7 USC § 940 - Refinancing of rural development loans

---
identifier: "/us/usc/t7/s940"
source: "usc"
legal_status: "official_prima_facie"
title: "7 USC § 940 - Refinancing of rural development loans"
title_number: 7
title_name: "AGRICULTURE"
section_number: "940"
section_name: "Refinancing of rural development loans"
chapter_number: 31
chapter_name: "RURAL ELECTRIFICATION AND TELEPHONE SERVICE"
subchapter_number: "III"
subchapter_name: "RURAL ELECTRIC AND TELEPHONE DIRECT LOAN PROGRAMS"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(May 20, 1936, ch. 432, title III, § 310, as added Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 70; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)"
---


# § 940. Refinancing of rural development loans

section 935 of this title7 U.S.C. 1921

At the request of the borrower, the Secretary is authorized and directed to refinance with loans which will be insured under this chapter at the interest rates provided in  any loans made for rural electric and telephone facilities under any provision of the Consolidated Farm and Rural Development Act [ et seq.].

---

**Source Credit**: (May 20, 1936, ch. 432, title III, § 310, as added Pub. L. 93–32, § 2, May 11, 1973, 87 Stat. 70; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)

## Editorial Notes

### References in Text

The Consolidated Farm and Rural Development Act, referred to in text, is title III of , , , which is classified principally to chapter 50 (§ 1921 et seq.) of this title. For complete classification of the Act to the Code, see Short Title note set out under  and Tables.

### Amendments

1994— substituted “Secretary” for “Administrator”.

## Statutory Notes and Related Subsidiaries

### Effective Date

Section effective , see , set out as a note under .