Source: https://www.law.cornell.edu/uscode/text/12/84
Timestamp: 2018-05-28 10:01:24
Document Index: 148793169

Matched Legal Cases: ['§ 84', '§ 84', '§ 84', '§\u202f5200', '§\u202f6', '§\u202f1', '§\u202f10', '§\u202f1', '§\u202f26', '§\u202f321', '§\u202f8', '§\u202f602', '§\u202f15', '§\u202f5', '§\u202f1', '§\u202f3', '§\u202f4', '§\u202f27', '§\u202f133', '§\u202f401', '§\u202f17', '§\u202f610', '§\u202f5200', '§\u202f29', '§\u202f610', '§\u202f610', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f3', '§\u202f5200', '§\u202f610', '§\u202f401', '§\u202f15', '§\u202f26', '§\u202f3', 'art 32']

12 U.S. Code § 84 - Lending limits | US Law | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 2 › Subchapter IV › § 84
12 U.S. Code § 84 - Lending limits
(1) the term “loans and extensions of credit” shall include—
(c) ExceptionsThe limitations contained in subsection (a) shall be subject to the following exceptions:
Loans and extensions of credit arising from the discount of negotiable or nonnegotiable installment consumer paper which carries a full recourse endorsement or unconditional guarantee by the person transferring the paper shall be subject under this section to a maximum limitation equal to 25 per centum of such capital and surplus, notwithstanding the collateral requirements set forth in subsection (a)(2).
Loans and extensions of credit secured by shipping documents or instruments transferring or securing title covering livestock or giving a lien on livestock when the market value of the livestock securing the obligation is not at any time less than 115 per centum of the face amount of the note covered, shall be subject under this section, notwithstanding the collateral requirements set forth in subsection (a)(2), to a maximum limitation equal to 25 per centum of such capital and surplus.
Loans and extensions of credit which arise from the discount by dealers in dairy cattle of paper given in payment for dairy cattle, which paper carries a full recourse endorsement or unconditional guarantee of the seller, and which are secured by the cattle being sold, shall be subject under this section, notwithstanding the collateral requirements set forth in subsection (a)(2), to a limitation of 25 per centum of such capital and surplus.
(d) Authority of Comptroller of the Currency
(R.S. § 5200; June 22, 1906, ch. 3516, 34 Stat. 451; Sept. 24, 1918, ch. 176, § 6, 40 Stat. 967; Oct. 22, 1919, ch. 79, § 1, 41 Stat. 296; Feb. 25, 1927, ch. 191, § 10, 44 Stat. 1229; May 20, 1933, ch. 35, § 1, 48 Stat. 73; June 16, 1933, ch. 89, § 26(a), 48 Stat. 191; Aug. 23, 1935, ch. 614, title III, § 321(b), 49 Stat. 713; June 11, 1942, ch. 404, § 8, 56 Stat. 356; July 15, 1949, ch. 338, title VI, § 602(b), 63 Stat. 440; July 22, 1937, ch. 517, § 15(a), as added Aug. 14, 1946, ch. 964, § 5, 60 Stat. 1079; amended Pub. L. 85–748, § 1(c), Aug. 25, 1958, 72 Stat. 841; Pub. L. 86–251, § 3, Sept. 9, 1959, 73 Stat. 488; Pub. L. 87–723, § 4(c)(4), Sept. 28, 1962, 76 Stat. 672; Pub. L. 90–19, § 27(b), May 25, 1967, 81 Stat. 29; Pub. L. 92–318, title I, § 133(c)(2), June 23, 1972, 86 Stat. 270; Pub. L. 97–320, title IV, § 401(a), Oct. 15, 1982, 96 Stat. 1508; Pub. L. 97–457, § 17(a), Jan. 12, 1983, 96 Stat. 2509; Pub. L. 111–203, title VI, § 610(a), July 21, 2010, 124 Stat. 1611.)
R.S. § 5200 derived from act June 3, 1864, ch. 106, § 29, 13 Stat. 108, which was the National Bank Act. See section 38 of this title.
2010—Subsec. (b)(1). Pub. L. 111–203, § 610(a)(1), substituted “shall include—” for “shall include all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person and, to the extent specified by the Comptroller of the Currency, such term shall also include any liability of a national banking association to advance funds to or on behalf of a person pursuant to a contractual commitment; and” and added subpars. (A) to (C).
Subsec. (b)(3). Pub. L. 111–203, § 610(a)(2), (3), added par. (3).
1983—Subsec. (b)(1). Pub. L. 97–457 inserted a comma before “to the extent specified by the Comptroller of the Currency”.
1982—Pub. L. 97–320 amended section generally. Prior to amendment, section read as follows: “The total obligations to any national banking association of any person, copartnership, association, or corporation shall at no time exceed 10 per centum of the amount of the capital stock of such association actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund. The term ‘obligations’ shall mean the direct liability of the maker or acceptor of paper discounted with or sold to such association and the liability of the indorser, drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his guaranty to such association and shall include in the case of obligations of a copartnership or association the obligations of the several members thereof and shall include in the case of obligations of a corporation all obligations of all subsidiaries thereof in which such corporation owns or controls a majority interest. Such limitation of 10 per centum shall be subject to the following exceptions:
“(11) Obligations of a local public agency (as defined in section 110(h) of the Housing Act of 1949 [42 U.S.C. 1460(h)]) or of a public housing agency (as defined in the United States Housing Act of 1937, as amended [42 U.S.C. 1437 et seq.]) which have a maturity of not more than eighteen months shall not be subject under this section to any limitation, if such obligations are secured by an agreement between the obligor agency and the Secretary of Housing and Urban Development in which the agency agrees to borrow from the Secretary, and the Secretary agrees to lend to the agency, prior to the maturity of such obligations, monies in an amount which (together with any other monies irrevocably committed to the payment of interest on such obligations) will suffice to pay the principal of such obligations with interest to maturity, which monies under the terms of said agreement are required to be used for that purpose.
1972—Par. (14). Pub. L. 92–318 added par. (14).
1967—Par. (11). Pub. L. 90–19 substituted “Secretary of Housing and Urban Development” for “Housing and Home Finance Administrator or the Public Housing Administration” and “Secretary” for “Administrator or Administration” wherever appearing, respectively.
1962—Par. (12). Pub. L. 87–723 inserted “or title V of the Housing Act of 1949” before “shall be subject under this section”.
1959—Par. (6). Pub. L. 86–251, § 3(a), substituted “secured by” for “secured upon” and inserted exception with respect to obligations secured by documents transferring or securing title covering refrigerated or frozen readily marketable staples.
Par. (7). Pub. L. 86–251, § 3(b), inserted exception with respect to obligations arising out of the discount by dealers in dairy cattle of paper given in payment for dairy cattle.
Par. (8). Pub. L. 86–251, § 3(c), struck out “in the form of notes” after “corporation”.
Par. (13). Pub. L. 86–251, § 3(d), added par. (13).
1958—Par. (12). Pub. L. 85–748 amended section 15(a) of act July 22, 1937, as added by act Aug. 14, 1946, by inserting sentence amending R.S. § 5200 by adding par. (12).
Pub. L. 111–203, title VI, § 610(c), July 21, 2010, 124 Stat. 1612, provided that:
“The amendments made by this section [amending this section and section 1464 of this title] shall take effect 1 year after the transfer date.”
[For definition of “transfer date” as used in section 610(c) of Pub. L. 111–203, set out above, see section 5301 of this title.]
Pub. L. 97–320, title IV, § 401(b), Oct. 15, 1982, 96 Stat. 1510, provided that:
“This section [amending this section] shall take effect upon the expiration of one hundred and eighty days after the date of its enactment [Oct. 15, 1982].”
Repealing provisions of Consolidated Farmers Home Administration Act of 1961 as not having the effect of repealing the amendment to this section enacted by act July 22, 1937, § 15(a), as added Aug. 14, 1946, see section 341(a) of Pub. L. 87–128, title III, Aug. 8, 1961, 75 Stat. 318, set out as a note under section 1921 of Title 7, Agriculture.
Act June 16, 1933, ch. 89, § 26(b), 48 Stat. 191, provided:
“The amendment made by this section [amending this section] shall not apply to such obligations of subsidiaries held by such association on the date this section takes effect.”
Provisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 3, 47 Stat. 1567.
12 CFR Part 32 - LENDING LIMITS