2012 US Code
Title 7 - Agriculture
Chapter 50 - AGRICULTURAL CREDIT (§§ 1921 - 2009ee-3)
Subchapter II - OPERATING LOANS (§§ 1941 - 1949)
Section 1943 - Limitations on amount of operating loans
Publication Title | United States Code, 2012 Edition, Title 7 - AGRICULTURE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 7 - AGRICULTURE CHAPTER 50 - AGRICULTURAL CREDIT SUBCHAPTER II - OPERATING LOANS Sec. 1943 - Limitations on amount of operating loans |
Contains | section 1943 |
Date | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 87-128, title III, §313, Aug. 8, 1961, 75 Stat. 310; Pub. L. 90-488, §9, Aug. 15, 1968, 82 Stat. 771; Pub. L. 92-419, title I, §122, Aug. 30, 1972, 86 Stat. 665; Pub. L. 95-334, title I, §116, Aug. 4, 1978, 92 Stat. 426; Pub. L. 98-258, title VI, §604(a), Apr. 10, 1984, 98 Stat. 139; Pub. L. 105-277, div. A, §101(a) [title VIII, §806(b)], Oct. 21, 1998, 112 Stat. 2681, 2681-39; Pub. L. 110-234, title V, §5102, May 22, 2008, 122 Stat. 1146; Pub. L. 110-246, §4(a), title V, §5102, June 18, 2008, 122 Stat. 1664, 1908. |
Statutes at Large References | 75 Stat. 310 82 Stat. 771 86 Stat. 665 92 Stat. 426 98 Stat. 139 112 Stat. 2681 122 Stat. 1146, 1664 |
Public Law References | Public Law 87-128, Public Law 90-488, Public Law 92-419, Public Law 95-334, Public Law 98-258, Public Law 105-277, Public Law 110-234, Public Law 110-246 |
Download PDF
The Secretary shall make or insure no loan under this subchapter—
(1) that would cause the total principal indebtedness outstanding at any one time for loans made under this subchapter to any one borrower to exceed, in the case of a loan other than a loan guaranteed by the Secretary, $300,000, or, in the case of a loan guaranteed by the Secretary, $700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or
(2) for the purchasing or leasing of land other than for cash rent, or for carrying on any land leasing or land purchasing program.
(b) Inflation percentageFor purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on August 31 of the immediately preceding fiscal year; exceeds
(2) the average of such index (as so defined) for the 12-month period ending on August 31, 1996.
(Pub. L. 87–128, title III, §313, Aug. 8, 1961, 75 Stat. 310; Pub. L. 90–488, §9, Aug. 15, 1968, 82 Stat. 771; Pub. L. 92–419, title I, §122, Aug. 30, 1972, 86 Stat. 665; Pub. L. 95–334, title I, §116, Aug. 4, 1978, 92 Stat. 426; Pub. L. 98–258, title VI, §604(a), Apr. 10, 1984, 98 Stat. 139; Pub. L. 105–277, div. A, §101(a) [title VIII, §806(b)], Oct. 21, 1998, 112 Stat. 2681, 2681–39; Pub. L. 110–234, title V, §5102, May 22, 2008, 122 Stat. 1146; Pub. L. 110–246, §4(a), title V, §5102, June 18, 2008, 122 Stat. 1664, 1908.)
CodificationPub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
Amendments2008—Subsec. (a)(1). Pub. L. 110–246, §5102, substituted “$300,000” for “$200,000”.
1998—Pub. L. 105–277 inserted section catchline, designated existing provisions as subsec. (a), inserted heading, substituted “this subchapter—” for “this subchapter”, in introductory provisions, realigned margin of par. (1) and substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or” for “$400,000; or”, realigned margin of par. (2), and added subsec. (b).
1984—Pub. L. 98–258 substituted “$200,000” and “$400,000” for “$100,000” and “$200,000”, respectively.
1978—Pub. L. 95–334 substituted provisions setting forth criteria for Secretary to make or insure loans under this subchapter for provisions setting forth criteria for Secretary to make loans under this subchapter.
1972—Pub. L. 92–419 substituted “$50,000” for “$35,000”.
1968—Pub. L. 90–488 struck out from item (1) the proviso which limited the amount to be used for loans which would cause the indebtedness of any borrower to exceed $15,000 to 25 per centum of the sums made available for loans.
Effective Date of 2008 AmendmentAmendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.