7 U.S.C. § 937

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 937 - Loans from other credit sources

When it appears to the Secretary that the loan applicant is able to obtain a loan for part of his credit needs from a responsible cooperative or other credit source at reasonable rates and terms consistent with the loan applicant's ability to pay and the achievement of this chapter's objectives, he may request the loan applicant to apply for and accept such a loan concurrently with an insured loan, subject, however, to full use being made by the Secretary of the funds made available hereunder for such insured loans under this subchapter. The Secretary may not request any applicant for an electric loan under this chapter to apply for and accept a loan in an amount exceeding 30 percent of the credit needs of the applicant.

7 U.S.C. § 937

May 20, 1936, ch. 432, title III, §307, as added Pub. L. 93-32, §2, May 11, 1973, 87 Stat. 70; amended Pub. L. 97-35, title I, §165(c), Aug. 13, 1981, 95 Stat. 379; Pub. L. 103-129, §2(c)(8), Nov. 1, 1993, 107 Stat. 1365; Pub. L. 103-354, title II, §235(a)(13), Oct. 13, 1994, 108 Stat. 3221.

EDITORIAL NOTES

AMENDMENTS1994- Pub. L. 103-354 substituted "Secretary" for "Administrator" wherever appearing.1993- Pub. L. 103-129 inserted at end "The Administrator may not request any applicant for an electric loan under this chapter to apply for and accept a loan in an amount exceeding 30 percent of the credit needs of the applicant."1981- Pub. L. 97-35 substituted "an insured loan" for "a loan insured at the standard rate".

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective May 11, 1973, see section 12 of Pub. L. 93-32 set out as a note under section 930 of this title.

Secretary

The term "Secretary" means the Secretary of Agriculture.