7 U.S.C. § 1992 — Loan limitations
submitted 54 years ago by Pub. L. 87-128 to r/title-7-AGRICULTURE · 132 words · no verdicts yet
The Secretary generally may not make certain loans unless no other lender will make the loan and take 10 percent of any loss. A guarantee to another lender may cover no more than 90 percent of principal and interest.
No loan (other than one to a public body or nonprofit association (including Indian tribes on Federal and State* reservations or other federally recognized Indian tribal groups) for community facilities or one of a type authorized by section 1926(a)(1) of this title prior to its amendment by the Rural* Development Act of 1972) shall be made by the Secretary either for sale as an insured loan or otherwise under sections 1926(a)(1), 1932, or 1942(c) of this title unless the Secretary shall have determined that no other lender is willing to make such loan and assume 10 per centum of any loss sustained thereon. No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such loan.
No loan (other than one to a public body or nonprofit association (including Indian tribes on Federal and State* reservations or other federally recognized Indian tribal groups) for community facilities or one of a type authorized by section 1926(a)(1) of this title prior to its amendment by the Rural* Development Act of 1972) shall be made by the Secretary either for sale as an insured loan or otherwise under sections 1926(a)(1), 1932, or 1942(c) of this title unless the Secretary shall have determined that no other lender is willing to make such loan and assume 10 per centum of any loss sustained thereon. No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such loan.
Source credit: (Pub. L. 87–128, title III, § 344, as added Pub. L. 92–419, title I, § 129, Aug. 30, 1972, 86 Stat. 666; amended Pub. L. 94–35, § 2, June 16, 1975, 89 Stat. 214; Pub. L. 104–127, title VI, § 661(i), Apr. 4, 1996, 110 Stat. 1107.)
- 1972Enacted · Pub. L. 87-128 · 86 Stat. 666
- 1975Amended · Pub. L. 94-35 · 89 Stat. 214
- 1996Amended · Pub. L. 104-127 · 110 Stat. 1107
A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-128 on 1972-08-30.
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