Production credit associations.

CFR · 2024-01-01 · US · Title 12

(a) (1) Not more than 7 years; (2) More than 7 years, but not more than 10 years, as set forth in policies approved by the funding bank; or (3) Not more than 15 years to producers and harvesters of aquatic products for major capital expenditures, including but not limited to the purchase of vessels, construction or purchase of shore facilities, and similar purposes directly related to the operations of producers or harvesters of aquatic products. (b) (1) Farm Credit banks and associations that are direct lenders and lenders that are not Farm Credit institutions on loans of the type it is authorized to make under title II of the Act; (2) Farm Credit banks and associations that are direct lenders on loans it is not authorized to make, provided the borrower eligibility, membership, term, amount, loan security, and stock or participation certificate requirements of the originating institution are met; and (3) The Federal Agricultural Mortgage Corporation to the extent provided in § 614.4055. (c) (i) Banks of the Farm Credit System, as authorized by their respective funding banks; and (ii) Any certified agricultural mortgage marketing facility, as defined by section 8.0(3) of the Act, for the purpose of pooling and securitizing such loans under title VIII of the Act. (2) Subject to the requirements of subpart H of this part, production credit associations, as authorized by their respective funding banks, may purchase interests in loans that comply with the requirements of paragrap

official document · source cfr-2024 · id 12:§ 614.4040