12 U.S.C. § 2205

Current through P.L. 118-78 (published on www.congress.gov on 07/30/2024)

Section 2205 - Interest rates

Interest rates on loans from institutions of the Farm Credit System shall not be subject to any interest rate limitation imposed by any State constitution or statute or other laws. Such limitation is preempted for purposes of this chapter. Interest rates on loans made by agricultural credit corporations organized in conjunction with cooperative associations for the purpose of financing the ordinary crop operations of the members of such associations or other producers and eligible to discount with the Farm Credit Banks shall be exempt from any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter.

12 U.S.C. § 2205

Pub. L. 92-181, title IV, §4.17, as added Pub. L. 96-592, title IV, §403, Dec. 24, 1980, 94 Stat. 3446; amended Pub. L. 99-205, title II, §205(f)(6), Dec. 23, 1985, 99 Stat. 1706; Pub. L. 99-509, title I, §1035, Oct. 21, 1986, 100 Stat. 1878; Pub. L. 100-399, title IX, §901(h), Aug. 17, 1988, 102 Stat. 1007; Pub. L. 115-334, title V, §5411(24), Dec. 20, 2018, 132 Stat. 4682.

EDITORIAL NOTES

AMENDMENTS2018- Pub. L. 115-334 struck out "Federal intermediate credit banks and" before "Farm Credit Banks".1988- Pub. L. 100-399 substituted "and Farm Credit Banks" for "pursuant to section 2074 of this title". 1986- Pub. L. 99-509 substituted first two sentences for former first sentence which read as follows: "Interest rates on loans from institutions of the Farm Credit System shall be determined with the approval of, as provided in section 2252(a)(5) of this title, the Farm Credit Administration as provided in this chapter, notwithstanding any interest rate limitation imposed by any State constitution or statute or other laws which are hereby preempted for purposes of this chapter." 1985- Pub. L. 99-205 inserted ", as provided in section 2252(a)(5) of this title," after "with the approval of" in first sentence.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATE OF 1988 AMENDMENT Amendment by Pub. L. 100-399 effective immediately after amendment made by section 401 of Pub. L. 100-233 which was effective 6 months after Jan. 6, 1988, see section 1001(b) of Pub. L. 100-399 set out as a note under section 2002 of this title.

EFFECTIVE DATE OF 1985 AMENDMENT Amendment by Pub. L. 99-205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99-205 set out as a note under section 2001 of this title.

State

The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.

credit

The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.