§ 1141d-1. — Interest rates on loans made from revolving fund.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1141d-1]
TITLE 12--BANKS AND BANKING
CHAPTER 7A--AGRICULTURAL MARKETING
Sec. 1141d-1. Interest rates on loans made from revolving fund
Interest rates in excess of the rates set forth in notes or other
obligations taken by the Federal Farm Board or the Farm Credit
Administration for loans made from the revolving fund authorized by
section 1141d of this title shall not be charged or collected on any of
said loans, whether such loans have been heretofore or are hereafter
paid in whole or in part, except that in those cases where a borrower by
specific contract has agreed to pay a higher rate of interest, the
contract rate shall be charged for the period agreed upon; and the
amount of any interest collected in excess of the rates thus set forth
or contracted for shall be refunded out of said fund or credited on the
borrower's indebtedness.
(June 22, 1939, ch. 239, 53 Stat. 853.)
Codification
Section was not enacted as part of the Agricultural Marketing Act
which comprises this chapter.
Change of Name
Federal Farm Board changed in 1933 to Farm Credit Administration by
Ex. Ord. No. 6084, set out preceding section 2241 of this title.
Transfer of Functions
Establishment of Farm Credit Administration as an independent
agency, composition of Farm Credit Administration, appointment of
Governor of Farm Credit Administration, and duties thereof, including
duty to perform functions, etc., of Farm Credit Administration, see
section 2241 et seq. of this title.
Exceptions From Transfer of Functions
Functions of Farm Credit Administration or any agency, officer, or
entity of, under, or subject to supervision of said Administration
excepted from functions of officers, agencies, and employees transferred
to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, Sec. 1, eff.
June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to
Title 5, Government Organization and Employees.