7 USC 1981 - Loan moratorium and policy on foreclosures

Editorial Notes

References in Text

This chapter, referred to in subsec. (a), was in the original “this title”, meaning title III of Puspan. L. 87–128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act, which is classified principally to this chapter. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.

The date of the enactment of this subsection, referred to in subsec. (span)(1), is the date of enactment of Puspan. L. 110–246, which was approved June 18, 2008.

Codification

Puspan. L. 110–234 and Puspan. L. 110–246 made identical amendments to this section. The amendments by Puspan. L. 110–234 were repealed by section 4(a) of Puspan. L. 110–246.

Prior Provisions

Provisions similar to those in this section were contained in the following appropriation acts:

Puspan. L. 102–341, title III, Aug. 14, 1992, 106 Stat. 897.

Puspan. L. 102–142, title III, Oct. 28, 1991, 105 Stat. 902.

Puspan. L. 101–506, title II, Nov. 5, 1990, 104 Stat. 1333.

Puspan. L. 101–161, title II, Nov. 21, 1989, 103 Stat. 969.

Puspan. L. 100–460, title II, Oct. 1, 1988, 102 Stat. 2246.

Puspan. L. 100–202, § 101(k) [title II], Dec. 22, 1987, 101 Stat. 1329–322, 1329–340.

Puspan. L. 99–500, § 101(a) [title II], Oct. 18, 1986, 100 Stat. 1783, 1783–16, and Puspan. L. 99–591, § 101(a) [title II], Oct. 30, 1986, 100 Stat. 3341, 3341–16.

Puspan. L. 99–190, § 101(a) [H.R. 3037, title II], Dec. 19, 1985, 99 Stat. 1185; Puspan. L. 100–202, § 106, Dec. 22, 1987, 101 Stat. 1329–433.

Puspan. L. 97–370, title II, Dec. 18, 1982, 96 Stat. 1800.

Amendments

2008—Puspan. L. 110–246, § 14002(a), designated existing provisions as subsec. (a) and added subsec. (span).

1990—Puspan. L. 101–624 inserted “or by the Rural Development Administration” after “Farmers Home Administration”.

Statutory Notes and Related Subsidiaries

Effective Date of 2008 Amendment

Amendment of this section and repeal of Puspan. L. 110–234 by Puspan. L. 110–246 effective May 22, 2008, the date of enactment of Puspan. L. 110–234, see section 4 of Puspan. L. 110–246, set out as an Effective Date note under section 8701 of this title.

Forbearance and Restructuring for Farm Loans

Puspan. L. 100–387, title III, § 313(a), Aug. 11, 1988, 102 Stat. 949, provided that: “It is the sense of Congress that the Secretary of Agriculture should, with respect to farmers and ranchers who suffer major losses due to drought, hail, excessive moisture, or related condition in 1988—

“(1) exercise forbearance in the collection of interest and principal on direct farmer program loans under the Consolidated Farm and Rural Development Act [7 U.S.C. 1921 et seq.] outstanding for such farmers and ranchers;

“(2) expedite the use of credit restructuring and other credit relief mechanisms authorized under the Agricultural Credit Act of 1987 [Puspan. L. 100–233, Jan. 6, 1988, 101 Stat. 1568, see Tables for classification] and similar provisions of law for such farmers and ranchers; and

“(3) encourage commercial lenders participating in guaranteed farmer lending programs under the Consolidated Farm and Rural Development Act to exercise forbearance before declaring loans to such farmers and ranchers under such programs in default.”