12 USC 2279aa-12 - Securities in credit enhanced pools

U.S Code last checked for updates: Nov 22, 2024

§ 2279aa–12.

Securities in credit enhanced pools

(a)

Federal laws

(1)

Applicability of certain Federal securities laws

(2)

No full faith and credit of the United States

(b)

State securities laws

(1)

General exemption

(2)

State override

The provisions of paragraph (1) shall not be applicable to any State that, during the 8-year period beginning on January 6, 1988, enacts a law that—

(A)

specifically refers to this subsection; and

(B)

expressly provides that paragraph (1) shall not apply to the State.

(c)

Authorized investments

(1)

In general

(2)

State limitations on purchase, holding, or investment

(3)

Nonapplicability of provisions

(A)

Subsequent State law

(B)

Effect of subsequent State law

(d)

State usury laws superseded

A provision of the Constitution or law of any State shall not apply to an agricultural loan made by an originator or a certified facility in accordance with this subchapter for sale to the Corporation or to a certified facility for inclusion in a pool for which the Corporation has provided, or has committed to provide, a guarantee, if the loan, not later than 180 days after the date the loan was made, is sold to the Corporation or included in a pool for which the Corporation has provided a guarantee, if the provision—

(1)

limits the rate or amount of interest, discount points, finance charges, or other charges that may be charged, taken, received, or reserved by an agricultural lender or a certified facility; or

(2)

limits or prohibits a prepayment penalty (either fixed or declining), yield maintenance, or make-whole payment that may be charged, taken, or received by an agricultural lender or a certified facility in connection with the full or partial payment of the principal amount due on a loan by a borrower in advance of the scheduled date for the payment under the terms of the loan, otherwise known as a prepayment of the loan principal.

(Pub. L. 92–181, title VIII, § 8.12, as added Pub. L. 100–233, title VII, § 702, Jan. 6, 1988, 101 Stat. 1703; amended Pub. L. 100–399, title VI, § 601(k), (l), Aug. 17, 1988, 102 Stat. 1006; Pub. L. 104–105, title I, § 112, Feb. 10, 1996, 110 Stat. 165.)

cite as: 12 USC 2279aa-12