cfr_sections
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43 rows where agency = "FSA" and part_number = 761 sorted by section_id
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| section_id ▼ | title_number | title_name | chapter | subchapter | part_number | part_name | subpart | subpart_name | section_number | section_heading | agency | authority | source_citation | amendment_citations | full_text |
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| 7:7:7.1.1.4.12.1.9.1 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.1 Introduction. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 76 FR 5057, Jan. 28, 2011; 83 FR 11869, Mar. 19, 2018; 85 FR 36691, June 17, 2020; 87 FR 13123, Mar. 9, 2022] | (a) The Administrator delegates the responsibility to administer Farm Loan Programs of the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq. ) to the Deputy Administrator for Farm Loan Programs subject to any limitations established in 7 CFR 2.16(a)(2) and 7 CFR 2.42. (b) The Deputy Administrator: (1) Delegates to each State Executive Director within the State Executive Director's jurisdiction the authority, and in the absence of the State Executive Director, the person acting in that position, to act for, on behalf of, and in the name of the United States of America or the Farm Service Agency to do and perform acts necessary in connection with making and guaranteeing loans, such as, but not limited to, making advances, servicing loans and other indebtedness, and obtaining, servicing, and enforcing or releasing security and other instruments related to the loan. For actions that do not result in a loss to the Farm Service Agency, a State Executive Director may redelegate authorities received under this paragraph to a Farm Loan Chief, Farm Loan Specialist, District Director, Farm Loan Manager, or Senior Farm Loan Officer, Farm Loan Officer, Loan Analyst, Loan Resolution Specialist, or Program Technician. (2) May establish procedures for further redelegation or limitation of authority. (c) This part and parts 762 through 767 of this subchapter describe the Agency's policies for its Farm Loan Programs. The objective of these programs is to provide progression lending and management assistance to eligible farmers to become owners or operators, or both, of family farms, to continue such operations when credit is not available elsewhere, or to return to normal farming operations after sustaining substantial losses as a result of a designated or declared disaster. The programs are designed to allow those who participate to transition to private commercial credit or other sources of credit in the shortest period of time practicable through the use of progression lending, including farm assessments, … | |||
| 7:7:7.1.1.4.12.1.9.10 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.10 Planning and performing construction and other development. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 81 FR 51284, Aug. 3, 2016] | (a) Purpose. This section describes Agency policies regarding the planning and performing of construction and other development work performed with: (1) Direct FLP loan funds; or (2) Insurance or other proceeds resulting from damage or loss to direct loan security. (b) Funds for development work. The applicant or borrower: (1) Must provide the Agency with an estimate of the total cash cost of all planned development prior to loan approval; (2) Must show proof of sufficient funds to pay for the total cash cost of all planned development at or before loan closing; (3) Must not incur any debts for materials or labor or make any expenditures for development purposes prior to loan closing with the expectation of being reimbursed from Agency loan funds. (c) Scheduling, planning, and completing development work. The applicant or borrower: (1) Is responsible for scheduling and planning development work in a manner acceptable to the Agency and must furnish the Agency information fully describing the planned development, the proposed schedule, and the manner in which it will be accomplished; (2) Is responsible for obtaining all necessary State and local construction approvals and permits prior to loan closing; (3) Must ensure that all development work meets the environmental requirements established in part 799 of this chapter; (4) Must schedule development work to start as soon as feasible after the loan is closed and complete work as quickly as practicable; (5) Is responsible for obtaining any required technical services from qualified technicians, tradespeople, and contractors. (d) Construction and repair standards. (1) The construction of a new building and the alteration or repair of an existing building must conform with industry-acceptable construction practices and standards. (2) All improvements to a property must conform to applicable laws, ordinances, codes, and regulations. (3) The applicant or borrower is responsible for selecting a design standard that meets all applicable local and sta… | |||
| 7:7:7.1.1.4.12.1.9.11 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.11 Dishonored payment fee. | FSA | [87 FR 13123, Mar. 9, 2022] | (a) The Agency will charge a fee for payment transactions that are returned for insufficient funds. (b) [Reserved] | |||
| 7:7:7.1.1.4.12.1.9.12 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | §§ 761.12-761.50 [Reserved] | FSA | |||||
| 7:7:7.1.1.4.12.1.9.2 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.2 Abbreviations and definitions. | FSA | [72 FR 63285, Nov. 8, 2007; 72 FR 74153, Dec. 31, 2007, as amended at 73 FR 74344, Dec. 8, 2008; 75 FR 54012, Sept. 3, 2010; 76 FR 75430, Dec. 2, 2011; 77 FR 15938, May 18, 2012; 78 FR 3834, Jan. 16, 2013; 78 FR 14005, Mar. 4, 2013; 78 FR 65529, Nov. 1, 2013; 79 FR 60743, Oct. 8, 2014; 79 FR 78693, Dec. 31, 2014; 80 FR 74970, Dec. 1, 2015; 81 FR 3292, Jan. 21, 2016; 81 FR 72690, Oct. 21, 2016; 85 FR 36691, June 17, 2020; 86 FR 43390, Aug. 9, 2021; 87 FR 13123, Mar. 9, 2022; 89 FR 65035, Aug. 8, 2024] | The following abbreviations and definitions are applicable to the Farm Loan Programs addressed in parts 761 through 769 unless otherwise noted. (a) Abbreviations. ARA Alternative Repayment Agreement. CL Conservation Loan. CLP Certified Lender Program. DBSA Distressed Borrower Set-Aside. DSA Disaster Set-Aside. EE Economic Emergency loan. EM Emergency loan. FCCS Federal Claims Collection Standards. FLP Farm Loan Programs. FO Farm Ownership loan. FSA Farm Service Agency, an Agency of the USDA, including its personnel and any successor Agency. HPRP The Heirs' Property Relending Program. LIBOR London Interbank Offered Rate. ML Microloan. MLP Micro Lender Program. NRCS National Resources and Conservation Service, USDA. OIG Office of the Inspector General, USDA. OGC Office of the General Counsel of the USDA. OL Operating loan. PLP Preferred Lender Program. RHF Rural Housing loan for farm service buildings. RL Recreation loan. SAA Shared Appreciation Agreement. SA Shared Appreciation loan. SEL Standard Eligible Lender. ST Softwood Timber loan. SW Soil and Water loan. USDA United States Department of Agriculture. USPAP Uniform Standards of Professional Appraisal Practice. (b) Definitions. Abandoned security property is security property that a borrower is not occupying, is not in possession of, or has relinquished control of and has not made arrangements for its care or sale. Accrued deferred interest is unpaid interest from past due installments posted to a borrower's loan account. Act is the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq. ). Additional security is property which provides security in excess of the amount of security value equal to the loan amount. Adequate security is property which is required to provide security value at least equal to the direct loan amount. Adjustment means the settlement of an FLP debt for less than the total amount owed. The adjusted amount is collected through a series of payments that a… | |||
| 7:7:7.1.1.4.12.1.9.3 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.3 Civil rights. | FSA | Part 15d of this title contains applicable regulations pertaining to civil rights and filing of discrimination complaints by program participants. | ||||
| 7:7:7.1.1.4.12.1.9.4 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.4 Conflict of interest. | FSA | The Agency enforces conflict of interest policies to maintain high standards of honesty, integrity, and impartiality in the making and servicing of direct and guaranteed loans. These requirements are established in 5 CFR parts 2635 and 8301. | ||||
| 7:7:7.1.1.4.12.1.9.5 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.5 Restrictions on lobbying. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 79 FR 75996, Dec. 19, 2014] | A person who applies for or receives a loan made or guaranteed by the Agency must comply with the restrictions on lobbying in 2 CFR part 418. | |||
| 7:7:7.1.1.4.12.1.9.6 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.6 Appeals. | FSA | Except as provided in 7 CFR part 762, appeal of an adverse decision made by the Agency will be handled in accordance with 7 CFR parts 11 and 780. | ||||
| 7:7:7.1.1.4.12.1.9.7 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.7 Appraisals. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 78 FR 65529, Nov. 1, 2013; 79 FR 78693, Dec. 31, 2014; 81 FR 72690, Oct. 21, 2016; 86 FR 43390, Aug. 9, 2021] | (a) General. This section describes Agency requirements for: (1) Real estate and chattel appraisals made in connection with the making and servicing of direct FLP and Non-program loans; and (2) Appraisal reviews conducted on appraisals made in connection with the making and servicing of direct and guaranteed FLP and Non-program loans. (b) Appraisal standards. (1) Real estate appraisals, technical appraisal reviews and their respective forms must comply with the standards contained in USPAP, as well as applicable Agency regulations and procedures for the specific FLP activity involved. Applicable appraisal procedures and regulations are available for review in each Agency State Office. (2) When a chattel appraisal is required, it must be completed on an applicable Agency form (available in each Agency State Office) or other format containing the same information. (c) Use of an existing real estate appraisal. Except where specified elsewhere, when a real estate appraisal is required, the Agency will use the existing real estate appraisal to reach loan making or servicing decisions under either of the following conditions: (1) The appraisal was completed within the previous 18 months and the Agency determines that: (i) The appraisal meets the provisions of this section and the applicable Agency loan making or servicing requirements; and (ii) Market values have remained stable since the appraisal was completed; or (2) The appraisal was not completed in the previous 18 months, but has been updated by the appraiser or appraisal firm that completed the appraisal, and both the update and the original appraisal were completed in accordance with USPAP. (d) Appraisal reviews. (1) With respect to a real estate appraisal, the Agency may conduct a technical appraisal review or an administrative appraisal review, or both. (2) With respect to a chattel appraisal, the Agency may conduct an administrative appraisal review. (e) Appraisal appeals. Challenges to an appraisal used by the Agency are limited as fol… | |||
| 7:7:7.1.1.4.12.1.9.8 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.8 Loan Limitations. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008; 75 FR 54012, Sept. 3, 2010; 86 FR 43390, Aug. 9, 2021; 87 FR 13123, Mar. 9, 2022] | (a) Dollar limits. The outstanding principal balances for an applicant or anyone who will sign the promissory note cannot exceed any of the following at the time of loan closing or assumption of indebtedness. If the outstanding principal balance exceeds any of the limits at the time of approval, the farm operating plan must reflect that funds will be available to reduce the indebtedness prior to loan closing or assumption of indebtedness. (1) Farm Ownership, Down payment loans, Conservation loans, and Soil and Water loans: (i) Direct—$600,000; (ii) Guaranteed—$1,750,000 (for fiscal year 2019 and increased at the beginning of each fiscal year in accordance with paragraph (b) of this section); (iii) Any combination of a direct Farm Ownership loan, direct Conservation loan, direct Soil and Water loan, guaranteed Farm Ownership loan, guaranteed Conservation loan, and guaranteed Soil and Water loan $1,750,000 (for fiscal year 2019 and increased each fiscal year in accordance with paragraph (b) of this section); (2) Operating loans: (i) Direct—$400,000; (ii) Guaranteed—$1,750,000 (for fiscal year 2019 and increased each fiscal year in accordance with paragraph (b) of this section); (iii) Any combination of a direct Operating loan and guaranteed Operating loan—$1,750,000 (for fiscal year 2019 and increased each fiscal year in accordance with paragraph (b) of this section); (3) Any combination of guaranteed Farm Ownership loan, guaranteed Conservation loan, guaranteed Soil and Water loan, and guaranteed Operating loan—$1,750,000 (for fiscal year 2019 and increased each fiscal year in accordance with paragraph (b) of this section); (4) Any combination of direct Farm Ownership loan, direct Conservation loan, direct Soil and Water loan, direct Operating loan, guaranteed Farm Ownership loan, guaranteed Conservation loan, guaranteed Soil and Water loan, and guaranteed Operating loan-the amount in paragraph (a)(1)(ii) of this section plus $600,000; (5) Emergency loans—$500,000; (6) Any combination of direct Farm … | |||
| 7:7:7.1.1.4.12.1.9.9 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | A | Subpart A—General Provisions | § 761.9 Interest rates for direct loans. | FSA | Interest rates for all direct loans are set in accordance with the Act. A copy of the current interest rates may be obtained in any Agency office. | ||||
| 7:7:7.1.1.4.12.2.9.1 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | § 761.51 Establishing a supervised bank account. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 76 FR 5057, Jan. 28, 2011; 86 FR 43390, Aug. 9, 2021] | (a) Supervised bank accounts will be used to: (1) Assure correct use of funds are planned and released for capital purchases, construction projects, site development work, debt refinancing, or proceeds from the sale of basic security, and perfection of the Agency's security interest in assets purchased or refinanced when electronic funds transfer or treasury check processes are not practicable; (2) Protect the Agency's security interest in insurance indemnities or other loss compensation resulting from loss or damage to loan security; or (3) Assist borrowers with limited financial skills with cash management, subject to the following conditions: (i) Use of a supervised bank for this purpose will be temporary and infrequent; (ii) The need for a supervised bank account in this situation will be determined on a case-by-case basis; and (iii) The borrower agrees to the use of a supervised bank account for this purpose by executing the deposit agreement. (b) The borrower may select the financial institution in which the account will be established, provided the institution is Federally insured. If the borrower does not select an institution, the Agency will choose one. (c) Only one supervised bank account will be established for any borrower. (d) If both spouses sign an FLP note and security agreement, the supervised bank account will be established as a joint tenancy account with right of survivorship from which either borrower can withdraw funds. (e) If the funds to be deposited into the account cause the balance to exceed the maximum amount insurable by the Federal Government, the financial institution must agree to pledge acceptable collateral with the Federal Reserve Bank for the excess over the insured amount, before the deposit is made. (1) If the financial institution is not a member of the Federal Reserve System, the institution must pledge acceptable collateral with a correspondent bank that is a member of the Federal Reserve System. The correspondent bank must inform the Federal Reserve Bank that … | |||
| 7:7:7.1.1.4.12.2.9.2 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | § 761.52 Deposits into a supervised bank account. | FSA | (a) Checks or money orders may be deposited into a supervised bank account provided they are not payable: (1) Solely to the Federal Government or any agency thereof; or (2) To the Treasury of the United States as a joint payee. (b) Loan proceeds may be deposited electronically. | ||||
| 7:7:7.1.1.4.12.2.9.3 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | § 761.53 Interest bearing accounts. | FSA | (a) A supervised bank account, if possible, will be established as an interest bearing deposit account provided that the funds will not be immediately disbursed, and the account is held jointly by the borrower and the Agency if this arrangement will benefit the borrower. (b) Interest earned on a supervised bank account will be treated as normal income security. | ||||
| 7:7:7.1.1.4.12.2.9.4 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | § 761.54 Withdrawals from a supervised bank account. | FSA | (a) The Agency will authorize a withdrawal from the supervised bank account for an approved purpose after ensuring that: (1) Sufficient funds in the supervised bank account are available; (2) No loan proceeds are disbursed prior to confirmation of proper lien position, except to pay for lien search if needed; (3) No checks are issued to “cash;” and (4) The use of funds is consistent with the current farm operating plan or other agreement with the Agency. (b) A check must be signed by the borrower with countersignature of the Agency, except as provided in paragraph (c) of this section. All checks must bear the legend “countersigned, not as co-maker or endorser.” (c) The Agency will withdraw funds from a supervised bank account without borrower counter-signature only for the following purposes: (1) For application on Agency indebtedness; (2) To refund Agency loan funds; (3) To protect the Agency's lien or security; (4) To accomplish a purpose for which such advance was made; or (5) In the case of a deceased borrower, to continue to pay necessary farm expenses to protect Agency security in conjunction with the borrower's estate. | ||||
| 7:7:7.1.1.4.12.2.9.5 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | § 761.55 Closing a supervised bank account. | FSA | (a) If the supervised bank account is no longer needed and the loan account is not paid in full, the Agency will determine the source of the remaining funds in the supervised bank account. If the funds are determined to be: (1) Loan funds: (i) From any loan type, except Youth loan, and the balance is less than $1,000, the Agency will provide the balance to the borrower to use for authorized loan purposes; (ii) From a Youth loan, and the balance is less than $100, the Agency will provide the balance to the borrower to use for authorized loan purposes; (2) Loan funds: (i) From any loan type, except Youth loan, and the balance is $1,000 or greater, the Agency will apply the balance to the FLP loan; (ii) From a Youth loan, and the balance is $100 or greater, the Agency will apply the balance to the FLP loan; (3) Normal income funds, the Agency will apply the balance to the remaining current year's scheduled payments and pay any remaining balance to the borrower; and (4) Basic security funds, the Agency will apply the balance to the FLP loan as an extra payment or the borrower may apply the balance toward the purchase of basic security, provided the Agency obtains a lien on such security and its security position is not diminished. (b) If the borrower is uncooperative in closing a supervised bank account, the Agency will make written demand to the financial institution for the balance and apply it in accordance with paragraph (a) of this section. (c) In the event of a borrower's death, the Agency may: (1) Apply the balance to the borrower's FLP loan; (2) Continue with a remaining borrower, provided the supervised bank account was established as a joint tenancy with right of survivorship account; (3) Refund unobligated balances from other creditors in the supervised bank account for specific operating purposes in accordance with any prior written agreement between the Agency and the deceased borrower; or (4) Continue to pay expenses from the supervised bank account in conjunction with the borrower's estat… | ||||
| 7:7:7.1.1.4.12.2.9.6 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | B | Subpart B—Supervised Bank Accounts | §§ 761.56-761.100 [Reserved] | FSA | |||||
| 7:7:7.1.1.4.12.3.9.1 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | § 761.101 Applicability. | FSA | This subpart applies to all direct applicants and borrowers, except borrowers with only Non-program loans. | ||||
| 7:7:7.1.1.4.12.3.9.2 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | § 761.102 Borrower recordkeeping and reporting. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 87 FR 13123, Mar. 9, 2022; 89 FR 65037, Aug. 8, 2024] | (a) A borrower must maintain accurate records sufficient to make informed management decisions and to allow the Agency to render loan making and servicing decisions in accordance with Agency regulations. These records must include the following: (1) Production (e.g., total and per unit for livestock and crops); (2) Revenues, by source; (3) Other sources of funds, including borrowed funds; (4) Operating expenses; (5) Interest; (6) Family living expenses; (7) Profit and loss; (8) Tax-related information; (9) Capital expenses; (10) Outstanding debt; and (11) Debt repayment. (b) A borrower also must agree in writing to: (1) Cooperate with the Agency and comply with all progression lending plans, farm assessments, farm operating plans, and all other loan-related requirements and documents; (2) Submit financial information and an updated farm operating plan when requested by the Agency; (3) Immediately notify the Agency of any proposed or actual significant change in the farming operation, any significant changes in family income, expenses, or the development of problem situations, or any losses or proposed significant changes in security. (c) If the borrower fails to comply with these requirements, unless due to reasons outside the borrower's control, the non-compliance may adversely impact future requests for assistance. | |||
| 7:7:7.1.1.4.12.3.9.3 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | § 761.103 Farm assessment. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54012, Sept. 3, 2010; 76 FR 5057, Jan. 28, 2011; 78 FR 3835, Jan. 17, 2013; 78 FR 65529, Nov. 1, 2013; 86 FR 43391, Aug. 9, 2021; 87 FR 13123, Mar. 9, 2022; 89 FR 63037, Aug. 8, 2024] | (a) The Agency, in collaboration with the applicant, will assess the farming operation to: (1) Determine the applicant's financial condition, organizational structure, and management strengths and weaknesses; (2) Identify and prioritize training and progression lending needs; and (3) Develop a progression lending plan to assist the borrower in achieving financial viability and transitioning to private commercial credit or other sources of credit at reasonable rates and terms, except for CL. (b) Except for ML, the initial assessment must evaluate, at a minimum, the: (1) Farm organization and key personnel qualifications; (2) Type of farming operation; (3) The short- and long-term goals of the operation, including goals to reasonably increase working capital reserves and savings, including reasonable savings for retirement and education, to support operational stability and growth, and goals for progression towards graduation to commercial credit or eventual self-financing; (4) Adequacy of real estate, including facilities, to conduct the farming operation; (5) Adequacy of chattel property used to conduct the farming operation; (6) Historical performance, except for streamlined CL; (7) Farm operating plan; (8) Progression lending plan, except for streamlined CL; (9) Training plan; and (10) Graduation plan, except for CL. (c) For ML, the Agency will complete a narrative that will evaluate, at a minimum, the: (1) Type of farming operation and adequacy of resources; (2) Amount of assistance necessary to cover expenses to carry out the proposed farm operating plan, including building an adequate equity base; (3) The short- and long-term goals of the operation, including goals to reasonably increase working capital reserves and savings, including reasonable savings for retirement and education, to support operational stability and growth, and goals for progression towards graduation to commercial credit or eventual self-financing; (4) The short- and long-term financial viability of the farming operati… | |||
| 7:7:7.1.1.4.12.3.9.4 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | § 761.104 Developing the farm operating plan. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 78 FR 3835, Jan. 17, 2013; 86 FR 43391, Aug. 9, 2021; 89 FR 65037, Aug. 8, 2024] | (a) An applicant or borrower must submit a farm operating plan to the Agency, upon request, for loan making or servicing purposes. (b) An applicant or borrower may request Agency assistance in developing the farm operating plan. (c) The farm operating plan will be based on accurate and verifiable information. (1) Historical information will be used as a guide. (2) Positive and negative trends, mutually agreed upon changes and improvements, and current input prices will be taken into consideration when arriving at reasonable projections. (3) Projected yields will be calculated according to the following priorities: (i) The applicant or borrower's own production records for the previous 3 years; (ii) The per-acre actual production history of the crops produced by the farming operation used to determine Federal crop insurance payments, if available; (iii) FSA Farm Program actual yield records; (iv) County averages; (v) State averages. (4) If the applicant or borrower's production history has been substantially affected by a disaster declared by the President or designated by the Secretary of Agriculture, or the applicant or borrower has had a qualifying loss from such disaster but the farming operation was not located in a declared or designated disaster area, the applicant or borrower may: (i) Use county average yields, or state average yields if county average yields are not available, in place of the disaster year yields when the county or state average yields are realistic and reasonable compared to the applicant's actual non-disaster year yields, as determined by the agency approval official; or (ii) Exclude the production year with the lowest actual or county average yield if their yields were affected by disasters during at least 2 of the 3 years. (d) Unit prices for agricultural commodities established by the Agency will generally be used. Applicants and borrowers that provide evidence that they will receive a premium price for a commodity may use a price above the price established by the Agen… | |||
| 7:7:7.1.1.4.12.3.9.5 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | § 761.105 Analysis. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010; 86 FR 43391, Aug. 9, 2021; 89 FR 65038, Aug. 8, 2024] | (a) The Agency conducts an analysis at its discretion or if the borrower: (1) Is being considered for a new direct loan or subordination; (2) Is financially distressed or delinquent; (3) Has a loan deferred, excluding deferral of an installment under subpart B of part 766; or (4) Is receiving a limited resource interest rate on any loan, in which case the review will be completed at least every 2 years. (b) The analysis must include a review of the previous production cycle's actual income, expense, and production performance, as well as a farm operating plan for the new operating cycle. | |||
| 7:7:7.1.1.4.12.3.9.6 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | C | Subpart C—Progression Lending | §§ 761.106-761.200 [Reserved] | FSA | |||||
| 7:7:7.1.1.4.12.4.9.1 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.201 Purpose. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | (a) This subpart addresses: (1) The allocation of funds for direct and guaranteed FO, CL, and OL loans; (2) The establishment of socially disadvantaged target participation rates; and (3) The reservation of loan funds for beginning farmers. (b) The Agency does not allocate EM loan funds to State Offices but makes funds available following a designated or declared disaster. EM loan funds are available on a first-come first-served basis. (c) State funding information is available for review in any State Office. | |||
| 7:7:7.1.1.4.12.4.9.10 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.210 CL funds. | FSA | [75 FR 54013, Sept. 3, 2010] | (a) The following applicants and conservation projects will receive priority for CL funding: (1) Beginning farmer or socially disadvantaged farmer, (2) An applicant who will use the loan funds to convert to a sustainable or organic agriculture production system as evidenced by one of the following: (i) A conservation plan that states the applicant is moving toward a sustainable or organic production system, or (ii) An organic plan, approved by a certified agent and the State organic certification program, or (iii) A grant awarded by the Sustainable Agriculture Research and Education (SARE) program of the National Institute of Food and Agriculture, USDA. (3) An applicant who will use the loan funds to build conservation structures or establish conservation practices to comply with 16 U.S.C. 3812 (section 1212 of the Food Security Act of 1985) for highly erodible land. (b) [Reserved] | |||
| 7:7:7.1.1.4.12.4.9.11 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.211 Transfer of funds. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008. Redesignated at 75 FR 54013, Sept. 3, 2010, as amended at 86 FR 43391, Aug. 9, 2021; 90 FR 30559, July 10, 2025] | If sufficient unsubsidized guaranteed OL funds are available, then beginning on: (a) August 1 of each fiscal year, the Agency will use available unsubsidized guaranteed OL loan funds to make approved direct FO loans to beginning farmers under the Down payment loan program; and (b) September 1 of each fiscal year the Agency will use available unsubsidized guaranteed OL loan funds to make approved direct FO loans to beginning farmers. | |||
| 7:7:7.1.1.4.12.4.9.2 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.202 Timing of allocations. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | The Agency's National Office allocates funds for FO, CL, and OL loans to the State Offices on a fiscal year basis, as made available by the Office of Management and Budget. However, the National Office will retain control over the funds when funding or administrative constraints make allocation to State Offices impractical. | |||
| 7:7:7.1.1.4.12.4.9.3 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.203 National reserves for Farm Ownership and Operating loans. | FSA | (a) Reservation of funds. At the start of each fiscal year, the National Office reserves a portion of the funds available for each direct and guaranteed loan program. These reserves enable the Agency to meet unexpected or justifiable program needs during the fiscal year. (b) Allocation of reserved funds. The National Office distributes funds from the reserve to one or more State Offices to meet a program need or Agency objective. | ||||
| 7:7:7.1.1.4.12.4.9.4 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.204 Methods of allocating funds to State Offices. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | FO, CL, and OL loan funds are allocated to State Offices using one or more of the following allocation methods: (a) Formula allocation, if data, as specified in § 761.205, is available to use the formula for the State. (b) Administrative allocation, if the Agency cannot adequately meet program objectives with a formula allocation. The National Office determines the amount of an administrative allocation on a case-by-case basis. (c) Base allocation, to ensure funding for at least one loan in each State, District, or County Office. In making a base allocation, the National Office may use criteria other than those used in the formula allocation, such as historical Agency funding information. | |||
| 7:7:7.1.1.4.12.4.9.5 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.205 Computing the formula allocation. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | (a) The formula allocation for FO, CL, or OL loan funds is equal to: (1) The amount available for allocation by the Agency minus the amounts held in the National Office reserve and distributed by base and administrative allocation, multiplied by (2) The State Factor, which represents the percentage of the total amount of the funds for a loan program that the National Office allocates to a State Office. formula allocation = (amount available for allocation−national reserve−base allocation−administrative allocation) × State Factor formula allocation = (amount available for allocation−national reserve−base allocation−administrative allocation) × State Factor (b) To calculate the State Factor, the Agency: (1) Uses the following criteria, data sources, and weights: (2) Determines each State's percentage of the national total for each criterion; (3) Multiplies the percentage for each State determined in paragraph (b)(2) of this section by the applicable weight for that criterion; (4) Sums the weighted criteria for each State to obtain the State factor. | |||
| 7:7:7.1.1.4.12.4.9.6 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.206 Pooling of unobligated funds allocated to State Offices. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | The Agency periodically pools unobligated FO, CL, and OL loan funds that have been allocated to State Offices. When pooling these funds, the Agency places all unobligated funds in the appropriate National Office reserve. The pooled funds may be retained in the national reserve or reallocated to the States. | |||
| 7:7:7.1.1.4.12.4.9.7 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.207 Distribution of loan funds by State Offices. | FSA | A State Office may distribute its allocation of loan funds to District or County level using the same allocation methods that are available to the National Office. State Offices may reserve a portion of the funds to meet unexpected or justifiable program needs during the fiscal year. | ||||
| 7:7:7.1.1.4.12.4.9.8 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.208 Target participation rates for socially disadvantaged groups. | FSA | [72 FR 63285, Nov. 8, 2007, as amended at 75 FR 54013, Sept. 3, 2010] | (a) General. (1) The Agency establishes target participation rates for providing FO, CL, and OL loans to members of socially disadvantaged groups. (2) The Agency sets the target participation rates for State and County levels annually. (3) When distributing loan funds in counties within Indian reservations, the Agency will allocate the funds on a reservation-wide basis. (4) The Agency reserves and allocates sufficient loan funds to achieve these target participation rates. The Agency may also use funds that are not reserved and allocated for socially disadvantaged groups to make or guarantee loans to members of socially disadvantaged groups. (b) FO and CL, loans based on ethnicity or race. The FO and CL, loan target participation rate based on ethnicity or race in each: (1) State is equal to the percent of the total rural population in the State who are members of such socially disadvantaged groups. (2) County is equal to the percent of rural population in the county who are members of such socially disadvantaged groups. (c) OL loans based on ethnicity or race. The OL loan target participation rate based on ethnicity or race in each: (1) State is equal to the percent of the total number of farmers in the State who are members of such socially disadvantaged groups. (2) County is equal to the percent of the total number of farmers in the county who are members of socially disadvantaged ethnic groups. (d) Women farmers. (1) The target participation rate for women farmers in each: (i) State is equal to the percent of farmers in the State who are women. (ii) County is equal to the percent of farmers in the county who are women. (2) In developing target participation rates for women, the Agency will consider the number of women who are current farmers and potential farmers. | |||
| 7:7:7.1.1.4.12.4.9.9 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | D | Subpart D—Allocation of Farm Loan Programs Funds to State Offices | § 761.209 Loan funds for beginning farmers. | FSA | Each fiscal year, the Agency reserves a portion of direct and guaranteed FO and OL loan funds for beginning farmers in accordance with section 346(b)(2) of the Act. | ||||
| 7:7:7.1.1.4.12.5.9.1 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.401 Purpose. | FSA | (a) This subpart describes the Agency's policies for debt settlement as authorized by the Consolidated Farm and Rural Development Act (CONACT) (7 U.S.C. 1921, 7 U.S.C. 1981, 1981a, 1981d, and 2008h). (b) FLP debts that cannot be debt settled using CONACT debt settlement authority such as when a borrower has received previous debt forgiveness on another direct loan made under the CONACT, will be processed as specified in 31 U.S.C. chapter 37 and 31 CFR parts 900 through 904. | ||||
| 7:7:7.1.1.4.12.5.9.2 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.402 Abbreviations and definitions. | FSA | (a) Abbreviations and definitions for terms used in this subpart are provided in 7 CFR part 3 and § 761.2. (b) Definitions used only in this subpart include: (1) Third party converter means an individual or entity who: (i) Is in possession of agency security property, or money from the sale of security, in relation to a loan or other debt that the individual or entity was not liable for; or (ii) Assists, or participates knowingly or unknowingly, in the transportation or sale of agency security, in relation to a loan or other debt that the individual or entity was not liable for; or (iii) Assists, or participates knowingly or unknowingly, in temporarily or permanently relocating or concealing the location of agency security property, or money from the sale of agency security, in relation to a loan or other debt that the individual or entity was not liable for. (2) [Reserved] | ||||
| 7:7:7.1.1.4.12.5.9.3 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.403 General. | FSA | [85 FR 36691, June 17, 2020, as amended at 86 FR 10441, Feb. 22, 2021] | (a) The Agency will settle debts that result from, except as otherwise specified in this section: (1)(i) Farm Ownership loans (part 764, subpart D of this chapter), including down payment loans (764, subpart E of this chapter); (ii) Operating loans (part 764, subpart G of this chapter), including microloans part 764 of this chapter), and youth loans (part 764, subpart H of this chapter); (iii) Emergency loans (part 764, subpart I of this chapter); (iv) Conservation loans (part 764, subpart F of this chapter); (v) Economic Emergency loans (serviced under parts 761 through 767 of this chapter); softwood timber loans; Soil and Water loans; Individual Recreation Loans; Irrigation and Drainage loans; and Shift-in-land-use (Grazing Association) loans; (2) Costs associated with servicing a borrower's account including, but not limited to, Uniform Commercial Code filing fees, surveys, appraisals, protective advances, and liquidation expenses; (3) Debts reduced to judgment; (4) Non-Program Loans; (5) Amounts the Agency is authorized to recapture through agreements such as the Shared Appreciation Agreement (part 766, subpart E of this chapter); (6) Loss claims paid on guaranteed loans (part 762 of this chapter); (7) Unauthorized assistance; (8) Amounts the Agency may collect from third party converters, or other individuals or entities having possession of security for FLP loans or monies obtained through the sale of FLP loan security; and (9) Debt returned to the Agency from the Treasury cross-servicing program. (b) The debtor's signature is not required to process some debt settlement actions. These cases include, but are not limited to, debts discharged in bankruptcy and debts returned from Treasury's cross-servicing program with amounts still owing when no further collection can be taken. (c) FSA will not engage in settlement of a debt if: (1) Foreclosure of security has been initiated and is pending with Justice, unless Justice has advised FSA that it does not object to the settlement; or (2) Debts th… | |||
| 7:7:7.1.1.4.12.5.9.4 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.404 Eligibility. | FSA | (a) A borrower is eligible for debt settlement if the borrower: (1) Meets the requirements for the particular type of debt settlement under this part; and (2) Submits a complete application for debt settlement as specified in § 761.405. (b) All parties liable for the debt must submit a complete application with the following exceptions: (1) The applicable information required in § 761.405 can be provided by the administrator or executor of the Estate, heir, or other authorized person who can sign the debt settlement application; or compiled by FSA staff when a signature cannot be obtained. (2) The debt may be settled when the borrower has no known assets or income from which collection can be made, has disappeared and cannot be located without undue expense, and there is no security remaining for the debt. (3) In cases where the full amount of the unsecured debt cannot be collected in a reasonable time by legal action or through enforced collection proceedings, the Agency may consider a debt settlement offer submitted by a borrower without requiring a complete application. When evaluating these offers, the Agency will consider the likelihood of the debtor obtaining a larger income or additional assets, including inheritance prospects within 5 years, from which legal or enforced collection could be made. (c) A borrower is not eligible for debt settlement if: (1) The borrower is indebted on another active FLP loan that the borrower cannot or will not debt settle; or (2) The debt has been referred to the OIG, OGC, or Justice because of suspected civil or criminal violation, unless investigation was declined or advice was provided that the debt can be canceled, compromised, or adjusted. | ||||
| 7:7:7.1.1.4.12.5.9.5 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.405 Application. | FSA | [85 FR 36691, June 17, 2020, as amended at 86 FR 43391, Aug. 9, 2021] | (a) A borrower requesting debt settlement must submit complete and accurate information from which the Agency can make a full determination of the borrower's financial circumstances and repayment ability. Except for the situations listed in § 761.404(b), each liable party, must submit the following: (1) One completed original debt settlement application on the applicable Agency form signed by all parties liable for the debt; (2) A current financial statement; (3) A cash flow projection for the next production or earnings period; (4) Verification of employment or other earned income, including verification of a nondebtor spouse's income which will be included as available to pay family living expenses; (5) Verification of assets including, but not limited to, cash, checking accounts, savings accounts, certificates of deposit, individual retirement accounts, retirement and pension funds, mutual funds, stocks, bonds, and accounts receivable; (6) Verification of debts exceeding an amount determined by the Agency; (7) Copies of complete Federal income tax returns for the previous 3 years; and (8) Any other items requested by the Agency to evaluate the debtor's financial condition. (b) [Reserved] | |||
| 7:7:7.1.1.4.12.5.9.6 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.406 Types of debt settlement. | FSA | (a) Compromise. The Agency may compromise a debt owed to the Agency if the requirements of this subpart are met and: (1) The borrower pays a lump sum as a compromise for the remaining unsecured debt; and (2) The amount is reasonable based on the Agency's determination of what the borrower can pay to settle the debt. (b) Adjustment. The Agency may settle a debt owed to the Agency through an adjustment agreement if the requirements of this subpart are met and: (1) The borrower agrees to pay the adjustment amount for a period of time not to exceed 5 years; and (2) The amount is reasonable based on the Agency's determination of what the borrower can pay to settle the debt; and (3) The borrower provides documentation that funds are, or will be, available to pay the adjustment offer through its term. (c) Cancellation. The Agency may cancel a debt owed to the Agency if the requirements of this subpart are met and the application and supporting documents indicate that the borrower is unable to pay a compromise or adjustment offer. | ||||
| 7:7:7.1.1.4.12.5.9.7 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.407 Failure to pay. | FSA | (a) Failure to pay any compromise amount approved by FSA by the date agreed will result in cancellation of the compromise agreement. (b) Failure to pay debt adjustment amounts approved by FSA by the dates agreed will result in cancellation of the adjustment agreement. (c) A debtor who has entered into an agreement under this subpart may request that FSA extend a repayment date for 90 days. The debtor must provide information that supports the basis for the request at the time the request is made. (d) If a debtor is delinquent under the terms of an adjustment agreement and FSA determines the debtor is likely to be financially unable to meet the terms of the agreement, the existing agreement may be cancelled and the debtor may be allowed to apply for a different type of settlement more consistent with the debtor's repayment ability. (e) If an agreement is cancelled, any payments received will be retained as payments on the debt owed. | ||||
| 7:7:7.1.1.4.12.5.9.8 | 7 | Agriculture | VII | D | 761 | PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION | F | Subpart F—Farm Loan Programs Debt Settlement | § 761.408 Administrator authority. | FSA | On an individual case basis, the Agency may consider granting an exception to any requirement of this part if: (a) The exception is not inconsistent with the authorizing statute or other applicable law; and (b) The Agency's financial interest would be adversely affected by acting in accordance with this part and granting an exception would resolve or eliminate the adverse effect upon its financial interest. |
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