7 CFR 1951.859 - Term of loans.

Regulations last checked for updates: Oct 18, 2024

Title 7 - Agriculture last revised: Oct 11, 2024

View all text of Subpart R [§ 1951.851 - § 1951.900]

§ 1951.859 - Term of loans.

(a) No loans shall be extended for a period exceeding 30 years. Principal payments on loans will be made at least annually. The initial principal payment may be deferred not more than 3 years.

(b) The terms of loan repayment will be those stipulated in the loan agreement and/or promissory note.

authority: 5 U.S.C. 301; 7 U.S.C 1932 note; 7 U.S.C. 1989; 31 U.S.C. 3716; 42 U.S.C. 1480.

cite as: 7 CFR 1951.859