7 U.S.C. § 905 — Fees for certain loan guarantees

submitted 90 years ago by Pub. L. 113-79 to r/title-7-AGRICULTURE · 97 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section requires the Secretary to charge an upfront fee for certain loan guarantees when the borrower requests one. The fee must equal the cost of the guarantee and cannot be paid with federally made or guaranteed debt.

(a) In general For electrification baseload generation loan guarantees, the Secretary must, at the request of the borrower, charge an upfront fee to cover the costs of the loan guarantee. (b) Fee The fee described in subsection (a) for a loan guarantee must be equal to the costs of the loan guarantee (within the meaning of section 661a(5)(C) of title 2 ). (c) Limitation Funds received from a borrower to pay the fee described in this section must not be derived from a loan or other debt obligation that is made or guaranteed by the Federal Government.

the actual law source: uscode.house.gov ↗public domain

(a) In general

For electrification baseload generation loan guarantees, the Secretary shall, at the request of the borrower, charge an upfront fee to cover the costs of the loan guarantee.

(b) Fee

The fee described in subsection (a) for a loan guarantee shall be equal to the costs of the loan guarantee (within the meaning of section 661a(5)(C) of title 2).

Funds received from a borrower to pay the fee described in this section shall not be derived from a loan or other debt obligation that is made or guaranteed by the Federal Government.

Source credit: (May 20, 1936, ch. 432, title I, § 5, as added Pub. L. 113–79, title VI, § 6101, Feb. 7, 2014, 128 Stat. 850.)

history & why it existsrecord from the source credit

1936Enacted · Pub. L. 113-79 · 128 Stat. 850

A history note hasn’t been published yet. The record shows enactment by Pub. L. 113-79 on 1936-05-20.

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