Source: http://www.law.cornell.edu/uscode/text/7/2006b?quicktabs_8=2
Timestamp: 2013-12-08 00:39:10
Document Index: 741266975

Matched Legal Cases: ['§ 2006', '§ 2006', '§ 2006', '§ 360', '§ 1819', '§ 5317', '§ 5317', '§ 5318']

7 USC § 2006b - Loan assessments | Title 7 - Agriculture | U.S. Code | LII / Legal Information Institute
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7 USC § 2006b - Loan assessments
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.
Determinations In evaluating the farming plan and financial situation of an applicant under this section, the Secretary shall determine—
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.
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.
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).
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.
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.)
2002—Subsec. (a). Pub. L. 107–171, § 5317, substituted “The Secretary” for “After an applicant is determined eligible for assistance under this chapter by the appropriate county committee established pursuant to section 1982 of this title, the Secretary”.
Subsec. (d)(1). Pub. L. 107–171, § 5318, substituted “annual review” for “biannual review”.