SUBCHAPTER III-EMERGENCY LOANS

Statutory Notes and Related Subsidiaries

Emergency Agricultural Credit

Pub. L. 95–334, title II, §§201–211, Aug. 4, 1978, 92 Stat. 429–433 , as amended by Pub. L. 96–220, §1, Mar. 30, 1980, 94 Stat. 129 ; Pub. L. 97–98, title XVI, §1605, Dec. 22, 1981, 95 Stat. 1346 ; Pub. L. 98–258, title VI, §603, Apr. 10, 1984, 98 Stat. 139 ; Pub. L. 99–198, title XIII, §1310(b), Dec. 23, 1985, 99 Stat. 1523 , which authorized the Secretary of Agriculture to insure or guarantee loans to (1) bona fide farmers and ranchers who were primarily and directly engaged in agricultural production and who were citizens of the United States and (2) farm cooperatives and private domestic corporations and partnerships that were primarily and directly engaged in agricultural production and in which a majority interest was held by members, stockholders, or partners, as applicable, who themselves were citizens of the United States and were primarily and directly engaged in agricultural production, if the applicant for such loan: (A) had the experience or training and resources necessary to assure a reasonable prospect for successful operation with the assistance of such loan; (B) needed such credit in order to maintain a viable agricultural production operation; and (C) was not able to obtain sufficient credit elsewhere due to economic stresses, such as a general tightening of agricultural credit or an unfavorable relationship between production costs and prices received for agricultural commodities; and which provided requirements as to purposes of loans, loan limits, interest rates, repayment period, loan certifications and conditions, loan security, funding, maximum amount of outstanding loans, full faith and credit of the United States, issuance of certificates of beneficial ownership, assignment of contracts of guarantee, geographical availability, the conduct of a study and report on the program, and termination of authority to make new contracts of insurance or guarantee on Sept. 30, 1982, except with respect to the economic emergency loan program operated from Dec. 22, 1983, to Sept. 30, 1984, was repealed by Pub. L. 101–624, title XVIII, §1851, Nov. 28, 1990, 104 Stat. 3837 .

Emergency Livestock Credit

Pub. L. 93–357, July 25, 1974, 88 Stat. 391 , as amended by Pub. L. 94–35, §1, June 16, 1975, 89 Stat. 213 ; Pub. L. 94–517, Oct. 15, 1976, 90 Stat. 2446 ; Pub. L. 95–334, title III, §301, Aug. 4, 1978, 92 Stat. 433 ; Pub. L. 96–470, title I, §102(d), Oct. 19, 1980, 94 Stat. 2237 , authorized the Secretary of Agriculture to provide financial assistance to bona fide farmers and ranchers, including bona fide farmers or ranchers owning livestock that were fed in custom feedyards, who were primarily and directly engaged in agricultural production and who had substantial operations in breeding, raising, fattening, or marketing livestock, and to corporations or partnerships when a majority interest in such corporations or partnerships was held by stockholders or partners who themselves were primarily and directly engaged in such agricultural production and required the Secretary to guarantee loans, including both principal and interest, made by any legally organized lending agency. The provisions also provided requirements as to loan limits, fees or charges, interest rates, repayment period, loan certifications and conditions, loan security, maximum amount of outstanding loans, exclusion from budget totals, full faith and credit of the United States, issuance of certificates of beneficial ownership, assignment of contracts of guarantee, rules and regulations, and termination of authority to make new guarantees on Sept. 30, 1979.