Page:United States Statutes at Large Volume 94 Part 2.djvu/595

 PUBLIC LAW 96-438—OCT. 13, 1980

94 STAT. 1873

"(c) The Secretary shall conduct the emergency loan program under this subtitle in a manner that will foster and encourage the family farm system of agriculture, consistent with the reaffirmation of policy and declaration of the intent of Congress contained in section 102(a) of the Food and Agriculture Act of 1977. "(d) For the purposes of this subtitle— "(1) 'aquaculture* means the husbandry of aquatic organisms under a controlled or selected environment; and "(2) 'able to obtain sufficient credit elsewhere' means able to obtain sufficient credit elsewhere to finance the applicant's actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. "SEC. 322. (a) For the purpose of determining whether to make or insure any loan under this subtitle, the Secretary shall take into consideration the net worth of the applicant involved, including all the assets and liabilities of the applicant. "(b) For the purpose of determining whether an applicant under this subtitle is not able to obtain sufficient credit elsewhere, the Secretary shall require at least one written indication of declination of credit, from a legally organized lending institution within reasonable proximity to the applicant, that specifies the reasons for the declination: Provided, That for loans in excess of $300,000, the Secretary shall require at least two such written declinations: Provided further. That for loans of $300,000 or less, the Secretary may waive the requirement of this subsection if the Secretary determines that it would impose an undue burden on the applicant. "SEC, 323. Loans may be made or insured under this subtitle for any purpose authorized for loans under subtitle A or B of this title and for crop or livestock changes deemed desirable by the applicant, subject to the limitations on the amounts of loans provided in section 324(a) of this title. "SEC. 324. (a)(1) Except as otherwise provided in paragraph (2) of this subsection, no loan made or insured under this subtitle may exceed the amount of the actual loss caused by the disaster or $500,000, whichever is less, for each disaster. "(2) Through September 30, 1982, loans may be made or insured under this subtitle in amounts in excess of the amount of actual loss (as limited under paragraph (1) of this subsection) to applicants who are not able to obtain sufficient credit elsewhere, within the following limits: "(A) Through the end of fiscal year 1980, no such loan may be made or insured in an amount that would cause the total unpaid principal indebtedness of the applicant for loans or portions of loans in excess of the amount of actual loss to exceed $1,500,000; "(B) During fiscal year 1981, no such loan may be made or insured in an amount that would cause the total unpaid principal indebtedness of the applicant for loans or portions of loans in excess of the amount of actual loss to exceed $1,000,000; "(C) During fiscal year 1982, no such loan may be made or insured in an amount that would cause the total unpaid principal

Family farm system.

7 USC 2266. Definitions.

Loan determination factors. 7 USC 1962. Written credit declination.

Loans, extent. 7 USC 1963. 7 USC 1922, 1941. Loan limitation. 7 USC 1964.

Excess loan amounts.

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