7 U.S.C. § 912a — Rescheduling and refinancing of loans

Page 525 TITLE 7—AGRICULTURE § 913 (May 20, 1936, ch. 432, title I, § 12, 49 Stat. 1366; Oct. 28, 1949, ch. 776, §§ 2, 4(f), 63 Stat. 948; Pub. L. 101–624, title XXIII, § 2344, Nov. 28, 1990, 104 Stat. 4028; Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 104–127, title VII, § 774(b), Apr. 4, 1996, 110 Stat. 1150; Pub. L. 110–234, title VI, § 6103, May 22, 2008, 122 Stat. 1195; Pub. L. 110–246, § 4(a), title VI, § 6103, June 18, 2008, 122 Stat. 1664, 1956; Pub. L. 115–334, title VI, § 6504(a), Dec. 20, 2018, 132 Stat. 4773.) Editorial Notes CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246. AMENDMENTS 2018—Subsec. (b)(3)(D). Pub. L. 115–334 substituted ‘‘940c(b)(2) of this title’’ for ‘‘940c(b)(2)(A) of this title’’. 2008—Subsec. (c). Pub. L. 110–246, § 6103, added subsec. (c). 1996—Subsec. (a). Pub. L. 104–127 substituted ‘‘, except that, with respect to any loan’’ for ‘‘: Provided, however, That with respect to any loan’’ and struck out ‘‘, and with respect to any loan made under section 905 of this title, the payment of principal or interest shall not be extended more than two years after such payment shall have become due: And pro- vided further, That the provisions of this section shall not apply to any obligations or the security therefor which may be held by the Reconstruction Finance Cor- poration under the provisions of section 903 of this title’’ after ‘‘such payment shall have become due’’. 1994—Subsecs. (a), (b)(1), (4). Pub. L. 103–354 sub- stituted ‘‘Secretary’’ for ‘‘Administrator’’ wherever ap- pearing. 1990—Pub. L. 101–624 designated existing provisions as subsec. (a) and added subsec. (b). 1949—Act Oct. 28, 1949, inserted ‘‘or section 922’’ after ‘‘904’’ in first proviso, and inserted ‘‘title I,’’ in credit of act May 20, 1936. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section 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. § 912a. Rescheduling and refinancing of loans In addition to the loan extension authority provided in section 912 of this title, the Sec- retary of Agriculture is authorized to adjust and readjust the schedules for payment of principal and interest on loans to borrowers under pro- grams administered by the Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.), and to extend the maturity date of any such loan to a date not beyond forty years from the date of such loan where he determines such action is necessary because of the impairment of the economic feasibility of the system, or the loss, destruction, or damage of the property of such borrowers as a result of a major disaster. (Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754; Pub. L. 103–354, title II, § 235(b)(1), Oct. 13, 1994, 108 Stat. 3221.) Editorial Notes REFERENCES IN TEXT The Rural Electrification Act of 1936, referred to in text, is act May 20, 1936, ch. 432, 49 Stat. 1363, which is classified generally to this chapter. For complete clas- sification of this Act to the Code, see section 901 of this title and Tables. CODIFICATION Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Rural Electrification Act of 1936 which constitutes this chapter. Section was for- merly classified to section 4455(a) of Title 42, The Pub- lic Health and Welfare. AMENDMENTS 1994—Pub. L. 103–354 substituted ‘‘Secretary under the Rural Electrification Act of 1936 (7 U.S.C. 901 et seq.)’’ for ‘‘Rural Electrification Administration’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amend- ment note under section 165 of Title 26, Internal Rev- enue Code. § 913. Definitions In this chapter: (1) Farm The term ‘‘farm’’ means a farm, as defined by the Bureau of the Census. (2) Indian tribe The term ‘‘Indian tribe’’ has the meaning given the term in section 5304 of title 25. (3) Rural area Except as provided otherwise in this chap- ter, the term ‘‘rural area’’ means the farm and nonfarm population of— (A) any area described in section 1991(a)(13)(C) of this title; and (B) any area within a service area of a bor- rower for which a borrower has an out- standing loan made under subchapters I through V as of the date of enactment of this paragraph. (4) Territory The term ‘‘territory’’ includes any insular possession of the United States. (5) Secretary The term ‘‘Secretary’’ means the Secretary of Agriculture. (May 20, 1936, ch. 432, title I, § 13, 49 Stat. 1367; Oct. 28, 1949, ch. 776, § 2, 63 Stat. 948; Pub. L. 103–129, § 2(c)(3), Nov. 1, 1993, 107 Stat. 1363; Pub. L. 103–354, title II, § 235(a)(6), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 110–234, title VI, § 6104, May 22, 2008, 122 Stat. 1195; Pub. L. 110–246, § 4(a), title VI, § 6104, June 18, 2008, 122 Stat. 1664, 1957.) Editorial Notes REFERENCES IN TEXT The date of enactment of this paragraph, referred to in par. (3)(B), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008. CODIFICATION Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub.