§ 1929b. — Purchase of guaranteed portions of loans; terms and conditions; exercise of authorities.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1929b]
TITLE 7--AGRICULTURE
CHAPTER 50--AGRICULTURAL CREDIT
SUBCHAPTER I--REAL ESTATE LOANS
Sec. 1929b. Purchase of guaranteed portions of loans; terms and
conditions; exercise of authorities
The Secretary may purchase, on such terms and conditions as the
Secretary deems appropriate, the guaranteed portion of any loan
guaranteed under this chapter: Provided, That the Secretary may not pay
for any such guaranteed portion of a loan in excess of an amount equal
to the unpaid principal balance and accrued interest on the guaranteed
portion of the loan. The Secretary may use for such purchases funds from
the Rural Development Insurance Fund with respect to rural development
loans as defined in section 1929a(a) of this title and funds from the
Agricultural Credit Insurance Fund with respect to all other loans under
this chapter. This authority may be exercised only if the Secretary
determines that an adequate secondary market is not available in the
private sector.
(Pub. L. 87-128, title III, Sec. 309B, as added Pub. L. 95-334, title I,
Sec. 111, Aug. 4, 1978, 92 Stat. 424.)
References in Text
For definition of ``this chapter'', referred to in text, see note
set out under section 1921 of this title.
Section Referred to in Other Sections
This section is referred to in section 2001 of this title.
