7 U.S.C. § 1982

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 1982 - Relief for mobilized military reservists from certain agricultural loan obligations

(a) Definition of mobilized military reservist

In this section, the term "mobilized military reservist" means an individual who-

(1) is on active duty under section 688, 12301(a), 12301(g), 12302, 12304, 12306, or 12406, or chapter 13 of title 10, or any other provision of law during a war or during a national emergency declared by the President or Congress, regardless of the location at which the active duty service is performed; or

(2) in the case of a member of the National Guard, is on full-time National Guard duty (as defined in section 101(d)(5) of title 10) under a call to active service authorized by the President or the Secretary of Defense for a period of more than 30 consecutive days under section 502(f) of title 32 for purposes of responding to a national emergency declared by the President and supported by Federal funds.

(b) Forgiveness of interest payments due while borrower is a mobilized military reservist

Any requirement that a borrower of a direct loan made under this chapter make any interest payment on the loan that would otherwise be required to be made while the borrower is a mobilized military reservist is rescinded.

(c) Deferral of principal payments due while or after borrower is a mobilized military reservist

The due date of any payment of principal on a direct loan made to a borrower under this chapter that would otherwise be required to be made while or after the borrower is a mobilized military reservist is deferred for a period equal in length to the period for which the borrower is a mobilized military reservist.

(d) Nonaccrual of interest

Interest on a direct loan made to a borrower described in this section shall not accrue during the period the borrower is a mobilized military reservist.

(e) Borrower not considered to be delinquent or receiving debt forgiveness

Notwithstanding section 2008h of this title or any other provision of this chapter, a borrower who receives assistance under this section shall not, as a result of the assistance, be considered to be delinquent or receiving debt forgiveness for purposes of receiving a direct or guaranteed loan under this chapter.

7 U.S.C. § 1982

Pub. L. 87-128, title III, §332, as added Pub. L. 108-375, div. A, title VI, §664, Oct. 28, 2004, 118 Stat. 1974; amended Pub. L. 115-232, div. A, title XII, §1204(a)(2), Aug. 13, 2018, 132 Stat. 2017.

EDITORIAL NOTES

REFERENCES IN TEXTThis chapter, referred to in subsecs. (b), (c), and (e), was in the original "this title", meaning title III of Pub. L. 87-128, Aug. 8, 1961, 75 Stat. 307, known as the Consolidated Farm and Rural Development Act. For complete classification of title III to the Code, see Short Title note set out under section 1921 of this title and Tables.

PRIOR PROVISIONSA prior section 1982, Pub. L. 87-128, title III, §332, Aug. 8, 1961, 75 Stat. 314; Pub. L. 99-198, title XIII, §1311, Dec. 23, 1985, 99 Stat. 1524; Pub. L. 100-233, title VI, §607, Jan. 6, 1988, 101 Stat. 1667; Pub. L. 101-624, title XVIII, §18091809,, 104 Stat. 3820; Pub. L. 102-554, §11, Oct. 28, 1992, 106 Stat. 4151, related to county committees, prior to repeal by Pub. L. 103-354, title II, §227(b)(1), Oct. 13, 1994, 108 Stat. 3218.

AMENDMENTS2018-Subsec. (a)(1). Pub. L. 115-232 substituted "chapter 13" for "chapter 15".

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.
direct loan: The term "direct loan" means a loan made or insured from funds in the account created by section 1929 of this title.