Pub. L. 100-233, tit. VI, sec. 604

ADDITIONAL COLLATERAL.

EnactedYear: 1988Length: 114 wordsOfficial source
SEC. 604. ADDITIONAL COLLATERAL. Section 307 (7 U.S.C. 1927) is amended by adding at the end thereof the following new subsection: “(e) The Secretary may not— “(1) require any borrower to provide additional collateral to secure a farmer program loan made or insured under this title, if the borrower is current in the payment of principal and interest on the loan; or “(2) bring any action to foreclose, or otherwise liquidate, any such loan as a result of the failure of a borrower to provide additional collateral to secure a loan, if the borrower was current in the payment of principal and interest on the loan at the time the additional collateral was requested.”.
Pub. L. 100-233, tit. VI, sec. 604: ADDITIONAL COLLATERAL. | Justis AI