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7 U.S.C. § 1504 — Capital stock of Corporation
Federal law — U.S. Code and appendices · legal_authorities
**(a) Subscription by United States** The Corporation shall have a capital stock of $500,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary, be subject to call in whole or in part by the Board.
**(b) Appropriations** There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.
**(c) Issuance of stock to Secretary of the Treasury** Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America.
**(d) Cancellation of receipts; nonliability of Corporation** Within thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.
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Stable record: federal_law:legal_authorities:record_usc_1f5f2ae02a66657627b37183
Source file: Laws/federal/codes/united-states-code/title-7/section-1504-capital-stock-of-corporation--69f46c3dad.md
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Passage SHA-256: 94fd3ea1284fcde9963d22c87235aefdf35b4faf38323b3a5402c499a51dbc6f
Source location: Title 7, Chapter 36, § 1504; chapter-036-crop-insurance.md
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**(a) Subscription by United States** The Corporation shall have a capital stock of $500,000,000 subscribed by the United States of America, payment for which shall, with the approval of the Secretary, be subject to call in whole or in part by the Board.
**(b) Appropriations** There is authorized to be appropriated such sums as are necessary for the purpose of subscribing to the capital stock of the Corporation.
**(c) Issuance of stock to Secretary of the Treasury** Receipts for payments by the United States of America for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock ownership by the United States of America.
**(d) Cancellation of receipts; nonliability of Corporation** Within thirty days after September 26, 1980, the Secretary of the Treasury shall cancel, without consideration, receipts for payments for or on account of the stock of the Corporation outstanding on September 26, 1980, and such receipts shall cease to be liabilities of the Corporation.
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Federal law — U.S. Code and appendices · legal_authorities
To carry out the purposes of this subchapter, there is hereby created as an agency of and within the Department a body corporate with the name “Federal Crop Insurance Corporation”. The principal office of the Corporation shall be located in the District of Columbia, but there may be established agencies or branch offices elsewhere in the United States under rules and regulations prescribed by the Board.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1503
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** It is the purpose of this subchapter to promote the national welfare by improving the economic stability of agriculture through a sound system of crop insurance and providing the means for the research and experience helpful in devising and establishing such insurance.
**(b) Definitions** As used in this subchapter:
(1) **Additional coverage** — The term “additional coverage” means a plan of crop insurance coverage providing a level of coverage greater than the level available under catastrophic risk protection.
(2) **Approved insurance provider** — The term “approved insurance provider” means a private insurance provider that has been approved by the Corporation to provide insurance coverage to producers participating in the Federal crop insurance program established under this subchapter.
(3) **Beginning farmer or rancher** — The term “beginning farmer or rancher” means a farmer or rancher who has not actively operated and managed a farm or ranch with a bona fide insurable interest in a crop or livestock as an owner-operator, landlord, tenant, or sharecropper for more than 10 crop years, as determined by the Secretary.
(4) **Board** — The term “Board” means the Board of Directors of the Corporation established under [section 1505(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1505/a&num=0&edition=prelim).
(5) **Corporation** — The term “Corporation” means the Federal Crop Insurance Corporation established under [section 1503 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1503&num=0&edition=prelim).
(6) **Cover crop termination** — The term “cover crop termination” means a practice that historically and under reasonable circumstances results in the terminatio
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1502
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose**
(1) **In general** — The purpose of this section is to improve compliance with, and the integrity of, the Federal crop insurance program.
(2) **Role of insurance providers** — The Corporation shall work actively with approved insurance providers to address program compliance and integrity issues as such issues develop.
**(b) Notification of compliance problems**
(1) **Notification of errors, omissions, and failures** — The Corporation shall notify in writing an approved insurance provider of any error, omission, or failure to follow Corporation regulations or procedures for which the approved insurance provider may be responsible and which may result in a debt owed the Corporation.
(2) **Time for notification** — Notice under paragraph (1) shall be given within 3 years after the end of the insurance period during which the error, omission, or failure is alleged to have occurred, except that this time limitation shall not apply with respect to an error, omission, or procedural violation that is willful or intentional.
(3) **Effect of failure to timely notify** — Except as provided in paragraph (2), the failure to timely provide the notice required under this subsection shall relieve the approved insurance provider from the debt owed the Corporation.
**(c) Reconciling producer information**
(1) **In general** — The Secretary shall develop and implement a coordinated plan for the Corporation and the Farm Service Agency to reconcile all relevant information received by the Corporation or the Farm Service Agency from a producer who obtains crop insurance coverage under this subchapter.
(2) **Frequency** — Beginning with the 2001 crop year, the Secretary shall require that the Corporation and the Farm Service Agency reconcile such producer-derived inf
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1515
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Federal Crop Insurance Act”. Except as otherwise expressly provided the provisions in titles I to IV, inclusive, shall not apply with respect to this subchapter, and the term “Act” wherever it appears in such titles shall not be construed to include this subchapter.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1501
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Board of Directors**
(1) **Establishment** — The management of the Corporation shall be vested in a Board of Directors subject to the general supervision of the Secretary.
(2) **Composition** — The Board shall consist of only the following members:
(A) The manager of the Corporation, who shall serve as a nonvoting ex officio member.
(B) The Under Secretary of Agriculture responsible for the Federal crop insurance program.
(C) One additional Under Secretary of Agriculture (as designated by the Secretary).
(D) The Chief Economist of the Department of Agriculture.
(E) One person experienced in the crop insurance business.
(F) One person experienced in reinsurance or the regulation of insurance.
(G) Four active producers who are policy holders, are from different geographic areas of the United States, and represent a cross-section of agricultural commodities grown in the United States, including at least one specialty crop producer.
(3) **Appointment of private sector members** — The members of the Board described in subparagraphs (E), (F), and (G) of paragraph (2)—
(A) shall be appointed by, and hold office at the pleasure of, the Secretary;
(B) shall not be otherwise employed by the Federal Government;
(C) shall be appointed to staggered 4-year terms, as determined by the Secretary; and
(D) shall serve not more than two consecutive terms.
(4) **Chairperson** — The Board shall select a member of the Board to serve as Chairperson.
**(b) Vacancies** Vacancies in the Board so long as there shall be four members in office shall not impair the powers of the Board to execute the functions of the Corporation, and four of the members in office shall constitute a quorum for the transaction of the business of the Board.
**(c) Compensation
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1505
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Succession** The Corporation shall have succession in its corporate name.
**(b) Corporate seal** The Corporation may adopt, alter, and use a corporate seal, which shall be judicially noticed.
**(c) Property** The Corporation may purchase or lease and hold such real and personal property as it deems necessary or convenient in the transaction of its business, and may dispose of such property held by it upon such terms as it deems appropriate.
**(d) Suit** Subject to [section 1508(j)(2)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1508/j/2/A&num=0&edition=prelim), the Corporation, subject to the provisions of [section 1508(j) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1508/j&num=0&edition=prelim),11 So in original. may sue and be sued in its corporate name, but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property. The district courts of the United States, including the district courts of the District of Columbia and of any territory or possession, shall have exclusive original jurisdiction, without regard to the amount in controversy, of all suits brought by or against the Corporation. The Corporation may intervene in any court in any suit, action, or proceeding in which it has an interest. Any suit against the Corporation shall be brought in the District of Columbia, or in the district wherein the plaintiff resides or is engaged in business.
**(e) Bylaws and regulations** The Corporation may adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers granted to it by law may be exercised and enjoyed.
**(f) Mails**
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1506
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Appointment; civil service exemption; compensation** The Secretary shall appoint such officers and employees as may be necessary for the transaction of the business of the Corporation pursuant to civil-service laws and regulations, fix their compensation in accordance with the provisions of chapter 51 and subchapter III of chapter 53 of title 5, define their authority and duties, and delegate to them such of the powers vested in the Corporation as the Secretary may determine appropriate. However, personnel paid by the hour, day, or month when actually employed may be appointed without regard to civil-service laws and regulations.
**(b) Application of employees’ compensation law** Insofar as applicable, the benefits of subchapter I of chapter 81 of title 5, shall extend to persons given employment under the provisions of this subchapter, including the employees of the committees and associations referred to in subsection (c) of this section and the members of such committees.
**(c) Use of associations of producers and private insurance companies; payment of administrative and program expenses; sale of crop insurance through private agents and brokers: renewals, exclusion of compensation from premium rates, indemnification for errors or omissions of Commission or its contractors** In the administration of this subchapter, the Board shall, to the maximum extent possible, (1) establish or use committees or associations of producers and make payments to them to cover the administrative and program expenses, as determined by the Board, incurred by them in cooperating in carrying out this subchapter, (2) contract with private insurance companies, private rating bureaus, and other organizations as appropriate for actuarial services, services relating to loss adjustment
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1507
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority to offer insurance**
(1) **In general** — If sufficient actuarial data are available (as determined by the Corporation), the Corporation may insure, or provide reinsurance for insurers of, producers of agricultural commodities grown in the United States under 1 or more plans of insurance determined by the Corporation to be adapted to the agricultural commodity concerned. To qualify for coverage under a plan of insurance, the losses of the insured commodity must be due to drought, flood, or other natural disaster (as determined by the Secretary).
(2) **Period** — Except in the cases of tobacco, potatoes, sweet potatoes, and hemp, insurance shall not extend beyond the period during which the insured commodity is in the field. As used in the preceding sentence, in the case of an aquacultural species, the term “field” means the environment in which the commodity is produced.
(3) **Exclusion of losses due to certain actions of producer**
(A) *Exclusions* — Insurance provided under this subsection shall not cover losses due to—
(i) the neglect or malfeasance of the producer;
(ii) the failure of the producer to reseed to the same crop in such areas and under such circumstances as it is customary to reseed; or
(iii) the failure of the producer to follow good farming practices, including scientifically sound sustainable and organic farming practices.
(B) *Good farming practices determination review*
(i) *Informal administrative process* — A producer shall have the right to a review of a determination regarding good farming practices made under subparagraph (A)(iii) in accordance with an informal administrative process to be established by the Corporation.
(ii) *Administrative review*
(I) *No adverse decision* — The determi
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1508
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Federal law — U.S. Code and appendices · legal_authorities
“Agricultural commodity”, as used in this subchapter, means wheat, cotton, flax, corn, dry beans, oats, barley, rye, tobacco, rice, peanuts, soybeans, sugar beets, sugar cane, tomatoes, grain sorghum, sunflowers, raisins, oranges, sweet corn, dry peas, freezing and canning peas, forage, apples, grapes, potatoes, timber and forests, nursery crops, citrus, and other fruits and vegetables, nuts, tame hay, native grass, hemp, aquacultural species (including, but not limited to, any species of finfish, mollusk, crustacean, or other aquatic invertebrate, amphibian, reptile, or aquatic plant propagated or reared in a controlled or selected environment), or any other agricultural commodity, excluding stored grain, determined by the Board, or any one or more of such commodities, as the context may indicate.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1518
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Federal law — U.S. Code and appendices · legal_authorities
Page 799
TITLE 7—AGRICULTURE
§ 1504
902 of Title 2, The Congress, and section 1014 of Title 18,
Crimes and Criminal Procedure, repealing sections
1446i and 1508a of this title, enacting provisions set out
as notes under sections 1501, 1506, and 1508 of this title
and sections 901 and 902 of Title 2, and repealing provi-
sions set out as a note under section 1421 of this title]
and the amendments made by this title shall become
effective on the date of enactment of this Act [Oct. 13,
1994] and shall apply to the provision of crop insurance
under the Federal Crop Insurance Act (7 U.S.C. 1501 et
seq.) beginning with the 1995 crop year. With respect to
the 1994 crop year, the Federal Crop Insurance Act (as
in effect on the day before the date of enactment of this
Act) shall continue to apply.’’
§ 1503. Federal Crop Insurance Corporation; cre-
ation; offices
To carry out the purposes of this subchapter,
there is hereby created as an agency of and
within the Department a body corporate with
the name ‘‘Federal Crop Insurance Corpora-
tion’’. The principal office of the Corporation
shall be located in the District of Columbia, but
there may be established agencies or branch of-
fices elsewhere in the United States under rules
and regulations prescribed by the Board.
(Feb. 16, 1938, ch. 30, title V, § 503, 52 Stat. 72;
Pub. L. 103–354, title I, § 102(b)(1), (4)(A), (B), Oct.
13, 1994, 108 Stat. 3180, 3181; Pub. L. 110–234, title
XII, § 12033(c)(2)(B), May 22, 2008, 122 Stat. 1405;
Pub. L. 110–246, § 4(a), title XII, § 12033(c)(2)(B),
June 18, 2008, 122 Stat. 1664, 2167.)
Editorial Notes
CODIFICATION
Pub. L. 110–234 and Pub. L. 110–246 made identical
amendments to this section. The amendments by Pub.
L. 110–234 were repealed by section 4(a) of Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1504
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