Pub. L. 100-233, tit. VI, sec. 602

DEFINITIONS.

EnactedYear: 1988Length: 215 wordsOfficial source
SEC. 602. DEFINITIONS. Section 343 (7 U.S.C. 1991) is amended— (1) by inserting “(a)” after the section designation; and (2) by adding at the end thereof the following new subsection: “(b) As used in sections 307(e), 331D, 335 (e) and (f), 338(0, 351(h), 352 (b) and (c), 353, and 357: “(1) The term ‘borrower’ means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise. “(2) The term ‘loan service program’ means, with respect to a farmer program borrower, a primary loan service program or a preservation loan service program. “(3) The term ‘primary loan service program’ means— “(A) loan consolidation, rescheduling, or reamortization; “(B) interest rate reduction, including the use of the limited resource program; “(C) loan restructuring, including deferral, set aside, or writing down of the principal or accumulated interest charges, or both, of the loan; or “(D) any combination of actions described in subparagraphs (A), (B), and (C). “(4) The term ‘preservation loan service program’ means— “(A) homestead retention as authorized under section 352; and “(B) a leaseback or buyback of farmland authorized under section 335.”.
Pub. L. 100-233, tit. VI, sec. 602: DEFINITIONS. | Justis AI