7-U.S.C.-1949
§1949 – Graduation of Borrowers With Operating Loans Or Guarantees to Private Commercial Credit
Pathway
Title 7 > Chapter 50 > Subchapter II > Section 1949
Details
- Reference: Section 1949
- Legend: §1949 – Graduation of Borrowers With Operating Loans Or Guarantees to Private Commercial Credit
- USCode Year: 2013
Provision Content
(a) Graduation plan
The Secretary shall establish a plan, in coordination with activities under sections 2006a, 2006b, 2006c, and 2006d of this title, to encourage each borrower with an outstanding loan under this subchapter or with respect to whom there is an outstanding guarantee under this subchapter to graduate to private commercial or other sources of credit.
(b) Limitation on period borrowers are eligible for guaranteed assistance
(1) General rule
Subject to paragraph (2), the Secretary shall not guarantee a loan under this subchapter for a borrower for any year after the 15th year that a loan is made to, or a guarantee is provided with respect to, the borrower under this subchapter.
(2) Transition rule
If, as of October 28, 1992, a farmer or rancher has received a direct or guaranteed operating loan under this subchapter during each of 10 or more previous years, the borrower shall be eligible to receive a guaranteed operating loan under this subchapter during 5 additional years after October 28, 1992.
(Pub. L. 87–128, title III, §319, as added Pub. L. 102–554, §9, Oct. 28, 1992, 106 Stat. 4150; amended Pub. L. 104–127, title VI, §617, Apr. 4, 1996, 110 Stat. 1090.)
Amendments
1996—Subsec. (b). Pub. L. 104–127 added subsec. (b) and struck out former subsec. (b) which provided for limitation on period for which borrowers were eligible for assistance under this subchapter and contained transition rule.
Suspension of Limitation on Period for Which Borrowers Are Eligible for Guaranteed Assistance
Pub. L. 107–171, title V, §5102, May 13, 2002, 116 Stat. 343, as amended by Pub. L. 109–467, §1, Dec. 22, 2006, 120 Stat. 3485; Pub. L. 110–234, title V, §5103, May 22, 2008, 122 Stat. 1146; Pub. L. 110–246, §4(a), title V, §5103, June 18, 2008, 122 Stat. 1664, 1908, provided that: During the period beginning January 1, 2002, and ending December 31, 2010, section 319(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1949(b)) shall have no force or effect.”
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