7 U.S.C. § 1927a
Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers, upon request of the borrower, the interest rate charged by the Farmers Home Administration to such borrowers shall be the lower of the rates in effect at either the time of loan approval or loan closing and any Farmers Home Administration grant funds associated with such loans shall be set in amount based on the interest rate in effect at the time of loan approval.
7 U.S.C. § 1927a
EDITORIAL NOTES
CODIFICATIONSection was enacted as part of the Supplemental Appropriations Act, 1985, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.
AMENDMENTS1988- Pub. L. 100-233 substituted "Effective October 1, 1981, and thereafter, in the case of water and waste disposal and community facility borrowers, and effective November 12, 1983, and thereafter, in the case of housing and farm borrowers" for "Effective November 12, 1983, and thereafter" and "to such borrowers" for "to housing, farm, water and waste disposal, and community facility borrowers".
STATUTORY NOTES AND RELATED SUBSIDIARIES
APPLICABILITY OF 1988 AMENDMENT Pub. L. 100-233, title VI, §615(b)(1)(B), Jan. 6, 1988, 101 Stat. 1682, provided that: "The amendment made by subparagraph (A) [amending this section] shall not apply to any note or other obligation sold under section 1001 of the Omnibus [Budget] Reconciliation Act of 1986 [Pub. L. 99-509 7 U.S.C. 1929a note] on or before the date of the enactment of this paragraph [Jan. 6, 1988]."
- borrower
- The term "borrower" means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise.