12 U.S.C. § 2020 — Related services

Page 1298 TITLE 12—BANKS AND BANKING § 2020 (Pub. L. 92–181, title I, § 1.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627; amended Pub. L. 100–399, title IV, § 401(j), Aug. 17, 1988, 102 Stat. 996; Pub. L. 101–624, title XVIII, § 1832(a), Nov. 28, 1990, 104 Stat. 3832; Pub. L. 102–237, title V, § 502(a), Dec. 13, 1991, 105 Stat. 1868.) Editorial Notes PRIOR PROVISIONS A prior section 2019, Pub. L. 92–181, title I, § 1.11, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 108, Dec. 24, 1980, 94 Stat. 3438, related to services related to bor- rower’s operations, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. AMENDMENTS 1991—Subsec. (a). Pub. L. 102–237 made technical amendments to headings of subsec. (a) and pars. (1) and (2). 1990—Subsec. (a). Pub. L. 101–624 designated existing provisions as par. (1), inserted heading, substituted ‘‘some portion’’ for ‘‘at least 20 percent, or such larger percent as may be required by the board of directors of the bank under regulations of the Farm Credit Admin- istration,’’, and added par. (2). 1988—Subsec. (c)(2). Pub. L. 100–399 substituted ‘‘this subchapter or subchapter II, equipment or facilities’’ for ‘‘this subchapter, facilities’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1991 AMENDMENT Amendment by Pub. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Pub. L. 101–624, to which the amendment relates, see section 1101(b)(4) of Pub. L. 102–237, set out as a note under section 1421 of Title 7, Agriculture. EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see sec- tion 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title. EFFECTIVE DATE Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988. § 2020. Related services (a) In general The Farm Credit Banks may provide technical assistance to borrowers, members, and appli- cants from the bank and associations in the dis- trict, including persons obligated on paper dis- counted by the bank, and may make available to them at their option such financial related serv- ices appropriate to their on-farm and aquatic operations as determined to be feasible by the board of directors of the bank, under regulations of the Farm Credit Administration. (b) Authority to pass along cost of insurance pre- miums (1) In general Each Farm Credit Bank may assess each production credit association, other associa- tion making direct loans under the authority provided under section 2279b of this title, and other financing institution described in sec- tion 2015(b)(1)(B) of this title in the district in which the bank is located to cover the costs of making premium payments under part E of subchapter V. (2) Computation The assessment on any association or other financing institution described in paragraph (1) for any period shall be computed in an eq- uitable manner, as determined by the Corpora- tion. (Pub. L. 92–181, title I, § 1.12, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628; amended Pub. L. 100–399, title IV, § 401(k), Aug. 17, 1988, 102 Stat. 996; Pub. L. 101–220, § 6(b)(1), (2), Dec. 12, 1989, 103 Stat. 1880; Pub. L. 104–105, title II, § 215(a)(2)(C), Feb. 10, 1996, 110 Stat. 176; Pub. L. 107–171, title V, § 5403(a)(2)(A), May 13, 2002, 116 Stat. 350; Pub. L. 110–234, title V, § 5401(a), May 22, 2008, 122 Stat. 1154; Pub. L. 110–246, § 4(a), title V, § 5401(a), June 18, 2008, 122 Stat. 1664, 1915.) 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. PRIOR PROVISIONS A prior section 2020, Pub. L. 92–181, title I, § 1.12, Dec. 10, 1971, 85 Stat. 586; Pub. L. 96–592, title I, § 109, Dec. 24, 1980, 94 Stat. 3439, related to loans through associations or agents, prior to the general amendment of this sub- chapter by Pub. L. 100–233, § 401. AMENDMENTS 2008—Subsec. (b). Pub. L. 110–246, § 5401(a), designated first sentence as par. (1), inserted heading, added par. (2), and struck out former second sentence which re- lated to computation of the assessment on the same basis as is used to compute the premium payment and provided formula to calculate a maximum amount. 2002—Subsec. (b)(1). Pub. L. 107–171, § 5403(a)(2)(A)(i), inserted ‘‘and Government Sponsored Enterprise-guar- anteed loans (as defined in section 2277a–4(a)(4) of this title) provided for in paragraph (4)’’ after ‘‘government- guaranteed loans (as defined in section 2277a–4(a)(3) of this title) provided for in paragraph (3)’’. Subsec. (b)(4). Pub. L. 107–171, § 5403(a)(2)(A)(ii)–(iv), added par. (4). 1996—Pub. L. 104–105, § 215(a)(2)(C), which directed amendment of ‘‘section 1.12(b)’’, without specifying the name of the Act being amended, was executed to this section, which is section 112 of the Farm Credit Act of 1971, to reflect the probable intent of Congress. Subsec. (b)(1). Pub. L. 104–105, § 215(a)(2)(C)(i), inserted ‘‘(as defined in section 2277a–4(a)(3) of this title)’’ after ‘‘government-guaranteed loans’’. Subsec. (b)(3). Pub. L. 104–105, § 215(a)(2)(C)(i), inserted ‘‘(as so defined)’’ after ‘‘government-guaranteed loans’’ in subpars. (A) and (B). 1989—Subsec. (b). Pub. L. 101–220, § 6(b)(1), inserted ‘‘, other association making direct loans under the au- thority provided under section 2279b of this title,’’ after ‘‘production credit association’’. Subsec. (b)(1). Pub. L. 101–220, § 6(b)(2)(A), inserted ‘‘funded by or’’ before ‘‘discounted with’’ and ‘‘exclud- ing the guaranteed portions of government-guaranteed loans provided for in paragraph (3),’’ and struck out ‘‘and’’ after ‘‘multiplied by 0.0015;’’. Subsec. (b)(2). Pub. L. 101–220, § 6(b)(2)(B), inserted ‘‘funded by or’’ before ‘‘discounted with’’ and sub- stituted ‘‘0.0025; and’’ for ‘‘0.0025.’’. Subsec. (b)(3). Pub. L. 101–220, § 6(b)(2)(C), added par. (3). Page 1299 TITLE 12—BANKS AND BANKING § 2023 1988—Subsec. (a). Pub. L. 100–399 designated existing provision as subsec. (a), inserted heading, substituted ‘‘directors of the bank’’ for ‘‘directors of each district bank’’, and added subsec. (b). 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 Title 7, Agriculture. EFFECTIVE DATE OF 2002 AMENDMENT Pub. L. 107–171, title V, § 5403(b), May 13, 2002, 116 Stat. 351, provided that: ‘‘The amendments made by this section [amending this section and sections 2277a–4 and 2277a–5 of this title] shall apply with respect to de- terminations of premiums for calendar year 2002 and for any succeeding calendar year, and to certified statements with respect to such premiums.’’ EFFECTIVE DATE OF 1989 AMENDMENT Pub. L. 101–220, § 6(c), Dec. 12, 1989, 103 Stat. 1880, pro- vided that: ‘‘The amendments made by subsections (a) and (b) [amending sections 2020, 2277a–4, 2277a–8, and 2277a–10 of this title] shall be effective for insurance premiums due to the Farm Credit System Insurance Corporation under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) on or after January 1, 1990, based on the loan volume of each bank for each calendar year be- ginning with calendar year 1989, and shall be effective for the calculation of the initial premium payment re- quired under section 5.56(c) of the Farm Credit Act of 1971 (12 U.S.C. 2277a–5(c)).’’ EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100–399 effective immediately after amendment made by section 401 of Pub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see sec- tion 1001(b) of Pub. L. 100–399, set out as a note under section 2002 of this title. EFFECTIVE DATE Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988. § 2021. Loans through associations or agents (a) In general The Farm Credit Banks shall, except as other- wise herein provided, make loans of the type au- thorized under section 2015(a) of this title through a Federal land bank association char- tered to serve the territory in which the real es- tate of the borrower is located. (b) No active association If there is no active association chartered to serve territory where the real estate is located, the bank may make the loan directly or through such bank or trust company or savings or other financial institution as such bank may des- ignate. (c) Purchase of stock required When the loan is not made through a Federal land bank association, the applicant shall pur- chase stock in the bank in accordance with the capitalization requirements provided for in the bylaws of the bank. (Pub. L. 92–181, title I, § 1.13, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1628.) Editorial Notes PRIOR PROVISIONS A prior section 1.13 of Pub. L. 92–181 was classified to section 2031 of this title prior to the general amend- ment of this subchapter by Pub. L. 100–233, § 401. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988. § 2022. Liens on stock The Farm Credit Banks shall have a first lien on the stock or participation certificates it issues for the payment of any liability of the stockholders to the bank. (Pub. L. 92–181, title I, § 1.14, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629.) Editorial Notes PRIOR PROVISIONS A prior section 1.14 of Pub. L. 92–181 was classified to section 2032 of this title prior to the general amend- ment of this subchapter by Pub. L. 100–233, § 401. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1622, provided that this section is effective 6 months after Jan. 6, 1988. § 2023. Taxation The Farm Credit Banks and the capital, re- serves, and surplus thereof, and the income de- rived therefrom, shall be exempt from Federal, State, municipal, and local taxation, except taxes on real estate held by a Farm Credit Bank to the same extent, according to its value, as other similar property held by other persons is taxed. The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the in- come therefrom shall be exempt from all Fed- eral, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124). (Pub. L. 92–181, title I, § 1.15, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1629; amended Pub. L. 100–399, title IV, § 401(l), Aug. 17, 1988, 102 Stat. 997.) Editorial Notes PRIOR PROVISIONS A prior section 1.15 of Pub. L. 92–181 was classified to section 2033 of this title prior to the general amend- ment of this subchapter by Pub. L. 100–233, § 401. A prior section 2031, Pub. L. 92–181, title I, § 1.13, Dec. 10, 1971, 85 Stat. 587; Pub. L. 99–205, title II, § 205(d)(4), Dec. 23, 1985, 99 Stat. 1703; Pub. L. 100–233, title VIII, § 802(e), Jan. 6, 1988, 101 Stat. 1710, related to organiza- tions, articles, and charters of Federal land bank asso- ciations, and powers of Farm Credit Administration, prior to the general amendment of this subchapter by Pub. L. 100–233, § 401. See section 2011 of this title.