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7 U.S.C. § 9034 — Term of loans
Federal law — U.S. Code and appendices · legal_authorities
**(a) Term of loan** In the case of each loan commodity, a marketing assistance loan under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.
**(b) Extensions prohibited** The Secretary may not extend the term of a marketing assistance loan for any loan commodity.
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Source location: Title 7, Chapter 115, § 9034; chapter-115-agricultural-commodity-policy-and-programs.md
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**(a) Term of loan** In the case of each loan commodity, a marketing assistance loan under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.
**(b) Extensions prohibited** The Secretary may not extend the term of a marketing assistance loan for any loan commodity.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 113–79, title I, § 1119, Feb. 7, 2014, 128 Stat. 673, related to transition assistance for producers of upland cotton.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 9031
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Availability of loan deficiency payments**
(1) **In general** — Except as provided in subsection (d), the Secretary may make loan deficiency payments available to producers on a farm that, although eligible to obtain a marketing assistance loan under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for loan deficiency payments under this section.
(2) **Unshorn pelts, hay, and silage**
(A) *Marketing assistance loans* — Subject to subparagraph (B), nongraded wool in the form of unshorn pelts and hay and silage derived from a loan commodity are not eligible for a marketing assistance loan under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim).
(B) *Loan deficiency payment* — Effective for each of the 2014 through 2031 crop years, the Secretary may make loan deficiency payments available under this section to producers on a farm that produce unshorn pelts or hay and silage derived from a loan commodity.
**(b) Computation** A loan deficiency payment for a loan commodity or commodity referred to in subsection (a)(2) shall be equal to the product obtained by multiplying—
(1) the payment rate determined under subsection (c) for the commodity; by
(2) the quantity of the commodity produced by the eligible producers, excluding any quantity for which the producers obtain a marketing assistance loan under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim).
**(c) Payment rate**
(1) **In general** — In the case of a loan commodity,
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 9036
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Federal law — U.S. Code and appendices · legal_authorities
Page 2275
TITLE 7—AGRICULTURE
§ 9034
(d) Seed cotton
(1) In general
For purposes of section 9016 (b)(2) of this
title and paragraphs (1)(B)(ii) and (2)(A)(ii)(II)
of section 9017(b) of this title, the loan rate for
seed cotton shall be deemed to be equal to
$0.25 per pound.
(2) Effect
Nothing in this subsection authorizes any
nonrecourse marketing assistance loan under
this subchapter for seed cotton.
(Pub. L. 113–79, title I, § 1202, Feb. 7, 2014, 128
Stat. 675; Pub. L. 115–123, div. F, § 60101(a)(9),
Feb. 9, 2018, 132 Stat. 310; Pub. L. 115–334, title I,
§ 1202(a), Dec. 20, 2018, 132 Stat. 4509.)
Editorial Notes
CODIFICATION
Provisions of law applicable to a loan commodity for
the 2023 crop year pursuant to title I of Pub. L. 113–79
applicable to the 2024 crop year for that loan com-
modity, see section 102(c)(1) of Pub. L. 118–22, set out in
an Extension of Agricultural Programs note under sec-
tion 9001 of this title.
AMENDMENTS
2018—Subsec. (a). Pub. L. 115–334, § 1202(a)(1), sub-
stituted ‘‘2014 through 2018 crop years’’ for ‘‘In general’’
in heading.
Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec.
(b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesig-
nated subsec. (b) as (c) and substituted ‘‘subsections
(a)(11) and (b)(11)’’ for ‘‘subsection (a)(11)’’. Former sub-
sec. (c) redesignated (d).
Pub. L. 115–123 added subsec. (c).
Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated
subsec. (c) as (d).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2018 AMENDMENT
Amendment by Pub. L. 115–123 applicable beginning
with the 2018 crop year, see section 60101(a)(13) of Pub.
L. 115–123, set out as a note under section 9011 of this
title.
§ 9033. Term of loans
(a) Term
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 9034
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