§ 2019. Purposes for extensions of credit
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/usc/title-12/section-2019A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Agricultural or aquatic purposes
(1)In general Loans made by a Farm Credit Bank to farmers, ranchers, and producers or harvesters of aquatic products may be for any agricultural or aquatic purpose and other credit needs of the applicant, including financing for basic processing and marketing directly related to the applicant’s operations and those of other eligible farmers, ranchers, and producers or harvesters of aquatic products, except that the operations of the applicant shall supply some portion of the total processing or marketing for which financing is extended.
(2)Limitation on loans for basic processing and marketing operations The aggregate of the financing provided by any Farm Credit Bank for basic processing and marketing directly related to the operations of farmers, ranchers, and producers or harvesters of aquatic products, if the operations of the applicant supply less than 20 percent of the total processing or marketing for which financing is extended, shall not exceed 15 percent of the total of all outstanding loans of such bank.
(b)Rural housing financing
(1)In general Loans and discounts may be made to rural residents for rural housing financing under regulations of the Farm Credit Administration.
(2)Limitations Rural housing financed under this subchapter shall be for single-family, moderate-priced dwellings and their appurtenances not inconsistent with the general quality and standards of housing existing in, or planned or recommended for, the rural area where it is located, except that a Farm Credit Bank may not at any one time have a total amount of loans outstanding for such rural housing to persons other than farmers or ranchers in amounts exceeding 15 percent of the total of all loans outstanding in such bank.
(3)Rural areas For rural housing purposes under this section the term “rural areas” shall not be defined to include any city or village having a population in excess of 2,500 inhabitants.
(c)Farm-related services
(1)In general Loans to persons furnishing farm-related services to farmers and ranchers directly related to their on-farm operating needs may be made for the necessary capital structures and equipment and initial working capital for such services.
(2)Facilities The banks may own and lease, or lease with option to purchase, to persons eligible for credit under this subchapter or subchapter II, equipment or facilities needed in the operations of such persons.
(Pub. L. 92–181, title I, § 1.11, as added Pub. L. 100–233, title IV, § 401, Jan. 6, 1988, 101 Stat. 1627; amended Pub. L. 100–399, title IV, § 401(j), Aug. 17, 1988, 102 Stat. 996; Pub. L. 101–624, title XVIII, § 1832(a), Nov. 28, 1990, 104 Stat. 3832; Pub. L. 102–237, title V, § 502(a), Dec. 13, 1991, 105 Stat. 1868.)
Connections32 cite this · traces to 2
Cited by 32 sections · top 26
register
statutes-at-large
- Public Law 96–592To amend the Farm Credit Act of 1971 to permit Farm Credit System institutions to improve their services to borrowers, and for other purposes
- Public Law 102–237To make technical corrections to agricultural laws
- Public Law 100–399To make technical corrections to the agricultural credit laws
- Public Law 100–233To provide credit assistance to farmers, to strengthen the Farm Credit System, to facilitate the establishment of secondary markets for agricultural loans, and for other purposes
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
statute-compilations
bill
- Sec. 2Exclusion of interest on loans secured by rural or agricultural real property
- Sec. 2Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 2Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 405Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 2Exclusion of interest on loans secured by rural or agricultural real property
- Sec. 2Rural housing financing
- Sec. 202Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 2Exclusion of interest on loans secured by rural or agricultural real property
- Sec. 2Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 2Rural housing financing
- Sec. 2Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 202Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 2Exclusion of interest on loans secured by rural or agricultural real property
- Sec. 5501Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 5501Extension of credit to businesses providing services to producers or harvesters of aquatic products
- Sec. 3Extension of credit to businesses providing services to producers or harvesters of aquatic products
Traces to 2 documents
20 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(j)
- 102 Stat. 996
- Pub. L. 101–624, title XVIII, § 1832(a)
- 104 Stat. 3832
- Pub. L. 102–237, title V, § 502(a)
- 105 Stat. 1868
- 85 Stat. 586
- Pub. L. 96–592, title I, § 108
- 94 Stat. 3438
- Pub. L. 100–233, § 401
- Pub. L. 102–237
- Pub. L. 101–624
- Pub. L. 100–399
- section 1101(b)(4) of Pub. L. 102–237
- section 401 of Pub. L. 100–233
- section 1001(b) of Pub. L. 100–399
- 101 Stat. 1622
Citation graph
cites case law
§ 2019
Purposes for extensions of credit
Bills×16
Stat.×8
Fed. Reg.×7
Stat. Comp.×1
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(j)
Stat.102 Stat. 996
Cites 22 · showing 7Cited by 32 across 4 sources