7 U.S.C. § 1981f — Underwriting forms and standards

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 in subsec. (b)(1), (3), was in the original ‘‘this title’’, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consoli- dated Farm and Rural Development Act, which is clas- sified principally to this chapter. For complete classi- fication of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. AMENDMENTS 1992—Subsec. (a). Pub. L. 102–552, § 516(g)(1)(A), sub- stituted ‘‘Robert T. Stafford Disaster Relief and Emer- gency Assistance Act (42 U.S.C. 5121 et seq.)’’ for ‘‘Dis- aster Relief Act of 1974’’. Subsec. (b)(2). Pub. L. 102–552, § 516(g)(1)(B), inserted ‘‘Robert T. Stafford’’ before ‘‘Disaster Relief’’. 1991—Pub. L. 102–237 designated existing provisions as subsec. (a), inserted heading, and added subsec. (b). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1992 AMENDMENT Pub. L. 102–552, title V, § 516(g)(2), Oct. 28, 1992, 106 Stat. 4138, provided that: ‘‘The amendments made by paragraph (1) of this subsection [amending this section] shall take effect immediately after section 501(d) of the Food, Agriculture, Conservation, and Trade Act Amendments of 1991 (Public Law 102–237; 105 Stat. 1866) [amending this section and enacting provisions set out below] took effect.’’ EFFECTIVE DATE OF 1991 AMENDMENT Pub. L. 102–237, title V, § 501(d)(3), Dec. 13, 1991, 105 Stat. 1867, provided that: ‘‘(A) IN GENERAL.—Except as provided in subpara- graph (B), the amendment made by paragraph (1) [amending this section] shall become effective on the date of publication of the interim regulations issued pursuant to paragraph (2)(A) [set out below]. ‘‘(B) EXCEPTION.—The amendment made by paragraph (1) shall apply to each primary loan servicing applica- tion submitted on or after the date of enactment of this Act [Dec. 13, 1991].’’ REGULATIONS Pub. L. 102–237, title V, § 501(d)(2), Dec. 13, 1991, 105 Stat. 1867, provided that: ‘‘(A) INTERIM REGULATIONS.—Notwithstanding section 553 of title 5, United States Code, as soon as practicable after the date of enactment of this Act [Dec. 13, 1991] and without a requirement for prior public notice and comment, the Secretary of Agriculture shall issue in- terim regulations that provide for the implementation of the amendment made by paragraph (1) [amending this section] beginning in crop year 1992. ‘‘(B) FINAL REGULATIONS.—The Secretary of Agri- culture shall provide for public notice and comment be- fore the issuance of final regulations to implement the amendment made by paragraph (1).’’ § 1981f. Underwriting forms and standards In the administration of this chapter, the Sec- retary shall, to the extent practicable, use un- derwriting forms, standards, practices, and ter- minology similar to the forms, standards, prac- tices, and terminology used by lenders in the private sector. (Pub. L. 87–128, title III, § 331F, as added Pub. L. 101–624, title XVIII, § 1808(a), Nov. 28, 1990, 104 Stat. 3820.) Editorial Notes REFERENCES IN TEXT This chapter, referred to in text, was in the original ‘‘this title’’, meaning title III of Pub. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables. Statutory Notes and Related Subsidiaries REGULATIONS Pub. L. 101–624, title XVIII, § 1808(b), Nov. 28, 1990, 104 Stat. 3820, provided that: ‘‘The Secretary of Agriculture shall not issue final regulations providing for the use of ratios and standards for determining the degree of po- tential loan risk under section 331F of the Consolidated Farm and Rural Development Act [7 U.S.C. 1981f] (as added by subsection (a) of this section), prior to the submission of the study and report on the effects of the regulations required by section 621 of the Agricultural Credit Act of 1987 (7 U.S.C. 1989 note).’’ § 1982. Relief for mobilized military reservists from certain agricultural loan obligations (a) Definition of mobilized military reservist In this section, the term ‘‘mobilized military reservist’’ means an individual who— (1) is on active duty under section 688, 12301(a), 12301(g), 12302, 12304, 12306, or 12406, or chapter 13 of title 10, or any other provision of law during a war or during a national emer- gency declared by the President or Congress, regardless of the location at which the active duty service is performed; or