Page:United States Statutes at Large Volume 60 Part 1.djvu/1099

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.


PUBLIC LAWS-CH. 964-AUG. 14 , 1946 "TITLE II-PRODUCTION AND SUBSISTENCE LOANS " BORROWERS AND TERMS Ira . "SEC. 21. Out of the funds made available under section 23, the Secretary may make loans to farmers and stockmen who are citizens of the United States for the purchase of livestock, seed, feed, fertilizer, farm equipment and supplies, other farm needs, the refinancing of Restriction. indebtedness and family subsistence: Provided, That no loan shall be made under this section for the purchase or leasing of land or for the carrying on of any land-purchase or land-leasing program: Pro- Initial loan. etc. vided further, That, under this section, (1) the initial loan to any one borrower shall not exceed $3,500 and no further loan may be made by the Secretary under this title to a borrower so long as the total amount outstanding to that borrower, including interest and taxes or other liens and obligations which have accrued and are properly chargeable to the account of the borrower, exceeds $5,000; (2) the term of any such loan, including renewals and extensions, shall not herblity for fur- exceed five years from the date the original loan was made; and (3) no person who has failed to liquidate his indebtedness under this section for five consecutive years shall be eligible for further loans hereunder until he has paid such indebtedness in full, except that indebtedness to the Farm Security Administration or the Emergency Crop and Feed Loan Offices heretofore created shall not be included until five years from the effective date of the Farmers' Home Administration Act of 1946, in determining the amounts of loans, terms of loans, and five- year period for eligibility set forth in this section. "DEBT ADJUSTMENT "SEC. 22. The Secretary may assist in the voluntary adjustment of indebtedness between farm debtors and their creditors and may co- operate with State, Territorial, and local agencies and committees engaged in such debt adjustment. Services furnished by the Secretary under this section may be without charge to the debtor or creditor. "APPROPRIATION thAppriations au- "SEC. 23. There is authorized to be appropriated to the Secretary such sums as the Congress may from time to time determine to be nec- essary to enable the Secretary to carry out the purposes of this title." AMENDMENT TO TITLE I OF TIlE BANKIIEAD-JONES FARM TENANT ACT 50 Stat s. 100 SEC. 5. Title I of the Bankhead-Jones Farm Tenant Act, as amended, 7U.S.c. §J1001- 1006; Supp. V, 1001 is hereby amended to read as follows: note. "TITLE I-TENANT PURCHASE LOANS AND MORTGAGE INSURANCE "POWER OF SECRETARY "SECTION 1. (a) The Secretary of Agriculture (hereinafter referred to as the 'Secretary') is authorized to make loans and to insure mort- gages in the United States and in the Territories of Alaska and Hawaii and in Puerto Rico to persons eligible to receive the benefits of this title to enable such persons to acquire, repair or improve family-size farms, or to refinance indebtedness against undersized or underim- proved units when loans are being made or insured by the Secretary to enlarge or improve such units. Loans may also be made to assist 1072 [60 STAT.