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7 U.S.C. § 1949 — Repealed. Pub. L. 104–127, title VI, §§ 615, 616(a), Apr. 4, 1996, 110 Stat. 1090
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1947, Pub. L. 87–128, title III, § 317, as added Pub. L. 92–419, title I, § 123, Aug. 30, 1972, 86 Stat. 665, related to insured operating loans.
Section 1948, Pub. L. 87–128, title III, § 318, as added Pub. L. 102–554, § 8, Oct. 28, 1992, 106 Stat. 4146, related to special assistance to certain qualified beginning farmers and ranchers.
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Source location: Title 7, Chapter 50, § 1949; chapter-050-agricultural-credit.md
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### Statutory Notes
Section 1947, Pub. L. 87–128, title III, § 317, as added Pub. L. 92–419, title I, § 123, Aug. 30, 1972, 86 Stat. 665, related to insured operating loans.
Section 1948, Pub. L. 87–128, title III, § 318, as added Pub. L. 102–554, § 8, Oct. 28, 1992, 106 Stat. 4146, related to special assistance to certain qualified beginning farmers and ranchers.
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Federal law — U.S. Code and appendices · legal_authorities
Page 1112
TITLE 7—AGRICULTURE
§§ 1947, 1948
(c) Line-of-credit loans
(1) In general
A loan made or guaranteed by the Secretary
under this subchapter may be in the form of a
line-of-credit loan.
(2) Term
A line-of-credit loan under paragraph (1)
shall terminate not later than 5 years after
the date that the loan is made or guaranteed.
(3) Eligibility
For purposes of determining eligibility for a
farm operating loan under this subchapter,
each year during which a farmer or rancher
takes an advance or draws on a line-of-credit
loan the farmer or rancher shall be considered
to have received an operating loan for 1 year.
(4) Termination of delinquent loans
If a borrower does not pay an installment on
a line-of-credit loan on schedule, the borrower
may not take an advance or draw on the line-
of-credit, unless the Secretary determines
that—
(A) the borrower’s failure to pay on sched-
ule was due to unusual conditions that the
borrower could not control; and
(B) the borrower will reduce the line-of-
credit balance to the scheduled level at the
end of—
(i) the production cycle; or
(ii) the marketing of the borrower’s agri-
cultural products.
(5) Agricultural commodities
A line-of-credit loan may be used to finance
the production or marketing of an agricul-
tural commodity that—
(A) is eligible for a price support program
of the Department of Agriculture; or
(B) was eligible for a price support pro-
gram of the Department of Agriculture on
the day before April 4, 1996.
(Pub. L. 87–128, title III, § 316, Aug. 8, 1961, 75
Stat. 311; Pub. L. 90–488, § 10, Aug. 15, 1968, 82
Stat. 771; Pub. L. 95–334, title I, § 117, Aug. 4, 1978,
92 Stat. 426; Pub. L. 97–35, title I, § 160(b), Aug.
13, 1981, 95 Stat. 377; Pub. L. 98–258, title VI,
§ 604(b), Apr. 1
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1949
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.