Page:United States Statutes at Large Volume 94 Part 2.djvu/597

 PUBLIC LAW 96-438—OCT. 13, 1980

94 STAT. 1875

disaster and which in the opinion of the Secretary, together with the Secretary's confidence in the repayment ability of the applicant, is adequate security for the loan, and (2) make such loan repayable at such times as the Secretary may determine, not later than as provided under subtitles A and B of this title, as justified by the needs of the applicant: Provided further. That for any disaster occurring after January 1, 1975, the Secretary, if the loan is for a purpose described in subtitle B of this title, may make the loan repayable at the end of a period of more than seven years, but not more than twenty years, if the Secretary determines that the need of the loan applicant justifies such a longer repayment period: Provided further, That for any direct or insured loan (other than a guaranteed loan) approved under section 321(b) of this title, three years after the loan is made or insured, and every two years thereafter for the term of the loan, the Secretary shall review the loan; and if, based on such review, the Secretary determines that the borrower is able to obtain a loan from non-Federal sources at reasonable rates and terms for loans for similar purposes and periods of time, the borrower shall on request by the Secretary, apply for and accept such non-Federal loan in sufficient amount to repay the Secretary. "(e) Any political subdivision of a State with a population of less than ten thousand inhabitants that, if such subdivision had a population often thousand or more inhabitants, would be eligible for a grant under the first title of the Community Emergency Drought Relief Act of 1977 shall be eligible for a grant under the Consolidated Farm and Rural Development Act during any period in which the Community Emergency Drought Relief Act of 1977 is or has been in effect."; and (2) amending section 330 to read as follows: "SEC. 330. Subsequent loans to continue the farming, ranching, or aquaculture operation may be made under this subtitle on an annual basis, for not to exceed two additional years, to eligible borrowers, subject to the limits on loans and the rates of interest established under section 324 of this title.". (c) Section 333(b) of the Consolidated Farm and Rural Development Act is amended by striking out "321(b)(2)" wherever it appears and inserting in lieu thereof "321(a)(2)". (d) The amendments to subtitle C of the Consolidated Farm and Rural Development Act made by subsection (b) of this section shall be effective with respect to loans approved by the Secretary of Agriculture under subtitle C after the date of enactment of this Act, except that, for borrowers with loans outstanding under subtitle C as of December 15, 1979— (1) the limits on loans under section 324 of the Consolidated Farm and Rural Development Act made by subsection (b)(1) of this section, and (2) the reduction in the time limit on subsequent emergency loans under section 330 of the Consolidated Farm and Rural Development Act made by subsection (b)(2) of this section shall not apply to subsequent emergency loans under section 330 (as in effect on the date preceding the date of enactment of this Act) that are made to such borrowers for the disasters for which the borrowers obtained loans under subtitle C prior to December 16, 1979.

7 USC 1922, 1941. Repayment period, extension. Review; nonFederal loans. Ante, p. 1872.

Grant eligibility.

42 USC 5184 note. 7 USC 1921 note. 7 USC 1971.

Ante, p. 1873. 7 USC 1983. 7 USC 1961 note. 7 USC 1961.

Ante, p. 1873.

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