---
kind: "section"
citation: "7 C.F.R. § 764.234"
title: "7"
number: "764.234"
heading: "Rates and terms."
url: "https://uscodex.org/cfr/7/764.234"
---

# §764.234. Rates and terms.

- (a) **Rates.** The interest rate:
  - (1) **Will be the Agency's Direct Farm Ownership rate, available in each Agency office.**
  - (2) Charged will be the lower rate in effect either at the time of loan approval or loan closing.
- (b) **Terms.** The following terms apply to CLs:
  - (1) **The Agency schedules repayment of a CL based on the useful life of the security.**
  - (2) The maximum term for loans secured by chattels only will not exceed 7 years from the date of the note.
  - (3) In no event will the term of the loan exceed 20 years from the date of the note.

## Notes

### Source

Source: 75 FR 54015, Sept. 3, 2010, unless otherwise noted.

### Authority

Authority: 5 U.S.C. 301 and 7 U.S.C. 1989.

### Source

Source: 72 FR 63298, Nov. 8, 2007, unless otherwise noted.