Any loan for farm ownership purposes under subchapter I of this chapter, farm operating purposes under subchapter II of this chapter, or disaster emergency purposes under subchapter III of this chapter, other than a guaranteed loan, that is deferred, consolidated, rescheduled, or reamortized under this chapter shall, notwithstanding any other provision of this chapter, bear interest on the balance of the original loan and for the term of the original loan at a rate that is the lowest of—
(1) the rate of interest on the original loan;
(2) the rate being charged by the Secretary for loans, other than guaranteed loans, of the same type at the time at which the borrower applies for a deferral, consolidation, rescheduling, or reamortization; or
(3) the rate being charged by the Secretary for loans, other than guaranteed loans, of the same type at the time of the deferral, consolidation, rescheduling, or reamortization.
(Pub. L. 87–128, title III, §331B, as added Pub. L. 98–258, title VI, §605, Apr. 10, 1984, 98 Stat. 139; amended Pub. L. 107–171, title V, §5305, May 13, 2002, 116 Stat. 345.)
Sections: Previous 1963 1964 1966 1967 1970 1981 1981a 1981b 1981c 1981d 1981e 1981f 1982 1983 1983a Next
Last modified: October 26, 2015