§ 2018. Security; terms

715 words·~3 min read·/usc/title-12/section-2018

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(a)Real estate loans

(1)Maximum level of loans

(A)In general Real estate mortgage loans originated by a Farm Credit Bank, or in which a Farm Credit Bank participates in with a lender that is not a System institution, shall not exceed 85 percent of the appraised value of the real estate security, except as provided for in subparagraphs

(C)and (D).

(B)Regulation The Farm Credit Administration may, by regulation, require that loans not exceed 75 percent of the appraised value of the real estate security.

(C)Guaranteed loans If the loan is guaranteed by Federal, State, or other governmental agencies, the loan may not exceed 97 percent of the appraised value of the real estate security, as may be authorized under regulations of the Farm Credit Administration.

(D)Private mortgage insurance A loan on which private mortgage insurance is obtained may exceed 85 percent of the appraised value of the real estate security to the extent that the loan amount in excess of such 85 percent is covered by the insurance.

(2)Security All loans originated or participated in by a bank under this section shall be secured by first liens on interests in real estate of such classes as may be prescribed by regulations of the Farm Credit Administration.

(3)Value of security To adequately secure the loan, the value of security shall be determined by appraisal under standards prescribed by the bank in accordance with regulations of the Farm Credit Administration.

(4)Additional security Additional security for any loan may be required by the bank to supplement real estate security. Credit factors, other than the ratio between the amount of the loan and the security value, shall be given due consideration.

(b)Intermediate credit Loans, other than real estate loans, and discounts made under the provisions of this subchapter shall be repayable in not more than 7 years (15 years if made to producers or harvesters of aquatic products) from the time that such are made or discounted by the Farm Credit Bank, except that the Board of Directors, under regulations of the Farm Credit Administration, may approve policies permitting loans, advances, or discounts (other than those made to producers or harvesters of aquatic products) to be repayable in not more than 10 years from the time that such are made or discounted by such bank.

(Pub. L. 92–181, title I, § 1.10, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627; amended Pub. L. 100–399, title IV, § 401(h), (i), Aug. 17, 1988, 102 Stat. 996; Pub. L. 104–105, title II, §§ 202, 203, Feb. 10, 1996, 110 Stat. 172.)

Connections12 cite this · traces to 1

Cited by 12 sections · top 6

statutes-at-large

statute-compilations

Sec. 1.10
SECURITY; TERMS

Proposed Rules
Proposed rule

Traces to 1 document

U.S. Code

APPROPRIATED FUNDS REQUIREMENT FOR BELOW-MARKET SALES.
§ 2002

21 references not yet in our index

Pub. L. 92–181, title I, § 1
Pub. L. 100–233, title IV, § 401
101 Stat. 1627
Pub. L. 100–399, title IV, § 401(h)
102 Stat. 996
Pub. L. 104–105, title II
110 Stat. 172
85 Stat. 586
Pub. L. 96–592, title I, § 107
94 Stat. 3438
Pub. L. 100–233, § 401
Pub. L. 104–105, § 202(b)
Pub. L. 104–105, § 202(a)
Pub. L. 104–105, § 203
Pub. L. 100–399, § 401(h)(1)
Pub. L. 100–399, § 401(h)(2)
Pub. L. 100–399, § 401(i)
Pub. L. 100–399
section 401 of Pub. L. 100–233
section 1001(b) of Pub. L. 100–399
101 Stat. 1622

Citation graph

cites case law

§ 2018

Security; terms

Stat.×7

Fed. Reg.×4

Stat. Comp.×1

U.S.C.§ 2002

Pub. L.Pub. L. 92–181, title I, § 1

Pub. L.Pub. L. 100–233, title IV, § 401

Stat.101 Stat. 1627

Pub. L.Pub. L. 100–399, title IV, § 401(h)

Stat.102 Stat. 996

Cites 22 · showing 6Cited by 12 across 3 sources