7 USC 1987 – Debt adjustment and credit counseling; “summary period” defined; loan summary statements
(a) The Secretary may provide voluntary debt adjustment assistance between farmers and their creditors and may cooperate with State, territorial, and local agencies and committees engaged in such debt adjustment, and may give credit counseling.
Terms Used In 7 USC 1987
- borrower: means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise. See 7 USC 1991
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- State: shall include each of the several States, the Commonwealth of Puerto Rico, the Virgin Islands of the United States, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, and, to the extent the Secretary determines it to be feasible and appropriate, the Trust Territory of the Pacific Islands. See 7 USC 1991
(b)(1) As used in this subsection, the term “summary period” means—
(A) the period beginning on December 23, 1985, and ending on the date on which the first loan summary statement is issued after December 23, 1985; or
(B) the period beginning on the date of issuance of the preceding loan summary statement and ending on the date of issuance of the current loan summary statement.
(2) On the request of a borrower of a loan made or insured (but not guaranteed) under this chapter, the Secretary shall issue to such borrower a loan summary statement that reflects the account activity during the summary period for each loan made or insured under this chapter to such borrower, including—
(A) the outstanding amount of principal due on each such loan at the beginning of the summary period;
(B) the interest rate charged on each such loan;
(C) the amount of payments made on and their application to each such loan during the summary period and an explanation of the basis for the application of such payments;
(D) the amount of principal and interest due on each such loan at the end of the summary period;
(E) the total amount of unpaid principal and interest on all such loans at the end of the summary period;
(F) any delinquency in the repayment of any such loan;
(G) a schedule of the amount and date of payments due on each such loan; and
(H) the procedure the borrower may use to obtain more information concerning the status of such loans.