
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: 7USC1981b]

 
                          TITLE 7--AGRICULTURE
 
                     CHAPTER 50--AGRICULTURAL CREDIT
 
                SUBCHAPTER IV--ADMINISTRATIVE PROVISIONS
 
Sec. 1981b. Farm loan interest rates

    Any loan for farm ownership purposes under subchapter I of this 
chapter, farm operating purposes under subchapter II of this chapter, or 
disaster emergency purposes under subchapter III of this chapter, other 
than a guaranteed loan, that is deferred, consolidated, rescheduled, or 
reamortized under this chapter shall, notwithstanding any other 
provision of this chapter, bear interest on the balance of the original 
loan and for the term of the original loan at a rate that is the lower 
of (1) the rate of interest on the original loan or (2) the rate being 
charged by the Secretary for loans, other than guaranteed loans, of the 
same type at the time of the deferral, consolidation, rescheduling, or 
reamortization.

(Pub. L. 87-128, title III, Sec. 331B, as added Pub. L. 98-258, title 
VI, Sec. 605, Apr. 10, 1984, 98 Stat. 139.)

                       References in Text

    For definition of ``this chapter'', referred to in text, see note 
set out under section 1921 of this title.


                      Adjustment of Interest Rates

    Pub. L. 100-71, title I, July 11, 1987, 101 Stat. 428, provided 
that: ``The Secretary may adjust interest rates on existing 
nonsubsidized loans if he determines such interest rates are excessive 
in relation to prevailing commercial rates for comparable loans: 
Provided, That such rate adjustments shall constitute a change in the 
loan agreement and not a new loan.''

                  Section Referred to in Other Sections

    This section is referred to in section 1946 of this title.
