7 U.S.C. § 1968 — Repealed. Pub. L. 104–127, title VI, § 626,

Page 1120 TITLE 7—AGRICULTURE § 1965 1 See References in Text note below. 1977—Subsec. (a). Pub. L. 95–89 designated existing provisions as subsec. (a) and struck out last proviso prescribing for any loan made by the Small Business Administration in connection with a disaster occurring on or after Aug. 5, 1975, under section 636(b)(1), (2), or (4) of title 15 a rate of interest determined in the first paragraph following section 636(b)(8) of title 15 for loans under paragraphs (3), (5), (6), (7), or (8) of section 636(b) of title 15, now covered in subsec. (b) of this section. Subsecs. (b), (c). Pub. L. 95–89 added subsecs. (b) and (c). 1975—Pub. L. 94–68 made the existing rate of 5 percent applicable to loans up to the amount of the actual loss caused by the disaster, inserted provisions that for loans or portions of loans in excess of that amount the interest rate will be that prevailing in the private mar- ket for similar loans, as determined by the Secretary, and inserted provisos relating to security, disasters oc- curring after Jan. 1, 1975, and loans made by Small Business Administration. 1973—Pub. L. 93–24 substituted ‘‘5’’ for ‘‘3’’ per cen- tum. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1996 AMENDMENT Amendment by section 624 of Pub. L. 104–127 effective Apr. 4, 1996, and amendment by section 625 of Pub. L. 104–127 effective 90 days after Apr. 4, 1996, see section 663(a), (b) of Pub. L. 104–127, set out as a note under sec- tion 1922 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–258 applicable to disasters occurring after May 30, 1983, see section 602(c) of Pub. L. 98–258, set out as a note under section 1961 of this title. EFFECTIVE DATE OF 1981 AMENDMENT Section 162(b) of Pub. L. 97–35 provided that: ‘‘The amendments made by this section [amending this sec- tion] shall apply to loans made with respect to disas- ters occurring after September 30, 1981’’. EFFECTIVE DATE OF 1980 AMENDMENTS Amendment by section 3(b)(1) of Pub. L. 96–438 effec- tive with respect to loans approved after Oct. 13, 1980, except for certain subsequent emergency loans, see sec- tion 3(d) of Pub. L. 96–438, set out as a note under sec- tion 1961 of this title. 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 1978 AMENDMENT Pub. L. 95–334, title I, § 119, Aug. 4, 1978, 92 Stat. 427, provided that the amendment made by that section is effective Oct. 1, 1978. SMALL BUSINESS DISASTER LOANS; INTEREST RATE; CANCELLATION OF LOANS Loans by Small Business Administration in connec- tion with any disaster occurring on or after Apr. 20, 1973 made under section 636(b)(1), (2), or (4) of Title 15, as subject to interest rate determined under this sec- tion and prohibition against cancellation of such loan under any provision of law, see section 9 of Pub. L. 93–24, set out as a note under section 636 of Title 15, Commerce and Trade. § 1965. Repealed. Pub. L. 95–334, title I, § 120, Aug. 4, 1978, 92 Stat. 427 Section, Pub. L. 87–128, title III, § 325, Aug. 8, 1961, 75 Stat. 311; Pub. L. 94–68, § 6, Aug. 5, 1975, 89 Stat. 382, au- thorized delegation of authority to State Directors of Farmers Home Administration for making emergency loans. § 1966. Emergency Credit Revolving Fund utiliza- tion The Secretary is authorized to utilize the re- volving fund created by section 1148a 1 of title 12 (hereinafter in this subchapter referred to as the ‘‘Emergency Credit Revolving Fund’’) for car- rying out the purposes of this subchapter. (Pub. L. 87–128, title III, § 326, Aug. 8, 1961, 75 Stat. 312.) Editorial Notes REFERENCES IN TEXT Section 1148a of title 12, referred to in text, was re- pealed by Pub. L. 92–181, title V, § 5.26(a), Dec. 10, 1971, 85 Stat. 624. See section 2252 of Title 12, Banks and Banking. The Emergency Credit Revolving Fund, referred to in text, was abolished and its assets and liabilities trans- ferred to the Agricultural Credit Insurance Fund by section 1929 of this title. § 1967. Addition to Emergency Credit Revolving Fund of sums from liquidation of loans; au- thorization of appropriations (a) All sums received by the Secretary from the liquidation of loans made under the provi- sions of this subchapter or under the Act of April 6, 1949, as amended, or the Act of August 31, 1954, and from the liquidation of any other assets acquired with money from the Emergency Credit Revolving Fund shall be added to and be- come a part of such fund. (b) There are authorized to be appropriated to the Emergency Credit Revolving Fund such ad- ditional sums as the Congress shall from time to time determine to be necessary. (Pub. L. 87–128, title III, § 327, Aug. 8, 1961, 75 Stat. 312.) Editorial Notes REFERENCES IN TEXT Act of April 6, 1949, as amended, referred to in subsec. (a), is act Apr. 6, 1949, ch. 49, 63 Stat. 43, which was clas- sified to sections 1148a–1 to 1148a–3 of Title 12, Banks and Banking, was repealed by section 341(a) of Pub. L. 87–128, and is covered by this chapter. Act of August 31, 1954, referred to in subsec. (a), is act Aug. 31, 1954, ch. 1145, 68 Stat. 999, which was classified as a note under section 1148a–1 of Title 12, was repealed by section 341(a) of Pub. L. 87–128, and is covered by this chapter. ABOLITION OF EMERGENCY CREDIT REVOLVING FUND The Emergency Credit Revolving Fund, referred to in this section and in section 1966 of this title, was abol- ished and its assets and liabilities transferred to the Agricultural Credit Insurance Fund by section 1929 of this title. § 1968. Repealed. Pub. L. 104–127, title VI, § 626, Apr. 4, 1996, 110 Stat. 1092 Section, Pub. L. 87–128, title III, § 328, as added Pub. L. 92–173, Nov. 24, 1971, 85 Stat. 491; amended Pub. L. 93–24, § 5, Apr. 20, 1973, 87 Stat. 25; Pub. L. 95–334, title I, § 109(b), Aug. 4, 1978, 92 Stat. 423, related to insurance of loans. Page 1121 TITLE 7—AGRICULTURE § 1981 § 1969. Repealed. Pub. L. 93–24, § 1, Apr. 20, 1973, 87 Stat. 24 Section, Pub. L. 87–128, title III, § 328, as added Pub. L. 92–385, § 5, Aug. 16, 1972, 86 Stat. 557, provided for emergency loans for major and natural disasters occur- ring between June 30, 1971, and July 1, 1973, providing in: subsec. (a) for cancellation of existing loans and the considerations in making grants, loans, and refinancing of loans; subsec. (b) for loans for loss or damage to agri- cultural crops; subsec. (c) for amount of loans and in- terest rates; subsec. (d) for availability of benefits irre- spective of age; subsec. (e) for availability of benefits irrespective of approval date; and subsec. (f) for report to Congress. Statutory Notes and Related Subsidiaries LOANS TO ELIGIBLE APPLICANTS IN AREAS DETERMINED AS NATURAL DISASTER AREAS AFTER JANUARY 1, 1972, AND BEFORE DECEMBER 27, 1972; TIME FOR AC- CEPTANCE OF APPLICATIONS Pub. L. 93–24, § 8, Apr. 20, 1973, 87 Stat. 25, provided that: ‘‘Notwithstanding the repeal herein of section 5 of Public Law 92–385 [this section], and notwithstanding any other provision of law, the Secretary of Agri- culture shall make loans in accordance with the provi- sions of section 5 of Public Law 92–385 [this section] to eligible applicants in natural disaster areas determined or designated by the Secretary of Agriculture where such determination or designation had been made after January 1, 1972 and prior to December 27, 1972. The au- thority to accept applications for such loans shall ex- pire 18 days after the effective date of this Act [Apr. 20, 1973].’’ CONTINUATION OF SECRETARY’S AUTHORITY WITH RE- SPECT TO NATURAL DISASTERS OCCURRING AFTER DE- CEMBER 26, 1972, AND PRIOR TO APRIL 20, 1973 Pub. L. 93–237, § 4, Jan. 2, 1974, 87 Stat. 1024, provided that: ‘‘Notwithstanding the provisions of Public Law 93–24 [which repealed this section], the Secretary of Ag- riculture shall continue to exercise his authority with respect to natural disasters which occurred after De- cember 26, 1972, but prior to April 20, 1973, in accord- ance with the provisions of section 5 of Public Law 92–385 [this section] as such section was in effect prior to April 20, 1973.’’ § 1970. Eligibility for assistance based on produc- tion loss The Secretary shall make financial assistance under this subchapter available to any applicant seeking assistance based on production losses if the applicant shows that a single enterprise which constitutes a basic part of the applicant’s farming, ranching, or aquaculture operation has sustained at least a 30 per centum loss of normal per acre or per animal production, or such lesser per centum of loss as the Secretary may deter- mine, as a result of the disaster based upon the average monthly price in effect for the previous year and the applicant otherwise meets the con- ditions of eligibility prescribed under this sub- chapter. Such loans shall be made available based upon 80 per centum, or such greater per centum as the Secretary may determine, of the total calculated actual production loss sus- tained by the applicant. (Pub. L. 87–128, title III, § 329, as added Pub. L. 94–68, § 7, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 97–35, title I, § 163, Aug. 13, 1981, 95 Stat. 378.) Editorial Notes AMENDMENTS 1981—Pub. L. 97–35 increased specific per centum loss from 20 to 30, and authorized a lesser per centum loss pursuant to determinations by the Secretary under ap- plicable criteria. § 1971. Repealed. Pub. L. 99–198, title XIII, § 1308(d), Dec. 23, 1985, 99 Stat. 1523 Section, Pub. L. 87–128, title III, § 330, as added Pub. L. 94–68, § 8, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 96–438, § 3(b)(2), Oct. 13, 1980, 94 Stat. 1875, authorized ad- ditional emergency loans. SUBCHAPTER IV—ADMINISTRATIVE PROVISIONS § 1981. Farmers Home Administration (a) Appointment and compensation of Adminis- trator; transfer of powers, duties, and assets pertaining to agricultural credit In accordance with section 2006a of this title, for purposes of this chapter, and for the admin- istration of assets under the jurisdiction of the Secretary of Agriculture pursuant to the Farm- ers Home Administration Act of 1946, as amend- ed, 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 au- thorizing agricultural credit, the Secretary may assign and transfer such powers, duties, and as- sets to such officers or agencies of the Depart- ment 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 deter- mines 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 jus- tify 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 Sec- retary to be necessary for carrying out the purposes of this chapter; (and the Secretary shall prior to June 30, 1974, report to the Con- gress through the President on the experience in using such contracts, together with rec- ommendations for such legislation as he may see fit); (2) accept and utilize voluntary and uncom- pensated services, and, with the consent of the agency concerned, utilize the officers, employ- ees, equipment, and information of any agency of the Federal Government, or of any State, territory, or political subdivision; (3) within the limits of appropriations made therefor, make necessary expenditures for pur- chase or hire of passenger vehicles, and such other facilities and services as he may from time to time find necessary for the proper ad- ministration of this chapter; (4) compromise, adjust, reduce, or charge-off debts or claims (including debts and claims