Federal laws
Applicability of certain Federal securities laws
section 77c(a)(2) of title 1515 U.S.C. 78a15 U.S.C. 80a–1For purposes of , no security representing an interest in, or obligations backed by, a pool of qualified loans for which guarantees have been provided by the Corporation shall be deemed to be a security issued or guaranteed by a person controlled or supervised by, or acting as an instrumentality of, the Government of the United States. No such security shall be deemed to be a “government security” for purposes of the Securities Exchange Act of 1934 [ et seq.] or for purposes of the Investment Company Act of 1940 [ et seq.].
No full faith and credit of the United States
Each security for which credit enhancement has been provided by the Corporation shall clearly indicate that the security is not an obligation of, and is not guaranteed as to principal or interest by, the Farm Credit Administration, the United States, or any other agency or instrumentality of the United States (other than the Corporation).
State securities laws
General exemption
Any security or obligation that has been provided a guarantee by the Corporation shall be exempt from any law of any State with respect to or requiring registration or qualification of securities or real estate to the same extent as any obligation issued by, or guaranteed as to principal and interest by, the United States or any agency or instrumentality of the United States.
State override
Authorized investments
In general
Securities representing an interest in, or obligations backed by, pools of qualified loans with respect to which the Corporation has provided a guarantee shall be authorized investments of any person, trust, corporation, partnership, association, business trust, or business entity created pursuant to or existing under the laws of the United States or any State to the same extent that the person, trust, corporation, partnership, association, business trust, or business entity is authorized under any applicable law to purchase, hold, or invest in obligations issued by or guaranteed as to principal and interest by the United States or any agency or instrumentality of the United States. Such securities or obligations may be accepted as security for all fiduciary, trust, and public funds, the investment or deposits of which shall be under the authority and control of the United States or any State or any officers of either.
State limitations on purchase, holding, or investment
If State law limits the purchase, holding, or investment in obligations issued by the United States by the person, trust, corporation, partnership, association, business trust, or business entity, securities or obligations of a certified facility issued on which the Corporation has provided a guarantee shall be considered to be obligations issued by the United States for purposes of the limitation.
Nonapplicability of provisions
Subsequent State law
Paragraphs (1) and (2) shall not apply with respect to a particular person, trust, corporation, partnership, association, business trust, or business entity, or class thereof, in any State that, prior to the expiration of the 8-year period beginning on , enacts a law that specifically refers to this section and either prohibits or provides for a more limited authority to purchase, hold, or invest in the securities by any person, trust, corporation, partnership, association, business trust, or business entity, or class thereof, than is provided in paragraphs (1) and (2).
Effect of subsequent State law
The enactment by any State of a law of the type described in subparagraph (A) shall not affect the validity of any contractual commitment to purchase, hold, or invest that was made prior to the effective date of the law and shall not require the sale or other disposition of any securities acquired prior to the effective date of the law.
State usury laws superseded
Pub. L. 92–181, title VIII, § 8Pub. L. 100–233, title VII, § 702101 Stat. 1703Pub. L. 100–399, title VI, § 601(k)l102 Stat. 1006Pub. L. 104–105, title I, § 112110 Stat. 165(.12, as added , , ; amended , (), , ; , , .)
Editorial Notes
References in Text
act June 6, 1934, ch. 40448 Stat. 881section 78a of Title 15The Securities Exchange Act of 1934, referred to in subsec. (a)(1), is , , which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see and Tables.
act Aug. 22, 1940, ch. 68654 Stat. 789section 80a–51 of Title 15The Investment Company Act of 1940, referred to in subsec. (a)(1), is title I of , , which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15. For complete classification of this Act to the Code, see and Tables.
Amendments
Pub. L. 104–1051996—Subsec. (d). added subsec. (d) and struck out heading and text of former subsec. (d). Text read as follows: “Any provision of the constitution or law of any State which expressly limits the rate or amount of interest, discount points, finance charges, or other charges that may be charged, taken, received, or reserved by agricultural lenders or certified facilities shall not apply to any agricultural loan made by an originator or a certified facility in accordance with this subchapter that is included in a pool for which the Corporation has provided a guarantee.”
Pub. L. 100–399, § 601(k)1988—Subsec. (a)(1). , inserted “, or obligations backed by,” before “a pool”.
Pub. L. 100–399, § 601lSubsec. (b)(2). (), substituted “date of the enactment” for “effective date” both of which for purposes of codification was translated as “,”.
Statutory Notes and Related Subsidiaries
Effective Date of 1988 Amendment
Pub. L. 100–399Pub. L. 100–233section 1001(a) of Pub. L. 100–399section 2002 of this titleAmendment by effective as if enacted immediately after enactment of , which was approved , see , set out as a note under .