§ 1992. — Loan limitations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1992]
TITLE 7--AGRICULTURE
CHAPTER 50--AGRICULTURAL CREDIT
SUBCHAPTER IV--ADMINISTRATIVE PROVISIONS
Sec. 1992. Loan limitations
No loan (other than one to a public body or nonprofit association
(including Indian tribes on Federal and State reservations or other
federally recognized Indian tribal groups) for community facilities or
one of a type authorized by section 1926(a)(1) of this title prior to
its amendment by the Rural Development Act of 1972) shall be made by the
Secretary either for sale as an insured loan or otherwise under sections
1926(a)(1), 1932, or 1942(c) of this title unless the Secretary shall
have determined that no other lender is willing to make such loan and
assume 10 per centum of any loss sustained thereon. No contract
guaranteeing any such loan by such other lender shall require the
Secretary to guarantee more than 90 per centum of the principal and
interest on such loan.
(Pub. L. 87-128, title III, Sec. 344, as added Pub. L. 92-419, title I,
Sec. 129, Aug. 30, 1972, 86 Stat. 666; amended Pub. L. 94-35, Sec. 2,
June 16, 1975, 89 Stat. 214; Pub. L. 104-127, title VI, Sec. 661(i),
Apr. 4, 1996, 110 Stat. 1107.)
References in Text
For statutory changes to section 1926(a)(1) of this title by the
Rural Development Act of 1972, referred to in text, see 1972 Amendment
note for section 104 of Pub. L. 92-419, set out under section 1926 of
this title. For complete classification of Rural Development Act of 1972
to the Code, see Short Title of 1972 Amendment note set out under
section 1921 of this title and Tables.
Amendments
1996--Pub. L. 104-127 substituted ``1926(a)(1), 1932, or 1942(c) of
this title'' for ``1924(b), 1926(a)(1), 1932, 1942(b), or 1942(c) of
this title''.
1975--Pub. L. 94-35 substituted ``guaranteed more than 90 per centum
of the principal and interest on such loan'' for ``participate in more
than 90 per centum of any loss sustained thereon''.
