12 U.S. Code § 2205 - Interest rates

Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Federal intermediate credit banks and Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.

Source

(Pub. L. 92–181, title IV, § 4.17, as added Pub. L. 96–592, title IV, § 403,Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99–205, title II, § 205(f)(6),Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99–509, title I, § 1035,Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100–399, title IX, § 901(h),Aug. 17, 1988, 102 Stat. 1007.)
Amendments

1988—Pub. L. 100–399substituted “and Farm Credit Banks” for “pursuant to section 2074 of this title”.
1986—Pub. L. 99–509substituted first two sentences for former first sentence which read as follows: “Interest rates on loans from institutions of the Farm Credit System shall be determined with the approval of, as provided in section 2252 (a)(5) of this title, the Farm Credit Administration as provided in this chapter, notwithstanding any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.”
1985—Pub. L. 99–205inserted “, as provided in section 2252 (a)(5) of this title,” after “with the approval of” in first sentence.
Effective Date of 1988 Amendment

Amendment by Pub. L. 100–399effective immediately after amendment made by section 401 ofPub. L. 100–233, which was effective 6 months after Jan. 6, 1988, see section 1001(b) ofPub. L. 100–399, set out as a note under section 2002 of this title.
Effective Date of 1985 Amendment

Amendment by Pub. L. 99–205effective thirty days after Dec. 23, 1985, see section 401 ofPub. L. 99–205, set out as a note under section 2001 of this title.

 

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