
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2205]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
     SUBCHAPTER IV--PROVISIONS APPLICABLE TO TWO OR MORE CLASSES OF 
                       INSTITUTIONS OF THE SYSTEM
 
            Part D--Activities of Institutions of the System
 
Sec. 2205. Interest rates

    Interest rates on loans from institutions of the Farm Credit System 
shall not be subject to any interest rate limitation imposed by any 
State constitution or statute or other laws. Such limitation is 
preempted for purposes of this chapter. Interest rates on loans made by 
agricultural credit corporations organized in conjunction with 
cooperative associations for the purpose of financing the ordinary crop 
operations of the members of such associations or other producers and 
eligible to discount with the Federal intermediate credit banks and Farm 
Credit Banks shall be exempt from any interest rate limitation imposed 
by any State constitution or statute or other laws which are hereby 
preempted for purposes of this chapter.

(Pub. L. 92-181, title IV, Sec. 4.17, as added Pub. L. 96-592, title IV, 
Sec. 403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99-205, title 
II, Sec. 205(f)(6), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99-509, title 
I, Sec. 1035, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100-399, title IX, 
Sec. 901(h), Aug. 17, 1988, 102 Stat. 1007.)


                               Amendments

    1988--Pub. L. 100-399 substituted ``and Farm Credit Banks'' for 
``pursuant to section 2074 of this title''.
    1986--Pub. L. 99-509 substituted first two sentences for former 
first sentence which read as follows: ``Interest rates on loans from 
institutions of the Farm Credit System shall be determined with the 
approval of, as provided in section 2252(a)(5) of this title, the Farm 
Credit Administration as provided in this chapter, notwithstanding any 
interest rate limitation imposed by any State constitution or statute or 
other laws which are hereby preempted for purposes of this chapter.''
    1985--Pub. L. 99-205 inserted ``, as provided in section 2252(a)(5) 
of this title,'' after ``with the approval of'' in first sentence.


                    Effective Date of 1988 Amendment

    Amendment by Pub. L. 100-399 effective immediately after amendment 
made by section 401 of Pub. L. 100-233, which was effective 6 months 
after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399, set out as a 
note under section 2002 of this title.


                    Effective Date of 1985 Amendment

    Amendment by Pub. L. 99-205 effective thirty days after Dec. 23, 
1985, see section 401 of Pub. L. 99-205, set out as a note under section 
2001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 2075, 2096 of this title.
