§ 1927a. — Loan interest rates charged by Farmers Home Administration; grant funds associated with loans.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1927a]
TITLE 7--AGRICULTURE
CHAPTER 50--AGRICULTURAL CREDIT
SUBCHAPTER I--REAL ESTATE LOANS
Sec. 1927a. Loan interest rates charged by Farmers Home
Administration; grant funds associated with loans
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.
(Pub. L. 99-88, title I, Sec. 100, Aug. 15, 1985, 99 Stat. 296; Pub. L.
100-233, title VI, Sec. 615(b)(1)(A), Jan. 6, 1988, 101 Stat. 1681.)
Codification
Section 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.
Amendments
1988--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''.
Applicability of 1988 Amendment
Section 615(b)(1)(B) of Pub. L. 100-233 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].''
