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7 U.S.C. § 937 — Loans from other credit sources

submitted 90 years ago by Pub. L. 93-32 to r/title-7-AGRICULTURE · 126 words · no verdicts yet

in plain englishAI-generated · not legal advice

If the Secretary believes an applicant can obtain part of its credit from a responsible cooperative or other credit source on reasonable terms, the Secretary may ask the applicant to apply for and accept that loan along with an insured loan. For an electric loan applicant, the requested outside loan may not exceed 30 percent of the applicant’s credit needs.

If the Secretary believes that a loan applicant can obtain part of its credit needs from a responsible cooperative or another credit source at reasonable rates and terms that fit the applicant’s ability to pay and this chapter’s goals, the Secretary may ask the applicant to apply for and accept that loan at the same time as an insured loan. Before doing so, the Secretary must fully use the funds made available under this subchapter for those insured loans. The Secretary may not ask an applicant for an electric loan under this chapter to apply for and accept a loan exceeding 30 percent of the applicant’s credit needs.
the actual law source: uscode.house.gov ↗public domain

When it appears to the Secretary that the loan applicant is able to obtain a loan for part of his credit needs from a responsible cooperative or other credit source at reasonable rates and terms consistent with the loan applicant’s ability to pay and the achievement of this chapter’s objectives, he may request the loan applicant to apply for and accept such a loan concurrently with an insured loan, subject, however, to full use being made by the Secretary of the funds made available hereunder for such insured loans under this subchapter. The Secretary may not request any applicant for an electric loan under this chapter to apply for and accept a loan in an amount exceeding 30 percent of the credit needs of the applicant.

Source credit: (May 20, 1936, ch. 432, title III, § 307, as added Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 70; amended Pub. L. 97–35, title I, § 165(c), Aug. 13, 1981, 95 Stat. 379; Pub. L. 103–129, § 2(c)(8), Nov. 1, 1993, 107 Stat. 1365; Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)

history & why it existsrecord from the source credit
  • 1936Enacted · Pub. L. 93-32 · 87 Stat. 70
  • 1981Amended · Pub. L. 97-35 · 95 Stat. 379
  • 1993Amended · Pub. L. 103-129 · 107 Stat. 1365
  • 1994Amended · Pub. L. 103-354 · 108 Stat. 3221

A history note hasn’t been published yet. The record shows enactment by Pub. L. 93-32 on 1936-05-20.

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