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7 U.S.C. § 1982 — Underwriting forms and standards
Federal law — U.S. Code and appendices · legal_authorities
In the administration of this chapter, the Secretary shall, to the extent practicable, use underwriting forms, standards, practices, and terminology similar to the forms, standards, practices, and terminology used by lenders in the private sector.
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Source location: Title 7, Chapter 50, § 1982; chapter-050-agricultural-credit.md
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In the administration of this chapter, the Secretary shall, to the extent practicable, use underwriting forms, standards, practices, and terminology similar to the forms, standards, practices, and terminology used by lenders in the private sector.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** There is authorized to be appropriated to the Secretary such sums as the Congress may from time to time determine to be necessary to enable the Secretary to carry out the purposes of this chapter and for the administration of assets transferred to the Farmers Home Administration or the Rural Development Administration.
**(b) Sale by lender and any holder of guaranteed portion of loan pursuant to regulations governing such sales; limitations; issuance of pool certificates representing ownership of guaranteed portion of guaranteed loan; terms and conditions, etc.; reporting requirements**
(1)
(A) The guaranteed portion of any loan made under this chapter may be sold by the lender, and by any subsequent holder, in accordance with regulations governing such sales as the Secretary shall establish, subject to the following limitations:
(i) All fees due the Secretary with respect to a guaranteed loan are to be paid in full before any sale.
(ii) The loan is to have been fully disbursed to the borrower before the sale.
(B) After a loan is sold in the secondary market, the lender shall remain obligated under its guarantee agreement with the Secretary, and shall continue to service the loan in accordance with the terms and conditions of such agreement.
(C) The Secretary shall develop such procedures as are necessary for the facilitation, administration, and promotion of secondary market operations, and for determining the increase of farmers’ access to capital at reasonable rates and terms as a result of secondary market operations.
(D) This subsection shall not be interpreted to impede or extinguish the right of the borrower or the successor in interest to such borrower to prepay (in whole or in part) any loan made under this chapter,
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Federal law — U.S. Code and appendices · legal_authorities
### 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
**(a) In general** The Secretary shall ensure that appropriate procedures, including to the extent practicable onsite inspections, or use of county or State yield averages, are used in calculating future yields for an applicant for a loan, when an accurate projection cannot be made because the applicant’s past production history has been affected by natural disasters declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ([42 U.S.C. 5121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5121&num=0&edition=prelim) et seq.).
**(b) Calculation of yields**
(1) **In general** — For purposes of averaging past yields of the farm of a borrower or applicant over a period of crop years to calculate future yields for the farm under this chapter (except for loans under subchapter III), the Secretary shall permit the borrower or applicant to exclude the crop year with the lowest actual or county average yield for the farm from the calculation, if the borrower or applicant was affected by a disaster during at least 2 of the crop years during the period.
(2) **Affected by a disaster** — For purposes of paragraph (1), a borrower or applicant was affected by a disaster if the Secretary finds that the borrower or applicant’s farming operations have been substantially affected by a natural disaster in the United States or by a major disaster or emergency designated by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act ([42 U.S.C. 5121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5121&num=0&edition=prelim) et seq.), including a borrower or applicant who has a qualifying loss but is not located in a designated or declared disaster area.
(3) **Application of subsect
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Appointment and compensation of Administrator; transfer of powers, duties, and assets pertaining to agricultural credit** In accordance with [section 2006a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2006a&num=0&edition=prelim), for purposes of this chapter, and for the administration of assets under the jurisdiction of the Secretary of Agriculture pursuant to the Farmers Home Administration Act of 1946, as amended, the Bankhead-Jones Farm Tenant Act, as amended, the Act of August 28, 1937, as amended, the Act of April 6, 1949, as amended, the Act of August 31, 1954, as amended, and the powers and duties of the Secretary under any other Act authorizing agricultural credit, the Secretary may assign and transfer such powers, duties, and assets to such officers or agencies of the Department of Agriculture as the Secretary considers appropriate.
**(b) Powers of Secretary of Agriculture** The Secretary may—
(1) administer his powers and duties through such national, area, State, or local offices and employees in the United States as he determines to be necessary and may authorize an office to serve the area composed of two or more States if he determines that the volume of business in the area is not sufficient to justify separate State offices, and until January 1, 1975, make contracts for services incident to making, insuring, collecting, and servicing loans and property as determined by the Secretary to be necessary for carrying out the purposes of this chapter; (and the Secretary shall prior to June 30, 1974, report to the Congress through the President on the experience in using such contracts, together with recommendations for such legislation as he may see fit);
(2) accept and utilize voluntary and uncompensated s
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Acceptance of fees, commissions, gifts, or other considerations prohibited** No officer, attorney, or other employee of the Secretary shall, directly or indirectly, be the beneficiary of or receive any fee, commission, gift, or other consideration for or in connection with any transaction or business under this chapter other than such salary, fee, or other compensation as he may receive as such officer, attorney, or employee.
**(b) Acquisition of interest in land by certain officers or employees of Department of Agriculture prohibited; 3-year period** Except as otherwise provided in this subsection, no officer or employee of the Department of Agriculture who acts on or reviews an application made by any person under this chapter for a loan to purchase land may acquire, directly or indirectly, any interest in such land for a period of three years after the date on which such action is taken or such review is made. This prohibition shall not apply to a former member of a county committee upon a determination by the Secretary, prior to the acquisition of such interest, that such former member acted in good faith when acting on or reviewing such application.
**(c) Certifications on loans to family members prohibited** No member of a county committee shall knowingly make or join in making any certification with respect to a loan to purchase any land in which he or any person related to him within the second degree of consanguinity or affinity has or may acquire any interest or with respect to any applicant related to him within the second degree of consanguinity or affinity.
**(d) Penalties** Any persons violating any provision of this section shall, upon conviction thereof, be punished by a fine of not more than $2,000 or imprisonment for not more than two years, o
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall enter into contracts to provide educational training to all borrowers of farmer program direct loans made under this chapter in financial and farm management concepts associated with commercial farming.
**(b) Contract**
(1) **In general** — The Secretary may contract with State or private providers of farm management and credit counseling services (including a community college, the extension service of a State, a State department of agriculture, or a nonprofit organization) to carry out this section.
(2) **Consultation** — The Secretary may consult with the chief executive officer of a State concerning the identity of the contracting organization and the process for contracting.
**(c) Eligibility for loans**
(1) **In general** — Subject to paragraph (2), to be eligible to obtain a direct loan under this chapter, a borrower must obtain management assistance under this section, appropriate to the management ability of the borrower (as determined by the appropriate county committee during the determination of eligibility for the loan).
(2) **Loan conditions** — The need of a borrower who satisfies the criteria set out in section 1922(a)(1)(B) or 1941(a)(1)(B) of this title for management assistance under this section shall not be cause for denial of eligibility of the borrower for a direct loan under this chapter.
**(d) Guidelines and curriculum** The Secretary shall issue regulations establishing guidelines and curriculum for the borrower training program established under this section.
**(e) Payment** A borrower shall pay for training received under this section, and may use funds from operating loans made under subchapter II to pay for the training.
**(f) Waivers**
(1) **In general** — The Secretary may waive the require
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall evaluate, in accordance with regulations issued by the Secretary, the farming plan and financial situation of each qualified farmer or rancher applicant.
**(b) Determinations** In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
(1) the amount that the applicant will need to borrow to carry out the proposed farming plan;
(2) the rate of interest that the applicant would need to be able to cover expenses and build an adequate equity base;
(3) the goals of the proposed farming plan of the applicant;
(4) the financial viability of the plan and any changes that are necessary to make the plan viable; and
(5) whether assistance is necessary under this chapter and, if so, the amount of the assistance.
**(c) Contract** The Secretary may contract with a third party (including those entities eligible to provide borrower training under [section 2006a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2006a/b&num=0&edition=prelim)) to conduct loan assessments under this section.
**(d) Review of loans**
(1) **In general** — Loan assessments conducted under this section shall include annual review of direct loans, and periodic review (as determined necessary by the Secretary) of guaranteed loans, made under this chapter to assess the progress of a borrower in meeting the goals for the farm or ranch operation.
(2) **Contracts** — The Secretary may contract with an entity that is eligible to provide borrower training under [section 2006a(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2006a/b&num=0&edition=prelim) to conduct loan reviews under paragraph (1).
(3) **Problem assessment
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Federal law — U.S. Code and appendices · legal_authorities
Page 1129
TITLE 7—AGRICULTURE
§ 1982
erage yield for the farm from the calculation,
if the borrower or applicant was affected by a
disaster during at least 2 of the crop years dur-
ing the period.
(2) Affected by a disaster
For purposes of paragraph (1), a borrower or
applicant was affected by a disaster if the Sec-
retary finds that the borrower or applicant’s
farming operations have been substantially af-
fected by a natural disaster in the United
States or by a major disaster or emergency
designated by the President under the Robert
T. Stafford Disaster Relief and Emergency As-
sistance Act (42 U.S.C. 5121 et seq.), including
a borrower or applicant who has a qualifying
loss but is not located in a designated or de-
clared disaster area.
(3) Application of subsection
Paragraph (1) shall apply to all actions
taken by the Secretary to carry out this chap-
ter (except for loans under subchapter III) that
involve the yields of a farm of a borrower or
applicant, including making loans and loan
guarantees, servicing loans, and making credit
sales.
(Pub. L. 87–128, title III, § 331E, as added Pub. L.
100–233, title VI, § 606, Jan. 6, 1988, 101 Stat. 1667;
amended Pub. L. 102–237, title V, § 501(d)(1), Dec.
13, 1991, 105 Stat. 1866; Pub. L. 102–552, title V,
§ 516(g)(1), Oct. 28, 1992, 106 Stat. 4138.)
Editorial Notes
REFERENCES IN TEXT
The Robert T. Stafford Disaster Relief and Emer-
gency Assistance Act, referred to in subsecs. (a) and
(b)(2), is Pub. L. 93–288, May 22, 1974, 88 Stat. 143, which
is classified principally to chapter 68 (§ 5121 et seq.) of
Title 42, The Public Health and Welfare. For complete
classification of this Act to the Code, see Short Title
note set out under section 5121 of Title 42 and Tables.
This chapter, referred to
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