7 U.S.C. § 927 | General duties and prohibitions

(a)

Duties

The Secretary shall—

(1)

in evaluating the feasibility of a telephone loan to be made to a borrower for telephone services, use—

(A)

with respect to items for which the regulatory authority with jurisdiction over the provision of such services has approved the depreciation rates used by the borrower, such approved rates; and

(B)

with respect to other items, the average of the depreciation rates used by borrowers of telephone loans made under this chapter;

(2)

annually determine and publish the average described in paragraph (2)(B); and

(3)

section 922 of this title make loans for all purposes for which telephone loans are authorized under , to the extent of qualifying applications therefor.

(b)

Prohibitions

The Secretary shall not—

(1)

rescind an insured telephone loan made under this chapter without the consent of the borrower, unless all of the purposes for which telephone loans have been made to the borrower under this chapter have been accomplished with funds provided under this chapter;

(2)

regulate the order or sequence of advances of funds under telephone loans made under this chapter to any borrower who has received any combination of telephone loans from the Secretary or the Federal Financing Bank; or

(3)

section 553 of title 5 deny a loan or advance to, or take any other adverse action against, an applicant for, or a borrower of, a telephone loan under this chapter for any reason that is not based on a rule, regulation, bulletin, or other written policy standard that has not been published pursuant to .

May 20, 1936, ch. 432 Pub. L. 101–624, title XXIII, § 2357Nov. 28, 1990104 Stat. 4040 Pub. L. 103–354, title II, § 235(a)(7)Oct. 13, 1994108 Stat. 3221 Pub. L. 115–334, title VI, § 6602(b)(4)Dec. 20, 2018132 Stat. 4776 (, title II, § 206, as added , , ; amended , (13), , ; , (5), , .)

Editorial Notes

Amendments

Pub. L. 115–334, § 6602(b)(4)(A)2018—Subsec. (a). , struck out “and the Governor of the telephone bank” after “The Secretary” in introductory provisions.

Pub. L. 115–334, § 602(b)(4)(B)section 553(a)(2) of title 5Subsec. (a)(1), (2). , (D), redesignated pars. (2) and (3) as (1) and (2), respectively, and struck out par. (1) which read as follows: “notwithstanding , cause to be published in the Federal Register, in accordance with subsections (b) through (e) of section 553 of such title, all rules, regulations, bulletins, and other written policy standards governing the operations of the telephone loan and loan guarantee programs administered under this chapter other than those relating to agency management and personnel;”.

Pub. L. 115–334, § 6602(b)(4)(C)Subsec. (a)(3), (4). , (D), redesignated par. (4) as (3) and struck out “or 948” after “section 922”. Former par. (3) redesignated (2).

Pub. L. 115–334, § 6602(b)(5)(A)Subsec. (b). , struck out “and the Governor of the telephone bank” after “The Secretary” in introductory provisions.

Pub. L. 115–334, § 6602(b)(5)(B)Subsec. (b)(1). , struck out “, or a Rural Telephone Bank loan,” after “an insured telephone loan”.

Pub. L. 115–334, § 6602(b)(5)(C)Subsec. (b)(2). , struck out “, the Rural Telephone Bank,” after “from the Secretary”.

Pub. L. 103–3541994— substituted “Secretary” for “Administrator” in subsecs. (a) and (b) and “Secretary” for “Rural Electrification Administration” in subsec. (b)(2).