7 USC 1982 – Relief for mobilized military reservists from certain agricultural loan obligations
(a) Definition of mobilized military reservist
In this section, the term “mobilized military reservist” means an individual who—
(1) is on active duty under section 688, 12301(a), 12301(g), 12302, 12304, 12306, or 12406, or chapter 13 of title 10, or any other provision of law during a war or during a national emergency declared by the President or Congress, regardless of the location at which the active duty service is performed; or
(2) in the case of a member of the National Guard, is on full-time National Guard duty (as defined in section 101(d)(5) of title 10) under a call to active service authorized by the President or the Secretary of Defense for a period of more than 30 consecutive days under section 502(f) of title 32 for purposes of responding to a national emergency declared by the President and supported by Federal funds.
(b) Forgiveness of interest payments due while borrower is a mobilized military reservist
Terms Used In 7 USC 1982
- 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
- debt forgiveness: means reducing or terminating a farmer program loan made or guaranteed under this chapter, in a manner that results in a loss to the Secretary, through&mdash. See 7 USC 1991
- direct loan: means a loan made or insured from funds in the account created by section 1929 of this title. See 7 USC 1991
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
Any requirement that a borrower of a direct loan made under this chapter make any interest payment on the loan that would otherwise be required to be made while the borrower is a mobilized military reservist is rescinded.
(c) Deferral of principal payments due while or after borrower is a mobilized military reservist
The due date of any payment of principal on a direct loan made to a borrower under this chapter that would otherwise be required to be made while or after the borrower is a mobilized military reservist is deferred for a period equal in length to the period for which the borrower is a mobilized military reservist.
(d) Nonaccrual of interest
Interest on a direct loan made to a borrower described in this section shall not accrue during the period the borrower is a mobilized military reservist.
(e) Borrower not considered to be delinquent or receiving debt forgiveness
Notwithstanding section 2008h of this title or any other provision of this chapter, a borrower who receives assistance under this section shall not, as a result of the assistance, be considered to be delinquent or receiving debt forgiveness for purposes of receiving a direct or guaranteed loan under this chapter.