7 U.S.C. § 950B
Section 950b · Borrower net worth
Amended 3 times on record
Applied in 2 court decisions — leading case Coughlin v. Lac du Flambeau Band of Lake Superior Chippewa Ind (2022)
Most recently applied in Coughlin v. Lac du Flambeau Band of Lake Superior Chippewa Ind (May 2022)
Except as provided in subsection (b)(2) of section 948 of this title, notwithstanding any other provision of law, a loan shall not be made under section 922 of this title to any borrower which during the immediately preceding year had a net worth in excess of 20 per centum of its assets unless the Secretary finds that the borrower cannot obtain such a loan from the telephone bank or from other reliable sources at reasonable rates of interest and terms and conditions.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1994—Pub. L. 103–354 substituted “Secretary” for “Administrator”.
Effective Date
Section effective May 7, 1971, see section 7 of Pub. L. 92–12, set out as a note under section 921a of this title.