PUBLIC LAW 94-68—AUG. 5, 1975
89 STAT. 381
Public Law 94-68 94th Congress An Act To amend the Consolidated Farm and Rural Development Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Consolidated F a r m and E u r a l Development Act (the Act) is amended as follows: SEC. 2. Subsection (a) of section 321 of the Act is amended to read: " The Secretary shall d e s i ^ a t e any area in the United States, P u e r to Rico, and the Virgin Islands as an emergency area if he finds that a n a t u r a l disaster has occurred in said area which substantiallj^ affected farming, ranching, or aquaculture operations. For purposes of this subtitle 'aquaculture' means husbandry of aquatic organisms under a controlled or selected environment.". SEC. 3. Subsection (b) of section 321 of the Act is amended as follows: (a) in the first sentence after the words "major disaster" insert "or emergency", strike the words "oyster p l a n t e r s " and "oyster p l a n t i n g " and insert in lieu thereof the words "persons engaged in aquaculture" and "aquaculture", respectively; and (b) delete everything after the first sentence, strike the period, and insert: "and are unable to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. The provisions of this subsection shall not be applicable to loan applications filed prior to July 9, 1975.". SEC. 4. Section 322 of the Act is amended to read: "Loans may be made under this subtitle for any of the purposes authorized for loans under subtitle A or B of this title, as well as for crop or livestock changes deemed desirable by the a p p l i c a n t: Provided, That such loans may include, but are not limited to, the amount of the actual loss sustained as a result of the disaster.". SEC. 5. Section 324 of the Act is amended to read: "Loans made or insured under this Act shall be (1) at a rate of interest not in excess of 5 per centum per annum on loans u p to the amount of the actual loss caused by the disaster, and (2) for any loans or portions of loans in excess of that amount, the interest rate will be that prevailing in the private market for similar loans, as determined by the Secretary. All such loans shall be repayable at such times as the Secretary may determine, taking into account the purposes of the loan and the nature and effect of the disaster, but not later than provided for loans for similar purposes under subtitles A and B of this title, and upon the full personal liability of the borrower and upon the best security available, as the Secretary may prescribe: Provided, That the security is adequate to assure repayment of the loans; except that if such security is not available because of the disaster, the Secretary shall (i) accept as security such collateral as is available, a portion or all of which may have depreciated in value due to the disaster and which in the opinion of the Secretary, together with his confidence in the repayment ability
Aug. 5, 1975 [S. 555] Emergency farm loans. 7 USC 1921 note. 7 USC 1961.
'Aquaculture."
7 USC 1962.
Interest rate. 7 USC 1964.
Liability and security. 7 USC 1922, 1941.
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