Statutes, codes, and regulations
United States Code
Title 7 - AGRICULTUREChapter 50 - AGRICULTURAL CREDIT
Subchapter IV - ADMINISTRATIVE PROVISIONS
Section 1993 - Transition to private commercial or other sources of credit

7 U.S.C. § 1993

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Current through P.L. 118-59 (published on www.congress.gov on 05/07/2024)
Section 1993 - Transition to private commercial or other sources of credit
(a) In general

In making or insuring a farm loan under subchapter I or II, the Secretary shall establish a plan and promulgate regulations (including performance criteria) that promote the goal of transitioning borrowers to private commercial credit and other sources of credit in the shortest period of time practicable.

(b) Coordination

In carrying out this section, the Secretary shall integrate and coordinate the transition policy described in subsection (a) with-

(1) the borrower training program established by section 2006a of this title;
(2) the loan assessment process established by section 2006b of this title;
(3) the supervised credit requirement established by section 2006c of this title;
(4) the market placement program established by section 2006d of this title; and
(5) other appropriate programs and authorities, as determined by the Secretary.

7 U.S.C. § 1993

Pub. L. 87-128, title III, §345, as added Pub. L. 110-234, title V, §53045304,, 122 Stat. 1153, and Pub. L. 110-246, §4(a), title V, §5304, June 18, 2008, 122 Stat. 1664, 1914.

EDITORIAL NOTES

CODIFICATION Pub. L. 110-234 and Pub. L. 110-246 enacted identical sections. Pub. L. 110-234 was repealed by section 4(a) of Pub. L. 110-246.

PRIOR PROVISIONSA prior section 1993, Pub. L. 87-128, title III, §345, as added Pub. L. 94-68, §9, Aug. 5, 1975, 89 Stat. 382; amended Pub. L. 103-437, §4(a)(7), Nov. 2, 1994, 108 Stat. 4582, related to testimony by Secretary of Agriculture before congressional committees, prior to repeal by Pub. L. 104-127, title VII, §750, Apr. 4, 1996, 110 Stat. 1129.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATEEnactment of this section and repeal of Pub. L. 110-234 by Pub. L. 110-246 effective May 22, 2008, the date of enactment of Pub. L. 110-234 see section 4 of Pub. L. 110-246 set out as a note under section 8701 of this title.

borrower
The term "borrower" means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise.