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United States Code
U.S.C. Title 7-AGRICULTURE
CHAPTER 31-RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER III-RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS

7 U.S. Code § 940c

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Cushion of credit payments program

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7 U.S. Code § 940c. Cushion of credit payments program

(a) Establishment

(1) In general

(A) Development and promotion of program

The Secretary shall develop and promote a program to encourage borrowers to voluntarily make deposits into cushion of credit accounts established within the Rural Electrification and Telephone Revolving Fund.

(B) Termination

Effective on December 20, 2018, no deposits may be made under subparagraph (A).

(2) Interest

(A) In general

Amounts in each cushion of credit account shall accrue interest to the borrower at a rate of 5 percent per annum.

(B) ReductionNotwithstanding subparagraph (A), amounts in each cushion of credit account shall accrue interest to the borrower at a rate equal to—

(i)

4 percent per annum in fiscal year 2021; and

(ii)

the then applicable 1-year Treasury rate thereafter.

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Current through

The United States Code on COSMOS is current through Public Law 118-64 (05/24/2024).

SUBCHAPTER III-RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS

§930 Congressional declaration of policy
§931 Rural Electrification and Telephone Revolving Fund
§931a Level of loan programs under Rural Electrification and Telephone Revolving Fund
§932 Liabilities and uses of Rural Electrification and Telephone Revolving Fund
§933 Moneys in the Rural Electrification and Telephone Revolving Fund
§934 Authorized financial transactions; interim notes; purchase of obligations for resale; sale of notes and certificates; liens
§935 Insured loans; interest rates and lending levels
§936 Guaranteed loans; accommodations and subordination of liens; interest rates; assignability of guaranteed loans and related guarantees
§936a Prepayment of loans
§936b Sale or prepayment of direct or insured loans
§936c Refinancing and prepayment of FFB loans
§936d Eligibility of distribution borrowers for loans, loan guarantees, and lien accommodations
§936e Administrative prohibitions applicable to certain electric borrowers
§936f Substantially underserved trust areas
§937 Loans from other credit sources
§938 Full faith and credit of the United States
§939 Loan terms and conditions
§940 Refinancing of rural development loans
§940a Repealed. Pub. L. 104-127, title VII, § 780, Apr. 4, 1996, 110 Stat. 1151
§940b Use of funds
§940c Cushion of credit payments program
§940c-1 Guarantees for bonds and notes issued for electrification or telephone purposes
§940c-2 Rural development loans and grants
§940d Repealed. Pub. L. 115-334, title VI, § 6601(b), Dec. 20, 2018, 132 Stat. 4776
§940e Expansion of 911 access
§940f Extension of period of existing guarantee
§940g Electric loans for renewable energy
§940h Bonding requirements
§940i Cybersecurity and grid security improvements

U.S. Code Popular Name Table

Popular Names

Americans with Disabilities Act 42 U.S.C. § 12101 et seq.

Anti-Kickback Statute 42 U.S.C. § 1320a–7b(b)

Clayton Act 15 U.S.C. § 12 et seq.

Clean Air Act 42 U.S.C. § 7401 et seq.

Commodity Exchange Act 7 U.S.C. § 1

Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) 42 U.S.C. § 9601 et seq.

Controlled Substances Act 21 U.S.C. § 801 et seq.

Emergency Medical Treatment and Labor Act (EMTALA) 42 U.S.C. § 1395dd

Fair Credit Reporting Act 15 U.S.C. § 1681

False Claims Act 31 U.S.C. § 3729 et seq.

Federal Food, Drug, and Cosmetic Act 21 U.S.C. § 301 et seq.

Federal Insecticide, Fungicide, and Rodenticide Act 7 U.S.C. § 136 et seq.

Federal Trade Commission Act 15 U.S.C. § 41 et seq.

Foreign corrupt Practices Act 15 U.S.C. § 78dd-1 et seq.

Fraud Enforcement and Recovery Act of 2009 (FERA) 18 U.S.C. § 27

Health Information Technology for Economic and Clinical Health Act (HITECH) 42 U.S.C. § 300jj et seq., 42 U.S.C. § 17901 et seq.

Health Insurance Portability and Accountability Act of 1996 (HIPAA) 42 U.S.C. § 201

National Environmental Policy Act (NEPA) 42 U.S.C. § 4321 et seq.

Patient Protection and Affordable Care Act 42 U.S.C. § 18001 et seq.

Physician Payments Sunshine Act 42 U.S.C. § 1320a–7h

Public Health Service Act 42 U.S.C. § 201 et seq.

Resource Conservation and Recovery Act (RCRA) 42 U.S.C. § 6901 et seq.

Robinson–Patman Act 15 U.S.C. § 13

Sarbanes-Oxley Act 15 U.S.C. § 7201 et seq.

Securities Act of 1933 15 U.S.C. § 77a et seq.

Sentencing Reform Act of 1984 18 U.S.C. § 3551 et seq.

Sherman Act 15 U.S.C. § 1 et seq.

Social Security Act 42 U.S.C. § 301 et seq.

Stark Law 42 U.S.C. § 1395nn

Toxic Substances Control Act 15 U.S.C. § 2601 et seq.

Cushion of credit payments program

7 U.S. Code § 940c. Cushion of credit payments program

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