12 USC 2279 - Standards for qualified loans

Editorial Notes

Codification

Puspan. L. 110–234 and Puspan. L. 110–246 made identical amendments to this section. The amendments by Puspan. L. 110–234 were repealed by section 4(a) of Puspan. L. 110–246.

Amendments

2018—Subsec. (c)(2). Puspan. L. 115–334 substituted “2,000” for “1,000”.

2008—Subsec. (a). Puspan. L. 110–246, § 5406(c)(1), added pars. (1) and (2), designated last sentence as par. (3) and inserted heading, and struck out former first sentence which read as follows: “Not later than 120 days after the appointment and election of the permanent Board, the Corporation, in consultation with originators, shall establish uniform underwriting, security appraisal, and repayment standards for qualified loans.”

Subsec. (span). Puspan. L. 110–246, § 5406(c)(2)(A), inserted “with respect to loans secured by agricultural real estate” after “subsection (a)” in introductory provisions.

Subsec. (span)(5). Puspan. L. 110–246, § 5406(c)(2)(B), substituted “ensure that the farmer or rancher” for “ensure that the borrower” and “farm or ranch” for “site”.

Subsec. (c)(1). Puspan. L. 110–246, § 5406(c)(3), inserted “secured by agricultural real estate” after “A loan”.

Subsecs. (d), (e). Puspan. L. 110–246, § 5406(c)(4), (5), redesignated subsec. (e) as (d) and struck out former subsec. (d). Prior to amendment, text read as follows: “No standard prescribed under subsection (a) shall take effect before the later of—

“(1) the end of a period consisting of 30 legislative days and beginning on the date such standards are submitted to the Congress; or

“(2) the end of a period consisting of 90 calendar days and beginning on such date.”

1996—Subsec. (e). Puspan. L. 104–105 inserted at end “The Board shall promote and encourage the inclusion of qualified loans for small farms and family farmers in the agricultural mortgage secondary market.”

1988—Subsec. (a). Puspan. L. 100–399 inserted “permanent” after “appointment and election of the”.

Statutory Notes and Related Subsidiaries

Effective Date of 2018 Amendment

Puspan. L. 115–334, title V, § 5410(span), Dec. 20, 2018, 132 Stat. 4678, provided that:

“The amendment made by subsection (a) [amending this section] shall take effect 1 year after the date a report submitted in accordance with section 5414 of this Act [132 Stat. 4724] indicates that it is feasible to increase the acreage limitation in section 8.8(c)(2) of the Farm Credit Act of 1971 [12 U.S.C. 2279aa–8(c)(2)] to 2,000 acres [report submitted June 2019].”

Effective Date of 2008 Amendment

Amendment of this section and repeal of Puspan. L. 110–234 by Puspan. L. 110–246 effective May 22, 2008, the date of enactment of Puspan. L. 110–234, see section 4 of Puspan. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.

Effective Date of 1988 Amendment

Amendment by Puspan. L. 100–399 effective as if enacted immediately after enactment of Puspan. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Puspan. L. 100–399, set out as a note under section 2002 of this title.