
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC2277a-5]

 
                       TITLE 12--BANKS AND BANKING
 
                     CHAPTER 23--FARM CREDIT SYSTEM
 
          SUBCHAPTER V--FARM CREDIT ADMINISTRATION ORGANIZATION
 
            Part E--Farm Credit System Insurance Corporation
 
Sec. 2277a-5. Certification of premiums


(a) Filing certified statement

    Annually, on a date to be determined in the sole discretion of the 
Board of Directors, each insured System bank that became insured before 
the beginning of the year shall file with the Corporation a certified 
statement showing--
        (1) the annual average principal outstanding on loans made by 
    the bank that are in accrual status, including the nonguaranteed 
    portions of government-guaranteed loans;
        (2) the annual average principal outstanding on the guaranteed 
    portion of Federal Government-guaranteed loans (as defined in 
    section 2277a-4(a)(3) of this title) that are in accrual status;
        (3) the annual average principal outstanding on State 
    government-guaranteed loans (as defined in section 2277a-4(a)(3) of 
    this title) that are in accrual status;
        (4) the annual average principal outstanding on loans that are 
    in nonaccrual status; and
        (5) the amount of the premium due the Corporation from the bank 
    for the year.

(b) Contents and form of statement

    The certified statement required to be filed with the Corporation 
under subsection (a) of this section shall be in such form and set forth 
such supporting information as the Board of Directors shall prescribe, 
and shall be certified by the president of the bank or any other officer 
designated by its board of directors that to the best of the person's 
knowledge and belief the statement is true, correct, complete, and has 
been prepared in accordance with this part and all regulations issued 
thereunder.

(c) Initial premium payment

    Each System bank shall pay to the Corporation the amount of the 
initial premium it is required to certify under subsection (a) of this 
section as soon as practicable after January 1, 1990, based on the 
application of section 2277a-4 of this title to the accruing loan volume 
of the bank for calendar year 1989.

(d) Subsequent premium payments

    The premium payments required from insured System banks under 
subsection (a) of this section shall be made not less frequently than 
annually in such manner and at such time or times as the Board of 
Directors shall prescribe, except that the amount of the premium shall 
be established not later than 60 days after filing the certified 
statement setting forth the amount of the premium.

(e) Regulations

    The Board of Directors shall prescribe all rules and regulations 
necessary for the enforcement of this section. The Board of Directors 
may limit the retroactive effect, if any, of any of its rules or 
regulations.

(Pub. L. 92-181, title V, Sec. 5.56, as added Pub. L. 100-233, title 
III, Sec. 302, Jan. 6, 1988, 101 Stat. 1612; amended Pub. L. 100-399, 
title III, Sec. 302(f), Aug. 17, 1988, 102 Stat. 994; Pub. L. 101-624, 
title XVIII, Sec. 1835, Nov. 28, 1990, 104 Stat. 3833; Pub. L. 104-105, 
title II, Sec. 215(a)(2)(B), Feb. 10, 1996, 110 Stat. 176.)


                               Amendments

    1996--Subsec. (a)(2), (3). Pub. L. 104-105 substituted ``2277a-
4(a)(3) of this title'' for ``2277a-4(a)(2) of this title''.
    1990--Subsec. (a). Pub. L. 101-624 amended subsec. (a) generally. 
Prior to amendment, subsec. (a) read as follows: ``Annually, on a date 
to be determined in the sole discretion of the Board of Directors, each 
insured System bank that became insured before the beginning of the year 
shall file with the Corporation a certified statement showing the annual 
average principal outstanding on loans made by the bank that are in 
accrual status, the annual average principal outstanding on loans that 
are in nonaccrual status, and the amount of the premium due the 
Corporation from the bank for such year.''
    1988--Subsec. (a). Pub. L. 100-399 substituted ``of the year'' for 
``of such year''.


                    Effective Date of 1988 Amendment

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

                  Section Referred to in Other Sections

    This section is referred to in section 2277a-6 of this title.
