(July 15, 1949, ch. 338, title V, § 510,63 Stat. 437; Pub. L. 94–375, § 25(c),Aug. 3, 1976, 90 Stat. 1078; Pub. L. 95–557, title V, § 503,Oct. 31, 1978, 92 Stat. 2112; Pub. L. 96–153, title V, § 507,Dec. 21, 1979, 93 Stat. 1136; Pub. L. 96–399, title V, §§ 508,
510,Oct. 8, 1980, 94 Stat. 1670, 1671; Pub. L. 98–181, title V, § 507,Nov. 30, 1983, 97 Stat. 1243; Pub. L. 98–479, title I, § 105(c),Oct. 17, 1984, 98 Stat. 2227; Pub. L. 100–242, title III, § 313,Feb. 5, 1988, 101 Stat. 1897; Pub. L. 100–628, title X, § 1045,Nov. 7, 1988, 102 Stat. 3273; Pub. L. 101–625, title VII, §§ 710,
711,Nov. 28, 1990, 104 Stat. 4291.)
In subsec. (a), “section
” substituted for “section 3709 of the Revised Statutes, as amended” on authority of Pub. L. 111–350
, § 6(c),Jan. 4, 2011, 124 Stat. 3854
, which Act enacted Title 41, Public Contracts.
1990—Subsec. (e)(3). Pub. L. 101–625
, § 710, inserted “, or for use as rental units under section
of this title with mortgages containing repayment terms with up to 33 years,” after “fifty years” and substituted “, public bodies, or for-profit entities, which have good records of providing low income housing under section
of this title” for “or public bodies”.
Subsec. (g). Pub. L. 101–625
, § 711, inserted before semicolon at end “, except that rules issued under this subsection may not exclude from their coverage decisions made by the Secretary that are not based on objective standards contained in published regulations”.
1988—Subsec. (c). Pub. L. 100–242
amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “compromise claims and obligations arising out of sections
of this title and adjust and modify the terms of mortgages, leases, contracts, and agreements entered into as circumstances may require, including the release from personal liability, without payments of further consideration, of—
“(1) borrowers who have transferred their farms to other approved applicants for loans who have agreed to assume the outstanding indebtedness to the Secretary under this subchapter; and
“(2) borrowers who have transferred their farms to other approved applicants for loans who have agreed to assume that portion of the outstanding indebtedness to the Secretary under this subchapter which is equal to the earning capacity value of the farm at the time of the transfer, and borrowers whose farms have been acquired by the Secretary, in cases where the Secretary determines that the original borrowers have cooperated in good faith with the Secretary, have farmed in a workmanlike manner, used due diligence to maintain the security against loss, and otherwise fulfilled the covenants incident to their loans, to the best of their abilities;”.
Subsec. (d). Pub. L. 100–628
inserted before semicolon at end “; except that—” and added pars. (1) and (2).
1984—Subsec. (e). Pub. L. 98–479
substituted “; such” and “; where” for “. Such” and “. Where”, respectively.
1983—Subsec. (e). Pub. L. 98–181
, § 507(a), inserted provisions relating to the authority of the Secretary to transfer section
inventory property to private nonprofit organizations or public bodies.
Subsecs. (j), (k). Pub. L. 98–181
, § 507(b), added subsec. (j) and redesignated former subsec. (j) as (k).
1980—Subsec. (e)(1). Pub. L. 96–399
, § 508, inserted provisions respecting cost-effective energy conservation standards prescribed under section
of this title.
Subsec. (h). Pub. L. 96–399
, § 510, inserted provisions respecting subsequent loans to permit necessary dwelling repairs and rehabilitation.
1979—Subsec. (e). Pub. L. 96–153
substituted “United States therein, to repair and rehabilitate such property, and to sell” for “United States therein and to sell”, and inserted provision that the Secretary may not sell or otherwise dispose of such property unless the conditions in cls. (1) to (3) are satisfied.
1978—Subsecs. (g) to (j). Pub. L. 95–557
added subsec. (g) and redesignated former subsecs. (g), (h), and (i) as (h), (i), and (j), respectively.
1976—Subsecs. (f) to (i). Pub. L. 94–375
added subsecs. (f) and (g) and redesignated former subsecs. (f) and (g) as (h) and (i), respectively.
Termination of Reporting Requirements
For termination, effective May 15, 2000, of reporting provisions in subsec. (d)(2) of this section, see section 3003 ofPub. L. 104–66
, as amended, set out as a note under section
, Money and Finance, and the last item on page 47
of House Document No. 103–7
Study of Problems Caused by Remote Claims
Section 509 ofPub. L. 95–557
directed Secretary of Agriculture to make a detailed study of problems associated with obtaining title insurance by persons in rural areas with respect to real property encumbered by remote claims and make a final report to Congress with respect to such study not later than one year after Oct. 31, 1978.