Page:United States Statutes at Large Volume 95.djvu/404

 95 STAT. 378

7 USC 1942. Ante, p. 376.

Effective date. 7 USC 1927 note.

PUBLIC LAW 97-35—AUG. 13, 1981 (2) inserting in the second sentence "and loans as provided in paragraphs (2) and (3)" after "except for guaranteed loans"; and (3) adding at the end thereof new paragraphs (2) and (3) as follows: "(2) The interest rate on any loan (other than a guaranteed loan) to a low-income, limited resource borrower under this subtitle shall be the interest rate otherwise applicable under this section reduced by 3 per centum per annum. "(3) The interest rate on any loan (other than a guaranteed loan) made or insured under clause (5) of section 312(a) for activities that involve the use of prime farmland as defined in section 307(a)(6)(C) shall be the interest rate otherwise applicable under this section increased by 2 per centum per annum.". (c) The amendments made by this section shall apply to loans approved after September 30, 1981. EMERGENCY LOAN AMOUNTS

SEC. 161. Section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) is amended by inserting "only to the extent and in such amounts as provided in advance in appropriation Acts" after "The Secretary shall make and insure loans under this subtitle". INTEREST RATES ON EMERGENCY LOANS FOR ACTUAL LOSS

Effective date. 7 USC 1964 note.

SEC. 162. (a) Section 324(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1964(b)(l)) is amended to read as follows: "(1) For loans or portions of loans up to the amount of the applicant's actual loss caused by the disaster, as limited under subsection (a)(1) of this section, the interest shall be at rates prescribed by the Secretary, but (A) if the applicant is not able to obtain sufficient credit elsewhere, not in excess of 8 per centum per annum, and (B) if the applicant is able to obtain sufficient credit elsewhere, not in excess of the rate prevailing in the private market for similar loans, as determined by the Secretary; and". (b) The amendments made by this section shall apply to loans made with respect to disasters occurring after September 30, 1981. ELIGIBILITY FOR ASSISTANCE BASED ON PRODUCTION LOSS

7 USC 1970.

SEC. 163. Section 329 of the Consolidated Farm and Rural Development Act is amended to read as follows: "SEC. 329. The Secretary shall make financial assistance under this subtitle available to any applicant seeking assistance based on production losses if the applicant shows that a single enterprise which constitutes a basic part of the applicant's farming, ranching, or aquaculture operation has sustained at least a 30 per centum loss of normal per acre or per animal production, or such lesser per centum of loss as the Secretary may determine, as a result of the disaster based upon the average monthly price in effect for the previous year and the applicant otherwise meets the conditions of eligibility prescribed under this subtitle. Such loans shall be made available based upon 80 per centum, or such greater per centum as the Secretary may determine, of the total calculated actual production loss sustained by the applicant.".

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