§ 2006b. Loan assessments
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/usc/title-7/section-2006bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general The Secretary shall evaluate, in accordance with regulations issued by the Secretary, the farming plan and financial situation of each qualified farmer or rancher applicant.
(b)Determinations In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
(1)the amount that the applicant will need to borrow to carry out the proposed farming plan;
(2)the rate of interest that the applicant would need to be able to cover expenses and build an adequate equity base;
(3)the goals of the proposed farming plan of the applicant;
(4)the financial viability of the plan and any changes that are necessary to make the plan viable; and
(5)whether assistance is necessary under this chapter and, if so, the amount of the assistance.
(c)Contract The Secretary may contract with a third party (including those entities eligible to provide borrower training under section 2006a(b) of this title) to conduct loan assessments under this section.
(d)Review of loans
(1)In general Loan assessments conducted under this section shall include annual review of direct loans, and periodic review (as determined necessary by the Secretary) of guaranteed loans, made under this chapter to assess the progress of a borrower in meeting the goals for the farm or ranch operation.
(2)Contracts The Secretary may contract with an entity that is eligible to provide borrower training under section 2006a(b) of this title to conduct loan reviews under paragraph (1).
(3)Problem assessments If a borrower is delinquent in payments on a direct or guaranteed loan made under this chapter, the Secretary or the contracting entity shall determine the cause of, and action necessary to correct, the delinquency.
(e)Guidelines The Secretary shall issue regulations providing guidelines for loan assessments conducted under this section.
(Pub. L. 87–128, title III, § 360, as added Pub. L. 101–624, title XVIII, § 1819, Nov. 28, 1990, 104 Stat. 3830; amended Pub. L. 107–171, title V, §§ 5317, 5318, May 13, 2002, 116 Stat. 348.)
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U.S. Code
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- Public Law 107–171To provide for the continuation of agricultural programs through fiscal year 2007, 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
9 references not yet in our index
- Pub. L. 87–128, title III, § 360
- Pub. L. 101–624, title XVIII, § 1819
- 104 Stat. 3830
- Pub. L. 107–171, title V
- 116 Stat. 348
- Pub. L. 87–128
- 75 Stat. 307
- Pub. L. 107–171, § 5317
- Pub. L. 107–171, § 5318
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§ 2006b
Loan assessments
Bills×4
Stat.×3
U.S.C.×3
Stat. Comp.×1
Pub. L.Pub. L. 87–128, title III, § 360
Pub. L.Pub. L. 101–624, title XVIII, § 1819
Stat.104 Stat. 3830
Pub. L.Pub. L. 107–171, title V
Stat.116 Stat. 348
Cites 12 · showing 8Cited by 11 across 4 sources