US Laws, Codes, Statutes & Cases

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[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
  January 7, 2003 and December 19, 2003]
[CITE: 7USC1936]

 
                          TITLE 7--AGRICULTURE
 
                     CHAPTER 50--AGRICULTURAL CREDIT
 
                     SUBCHAPTER I--REAL ESTATE LOANS
 
Sec. 1936. Beginning farmer and rancher contract land sales 
        program
        

(a) In general

    If the Secretary makes a determination that the risk is comparable 
under subsection (b) of this section, the Secretary shall carry out a 
pilot program in not fewer than 5 States, as determined by the 
Secretary, to guarantee up to 5 loans per State in each of fiscal years 
2003 through 2007 made by a private seller of a farm or ranch to a 
qualified beginning farmer or rancher on a contract land sale basis, if 
the loan meets applicable underwriting criteria and a commercial lending 
institution agrees to serve as escrow agent.

(b) Date of commencement of program

    Not later than October 1, 2002, the Secretary shall make a 
determination on whether guarantees of contract land sales present a 
risk that is comparable with the risk presented in the case of 
guarantees to commercial lenders.

(Pub. L. 87-128, title III, Sec. 310F, as added Pub. L. 107-171, title 
V, Sec. 5006, May 13, 2002, 116 Stat. 342.)


                            Prior Provisions

    A prior section 1936, Pub. L. 87-128, title III, Sec. 310F, as added 
Pub. L. 102-554, Sec. 7(b), Oct. 28, 1992, 106 Stat. 4146, related to 
availability of farm ownership loans and loan guarantees for certain 
qualified beginning farmers and ranchers, prior to repeal by Pub. L. 
104-127, title VI, Sec. 616(b), Apr. 4, 1996, 110 Stat. 1090.