&edition=prelim) et seq.]. (2) **Loan purposes** — The Secretary may make and insure loans to public, private, or cooperative organizations organized for profit or nonprofit and private investment funds that invest primarily in cooperative organizations, to Indian tribes on Federal and State reservations or other federally recognized Indian tribal groups, or to individuals for the purposes of— (A) improving, developing, or financing business, industry, and employment (including through the financing of working capital) and improving the economic and environmental climate in rural communities, including pollution abatement and control; (B) the conservation, development, and use of water for aquaculture purposes in rural areas; (C) reducing the reliance on nonrenewable energy resources by encouraging the development and construction of solar energy systems and other renewable energy systems (including wind energy systems and anaerobic digestors for the purpose of energy generation), including the modification of existing systems, in rural areas; and (D) to facilita

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1933

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

7 U.S.C. § 1935 — Low-income farm ownership loan program; eligibility; repayment requirements

**(a)** The Secretary is authorized to make and insure loans for any of the purposes referred to in [section 1923(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1923/a&num=0&edition=prelim), or paragraphs (1) through (5) of [section 1924(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1924/a&num=0&edition=prelim), to farmers and ranchers in the United States who (1) are citizens of the United States, (2) meet the requirements of paragraphs (2) through (4) of [section 1922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1922&num=0&edition=prelim), (3) are unable to obtain sufficient credit under [section 1922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1922&num=0&edition=prelim) to finance their actual needs, (4) are owners or operators of small or family farms (including new owners or operators), (5) are farmers or ranchers with a low income, and (6) demonstrate a need to maximize their income from farming or ranching operations. The Secretary is also authorized to make such loans to any farm cooperative or private domestic corporation or partnership, or such other legal entities as the Secretary considers appropriate, that is controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States if all of its members, stockholders, partners, or owners, as applicable, are citizens of the United States and the entity and all such members, stockholders, partners, or owners meet the requirements of paragraphs (2) through (6) of the preceding sentence. **(b)** Each loan made or insured under this section shall be repayable in such installments as the Secr

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1935

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

7 U.S.C. § 1992 — Definitions

**(a)** As used in this chapter: (1) The term “farmer” includes a person who is engaged in, or who, with assistance afforded under this chapter, intends to engage in, fish farming. (2) The term “farming” shall be deemed to include fish farming. (3) The term “owner-operator” shall include in the State of Hawaii the lessee-operator of real property in any case in which the Secretary determines that such real property cannot be acquired in fee simple by such lessee-operator, that adequate security is provided for the loan with respect to such real property for which such lessee-operator applies under this chapter, and that there is a reasonable probability of accomplishing the objectives and repayment of such loan. (4) The word “insure” as used in this chapter includes guarantee, which means to guarantee the payment of a loan originated, held, and serviced by a private financial agency or other lender approved by the Secretary. (5) The term “contract of insurance” includes a contract of guarantee. (6) The terms “United States” and “State” shall include each of the several States, the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and, to the extent the Secretary determines it to be feasible and appropriate, the Trust Territory of the Pacific Islands. (7) The term “joint operation” means a joint farming operation in which two or more farmers work together sharing equally or unequally land, labor, equipment, expenses, and income. (8) The term “beginning farmer or rancher” means such term as defined by the Secretary. (9) The term “direct loan” means a loan made or insured from funds in the account created by [section 1929 of this title](https://uscode.house.gov/view.xhtml?r

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

7 U.S.C. § 1924 — Conservation loan and loan guarantee

Page 1061 TITLE 7—AGRICULTURE § 1924 ance on any real property to be acquired or improved with the loan. (2) Determination Not later than 180 days after April 4, 1996, the Secretary shall determine the appropriate level of insurance to be required under para- graph (1). (Pub. L. 87–128, title III, § 303, Aug. 8, 1961, 75 Stat. 307; Pub. L. 87–703, title IV, § 401(1), Sept. 27, 1962, 76 Stat. 631; Pub. L. 90–488, § 1, Aug. 15, 1968, 82 Stat. 770; Pub. L. 95–113, title XIV, § 1448(a), Sept. 29, 1977, 91 Stat. 1011; Pub. L. 96–438, § 1(1), Oct. 13, 1980, 94 Stat. 1871; Pub. L. 97–98, title XVI, § 1602, Dec. 22, 1981, 95 Stat. 1346; Pub. L. 104–127, title VI, § 602(a), Apr. 4, 1996, 110 Stat. 1085; Pub. L. 107–171, title V, § 5002, May 13, 2002, 116 Stat. 341.) Editorial Notes AMENDMENTS 2002—Subsec. (a)(1)(E). Pub. L. 107–171 added subpar. (E). 1996—Pub. L. 104–127 amended section generally, sub- stituting present provisions for provisions outlining preferences for loans made or insured under this sub- chapter and defining terms ‘‘improving farms’’ and ‘‘qualified non-fossil energy system’’. 1981—Subsec. (a). Pub. L. 97–98 substituted ‘‘who have dependent families’’ for ‘‘who are married or have de- pendent families’’. 1980—Subsec. (b)(1). Pub. L. 96–438 substituted ‘‘the acquisition, installation, and modification’’ for ‘‘the acquisition and installation’’ and struck out ‘‘in any residential structure’’ after ‘‘energy system’’. 1977—Pub. L. 95–113 designated existing provisions as subsec. (a) and added subsec. (b). 1968—Pub. L. 90–488 designated existing provisions as cls. (1), (2), (4), (5), and added cl. (3). 1962—Pub. L. 87–703 authorized loans to be made or in- sured for recreational uses and facilities. Statutory Notes and Related Subs

Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1924

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