§ 937. — Loans from other credit sources.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC937]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER III--RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS
Sec. 937. Loans from other credit sources
When it appears to the Secretary that the loan applicant is able to
obtain a loan for part of his credit needs from a responsible
cooperative or other credit source at reasonable rates and terms
consistent with the loan applicant's ability to pay and the achievement
of this chapter's objectives, he may request the loan applicant to apply
for and accept such a loan concurrently with an insured loan, subject,
however, to full use being made by the Secretary of the funds made
available hereunder for such insured loans under this subchapter. The
Secretary may not request any applicant for an electric loan under this
chapter to apply for and accept a loan in an amount exceeding 30 percent
of the credit needs of the applicant.
(May 20, 1936, ch. 432, title III, Sec. 307, as added Pub. L. 93-32,
Sec. 2, May 11, 1973, 87 Stat. 70; amended Pub. L. 97-35, title I,
Sec. 165(c), Aug. 13, 1981, 95 Stat. 379; Pub. L. 103-129, Sec. 2(c)(8),
Nov. 1, 1993, 107 Stat. 1365; Pub. L. 103-354, title II,
Sec. 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)
Amendments
1994--Pub. L. 103-354 substituted ``Secretary'' for
``Administrator'' wherever appearing.
1993--Pub. L. 103-129 inserted at end ``The Administrator may not
request any applicant for an electric loan under this chapter to apply
for and accept a loan in an amount exceeding 30 percent of the credit
needs of the applicant.''
1981--Pub. L. 97-35 substituted ``an insured loan'' for ``a loan
insured at the standard rate''.
Effective Date
Section effective May 11, 1973, see section 12 of Pub. L. 93-32, set
out as a note under section 930 of this title.
Section Referred to in Other Sections
This section is referred to in sections 939, 940c-1 of this title.
