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7 U.S.C. § 1971 — Eligibility for assistance based on production loss
Federal law — U.S. Code and appendices · legal_authorities
The Secretary shall make financial assistance under this subchapter available to any applicant seeking assistance based on production losses if the applicant shows that a single enterprise which constitutes a basic part of the applicant’s farming, ranching, or aquaculture operation has sustained at least a 30 per centum loss of normal per acre or per animal production, or such lesser per centum of loss as the Secretary may determine, as a result of the disaster based upon the average monthly price in effect for the previous year and the applicant otherwise meets the conditions of eligibility prescribed under this subchapter. Such loans shall be made available based upon 80 per centum, or such greater per centum as the Secretary may determine, of the total calculated actual production loss sustained by the applicant.
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Source file: Laws/federal/codes/united-states-code/title-7/section-1971-eligibility-for-assistance-based-on-production-loss--8727f9d4a1.md
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Source location: Title 7, Chapter 50, § 1971; chapter-050-agricultural-credit.md
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The Secretary shall make financial assistance under this subchapter available to any applicant seeking assistance based on production losses if the applicant shows that a single enterprise which constitutes a basic part of the applicant’s farming, ranching, or aquaculture operation has sustained at least a 30 per centum loss of normal per acre or per animal production, or such lesser per centum of loss as the Secretary may determine, as a result of the disaster based upon the average monthly price in effect for the previous year and the applicant otherwise meets the conditions of eligibility prescribed under this subchapter. Such loans shall be made available based upon 80 per centum, or such greater per centum as the Secretary may determine, of the total calculated actual production loss sustained by the applicant.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Persons eligible** The Secretary shall make and insure loans under this subchapter only to the extent and in such amounts as provided in advance in appropriation Acts to (1) established farmers or ranchers (including equine farmers or ranchers), or persons engaged in aquaculture, who are citizens of the United States and who are (in the case of farm ownership loans in accordance with subchapter I) owner-operators or operators, or (in the case of loans for a purpose under subchapter II) operators of not larger than family farms, and (2) farm cooperatives, private domestic corporations, partnerships, joint operations, trusts, or limited liability companies, or such other legal entities as the Secretary considers appropriate (A) that are engaged primarily in farming or ranching (including equine farming or ranching) or aquaculture, and (B) in which a majority interest is held by individuals who are citizens of the United States and who are (in the case of farm ownership loans in accordance with subchapter I) owner-operators or operators, or (in the case of loans for a purpose under subchapter II) operators of not larger than family farms (or in the case of such cooperatives, corporations, partnerships, joint operations, trusts, or limited liability companies, or other legal entities in which a majority interest is held by individuals who are related by blood or marriage, as defined by the Secretary, such individuals must be either owners or operators of not larger than a family farm and at least one such individual must be an operator of not larger than a family farm), where the Secretary finds that the applicants’ farming, ranching, or aquaculture operations have been substantially affected by a quarantine imposed by the Secretary under the Plant Protection Act [[7
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Federal law — U.S. Code and appendices · legal_authorities
Page 1121
TITLE 7—AGRICULTURE
§ 1981
§ 1969. Repealed. Pub. L. 93–24, § 1, Apr. 20, 1973,
87 Stat. 24
Section, Pub. L. 87–128, title III, § 328, as added Pub.
L. 92–385, § 5, Aug. 16, 1972, 86 Stat. 557, provided for
emergency loans for major and natural disasters occur-
ring between June 30, 1971, and July 1, 1973, providing
in: subsec. (a) for cancellation of existing loans and the
considerations in making grants, loans, and refinancing
of loans; subsec. (b) for loans for loss or damage to agri-
cultural crops; subsec. (c) for amount of loans and in-
terest rates; subsec. (d) for availability of benefits irre-
spective of age; subsec. (e) for availability of benefits
irrespective of approval date; and subsec. (f) for report
to Congress.
Statutory Notes and Related Subsidiaries
LOANS TO ELIGIBLE APPLICANTS IN AREAS DETERMINED
AS
NATURAL
DISASTER
AREAS
AFTER
JANUARY
1,
1972, AND BEFORE DECEMBER 27, 1972; TIME FOR AC-
CEPTANCE OF APPLICATIONS
Pub. L. 93–24, § 8, Apr. 20, 1973, 87 Stat. 25, provided
that: ‘‘Notwithstanding the repeal herein of section 5 of
Public Law 92–385 [this section], and notwithstanding
any other provision of law, the Secretary of Agri-
culture shall make loans in accordance with the provi-
sions of section 5 of Public Law 92–385 [this section] to
eligible applicants in natural disaster areas determined
or designated by the Secretary of Agriculture where
such determination or designation had been made after
January 1, 1972 and prior to December 27, 1972. The au-
thority to accept applications for such loans shall ex-
pire 18 days after the effective date of this Act [Apr. 20,
1973].’’
CONTINUATION
OF
SECRETARY’S
AUTHORITY
WITH
RE-
SPECT TO NATURAL DISASTERS OCCURRING AFTER DE-
CEMBER 26, 1972, AND PRIOR TO APRIL 20, 1973
Pub. L.
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1971
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