7 U.S.C. § 1967 — Addition to Emergency Credit Revolving

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.