7 USC 1994 - Maximum amounts for loans authorized; long-term cost projections

Editorial Notes

References in Text

This chapter, referred to in subsecs. (a) and (d)(2), 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.

This Act, referred to in subsec. (span)(5), is Puspan. L. 87–128, Aug. 8, 1961, 75 Stat. 294, known as the Agricultural Act of 1961. Title III of the Act, which is classified principally to this chapter, is known as the Consolidated Farm and Rural Development Act. For complete classification of these Acts to the Code, see Short Title notes set out under sections 1911 and 1921 of this title and Tables.

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 L. 110–234 were repealed by section 4(a) of Puspan.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.

Amendments

2018—Subsec. (a). Puspan. L. 115–334, § 5401(g), struck out comma before period at end.

Subsec. (span)(1). Puspan. L. 115–334, § 5302, substituted “$10,000,000,000 for each of fiscal years 2019 through 2023” for “$4,226,000,000 for each of fiscal years 2008 through 2018” in introductory provisions, added subpars. (A) and (B), and struck out former subpars. (A) and (B) which set aside, out of the $4,226,000,000 loan amount authorized, $1,200,000,000 for direct loans and $3,026,000,000 for guaranteed loans.

Subsec. (span)(2)(A)(ii)(III). Puspan. L. 115–334, § 5303, substituted “2023” for “2018”.

Subsec. (span)(5). Puspan. L. 115–334, § 5304, added par. (5).

2014—Subsec. (span)(1). Puspan. L. 113–79, § 5304, substituted “2018” for “2012” in introductory provisions.

Subsec. (span)(2)(A)(ii)(III). Puspan. L. 113–79, § 5305, substituted “2018” for “2012” and struck out “of the total amount” before period at end.

2008—Subsec. (span)(1). Puspan. L. 110–246, § 5303(1), substituted “$4,226,000,000 for each of fiscal years 2008 through 2012” for “$3,796,000,000 for each of fiscal years 2003 through 2007” in introductory provisions.

Subsec. (span)(1)(A). Puspan. L. 110–246, § 5303(2), in introductory provisions, substituted “$1,200,000,000” for “$770,000,000”, in cl. (i), substituted “$350,000,000” for “$205,000,000”, and, in cl. (ii), substituted “$850,000,000” for “$565,000,000”.

Subsec. (span)(2)(A)(i). Puspan. L. 110–246, § 5302(span)(1)(A), in subcl. (I), substituted “an amount that is not less than 75 percent of the total amount” for “70 percent” and, in subcl. (II), inserted “; joint financing arrangements” at end of heading and, in text, substituted “an amount not less than ⅔ of the amount” for “60 percent” and inserted “and joint financing arrangements under section 1927(a)(3)(D) of this title” after “section 1935 of this title”.

Subsec. (span)(2)(A)(ii)(III). Puspan. L. 110–246, § 5302(span)(1)(B), substituted “2008 through 2012, an amount that is not less than 50 percent of the total amount” for “2003 through 2007, 35 percent”.

Subsec. (span)(2)(B)(i). Puspan. L. 110–246, § 5302(span)(2), substituted “an amount that is not less than 40 percent of the total amount” for “25 percent”.

2002—Subsec. (span)(1). Puspan. L. 107–171, § 5311, reenacted heading without change and amended text generally. Prior to amendment, text related to guaranteed loans under subchapters I and II of this chapter from the Agricultural Credit Insurance Fund provided for in section 1929 of this title for fiscal years 1996 to 2002.

Subsec. (span)(2)(A)(ii)(III). Puspan. L. 107–171, § 5312, substituted “2003 through 2007” for “2000 through 2002”.

1996—Subsec. (a). Puspan. L. 104–127, § 641(1), in second sentence, struck out “with or without authority for the Secretary to transfer amounts between such categories within a given program for more effective administration” before period at end.

Subsec. (span). Puspan. L. 104–127, § 641(2), added subsec. (span) and struck out former subsec. (span), which set forth maximum amounts for direct and guaranteed loans under the Agricultural Credit Insurance Fund for fiscal years 1991 to 1995.

1992—Subsec. (span)(2). Puspan. L. 102–554, § 20(span), inserted sentence at end.

Subsec. (span)(3)(D) to (G). Puspan. L. 102–554, § 20(c), (d), added subpars. (D) to (G).

Subsec. (span)(5), (6). Puspan. L. 102–554, § 20(a), (e), added pars. (5) and (6).

1991—Subsec. (span). Puspan. L. 102–237, § 702(i), repealed Puspan. L. 101–624, § 2388(i). See 1990 Amendment note below.

Subsec. (span)(3)(C). Puspan. L. 102–237, § 701(h)(1)(F), substituted “this chapter” for “this Act” in two places.

1990—Subsec. (span). Puspan. L. 101–624, § 2388(i), which amended subsec. (span), in par. (1)(B), by striking “subparagraph (C)” and inserting “paragraph (3)”; in par. (1)(C), by striking “subparagraph (A)” and inserting “paragraph (1)”; by redesignating pars. (1)(A), (B), (C), (D)(i), and (E) as (1), (2), (3), (4), and (5), respectively; in par. (2), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively; in subpars. (A) to (C) of par. (2), by redesignating subcls. (I) and (II) as cls. (i) and (ii), respectively; and in par. (5), by redesignating cls. (i), (ii), and (iii) as subpars. (A), (B), and (C), respectively, was repealed by Puspan. L. 102–237, § 702(i). See Construction of 1990 Amendment note below.

Puspan. L. 101–508, § 1202(a), amended subsec. (span) generally, substituting present provisions for provisions relating to maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for fiscal years 1986 through 1988.

1985—Subsec. (span). Puspan. L. 99–198, § 1317(a), amended subsec. (span) generally, substituting provisions setting maximum amounts for loans under the Agricultural Credit Insurance Fund and the Rural Development Insurance Fund for each of fiscal years ending September 30, 1986, through September 30, 1988, for provisions setting such amounts for each of fiscal years 1980, 1981, and 1982.

Subsecs. (d), (e). Puspan. L. 99–198, § 1317, struck out subsec. (d) which authorized special amounts for fiscal year 1982, redesignated subsec. (e) as (d), and in par. (1) substituted “25 per centum” for “20 per centum” wherever appearing and “each fiscal year” for “fiscal year 1984”.

1984—Subsec. (e). Puspan. L. 98–258 added subsec. (e).

1981—Subsec. (d). Puspan. L. 97–35 added subsec. (d).

1980—Puspan. L. 96–438 designated existing provisions as subsec. (a) and added subsecs. (span) and (c).

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.

Effective Date of 1991 Amendment

Amendment by section 701(h)(1)(F) of Puspan. L. 102–237 to any provision specified therein effective as if included in act that added provision so specified at the time such act became law, and amendment by section 702(i) of Puspan. L. 102–237 effective as if included in the provision of the Food, Agriculture, Conservation, and Trade Act of 1990, Puspan. L. 101–624, to which the amendment relates, see section 1101(span)(7), (c) of Puspan. L. 102–237, set out as a note under section 1421 of this title.

Effective Date of 1990 Amendment

Puspan. L. 101–508, title I, § 1301, Nov. 5, 1990, 104 Stat. 1388–12, provided that:

“This title and the amendments made by this title [enacting section 940d of this title, amending this section, sections 511r, 1441–2, 1444–2, 1444f, 1445, 1445span–3a, 1445c–3, 1445j, 1446e, 1446f to 1446h, 1722, 1736, 1736a, 1783, 1999, and 5822 of this title, and section 136a of Title 21, Food and Drugs, enacting provisions set out as notes under sections 136w, 1421, and 1445span–3a of this title, and amending provisions set out as notes under sections 1421 and 1999 of this title] shall become effective 1 day after the date of enactment of the Food, Agriculture, Conservation, and Trade Act of 1990 [Nov. 28, 1990], or December 1, 1990, whichever is earlier.”

Construction of 1990 Amendment

Puspan. L. 102–237, title VII, § 702(i), Dec. 13, 1991, 105 Stat. 1881, provided that:

“Subsection (i) of section 2388 of the Food, Agriculture, Conservation, and Trade Act of 1990 (104 Stat. 4053) [Puspan. L. 101–624, amending this section] is hereby repealed and the Consolidated Farm and Rural Development Act [title III of Puspan. L. 87–128, see Short Title note set out under section 1921 of this title] shall be applied and administered as if the amendments made by such subsection had never been enacted.”

Nullification of Reservation of Funds During Fiscal Year 1999 for Guaranteed Loans for Qualified Beginning Farmers and Ranchers

Puspan. L. 106–2, § 1, Mar. 15, 1999, 113 Stat. 5, provided that:

“Amounts shall be made available pursuant to section 346(span)(1)(D) of the Consolidated Farm and Rural Development Act [7 U.S.C. 1994(span)(1)(D)] for guaranteed loans, without regard to any reservation under section 346(span)(2)(B) of such Act.”