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7 U.S.C. § 7935 — Repayment of loans

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7 U.S.C. § 7935 — Repayment of loans

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Source location: Title 7, Chapter 106, § 7935; chapter-106-commodity-programs.md

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**(a) General rule** The Secretary shall permit the producers on a farm to repay a marketing assistance loan under [section 7931 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7931&num=0&edition=prelim) for a loan commodity (other than upland cotton, rice, extra long staple cotton, and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), plus interest (determined in accordance with [section 7283 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7283&num=0&edition=prelim)); or (2) a rate that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the commodity by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing the commodity; (D) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally; and (E) minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries. **(b) Repayment rates for upland cotton and rice** The Secretary shall permit producers to repay a marketing assistance loan under [section 7931 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7931&num=0&edition=prelim) for upland cotton and rice at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), plus interest (determined in accordance with [section 7283 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7283&num=0&edition=prelim)); or (2) the prevailing world market price for the commodity (adjusted to United States quality and location), as determined by the Secretary. **(c) Repayment rates for extra long staple cotton** Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), plus interest (determined in accordance with [section 7283 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7283&num=0&edition=prelim)). **(d) Prevailing world market price** For purposes of this section and [section 7937 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7937&num=0&edition=prelim), the Secretary shall prescribe by regulation— (1) a formula to determine the prevailing world market price for upland cotton and rice, adjusted to United States quality and location; and (2) a mechanism by which the Secretary shall announce periodically the prevailing world market price for upland cotton and rice. **(e) Adjustment of prevailing world market price for upland cotton** (1) **In general** — During the period beginning on May 13, 2002, through July 31, 2008, the prevailing world market price for upland cotton (adjusted to United States quality and location) established under subsection (d) shall be further adjusted if— (A) the adjusted prevailing world market price is less than 115 percent of the loan rate for upland cotton established under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), as determined by the Secretary; and (B) the Friday through Thursday average price quotation for the lowest-priced United States growth as quoted for Middling (M) 13⁄32-inch cotton delivered C.I.F. Northern Europe is greater than the Friday through Thursday average price of the 5 lowest-priced growths of upland cotton, as quoted for Middling (M) 13⁄32-inch cotton, delivered C.I.F. Northern Europe (referred to in this section as the “Northern Europe price”). (2) **Further adjustment** — Except as provided in paragraph (3), the adjusted prevailing world market price for upland cotton shall be further adjusted on the basis of some or all of the following data, as available: (A) The United States share of world exports. (B) The current level of cotton export sales and cotton export shipments. (C) Other data determined by the Secretary to be relevant in establishing an accurate prevailing world market price for upland cotton (adjusted to United States quality and location). (3) **Limitation on further adjustment** — The adjustment under paragraph (2) may not exceed the difference between— (A) the Friday through Thursday average price for the lowest-priced United States growth as quoted for Middling 13⁄32-inch cotton delivered C.I.F. Northern Europe; and (B) the Northern Europe price. **(f) Repayment rates for confectionery and other kinds of sunflower seeds** The Secretary shall permit the producers on a farm to repay a marketing assistance loan under [section 7931 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7931&num=0&edition=prelim) for confectionery and each other kind of sunflower seed (other than oil sunflower seed) at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim), plus interest (determined in accordance with [section 7283 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7283&num=0&edition=prelim)); or (2) the repayment rate established for oil sunflower seed. **(g) Quality grades for dry peas, lentils, and small chickpeas** The loan repayment rate for dry peas, lentils, and small chickpeas shall be based on the quality grades for the applicable commodity specified in [section 7932(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932/d&num=0&edition=prelim). **(h) Good faith exception to beneficial interest requirement** For the 2001 crop year only, in the case of the producers on a farm that marketed or otherwise lost beneficial interest in a loan commodity for which a marketing assistance loan was made under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) before repaying the loan, the Secretary shall permit the producers to repay the loan at the appropriate repayment rate that was in effect for the loan commodity under [section 7234 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7234&num=0&edition=prelim) on the date that the producers lost beneficial interest, as determined by the Secretary, if the Secretary determines the producers acted in good faith.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7932 — Availability of nonrecourse marketing assistance loans for loan commodities

**(a) Nonrecourse loans available** (1) **Availability** — For each of the 2002 through 2007 crops of each loan commodity, the Secretary shall make available to producers on a farm nonrecourse marketing assistance loans for loan commodities produced on the farm. (2) **Terms and conditions** — The marketing assistance loans shall be made under terms and conditions that are prescribed by the Secretary and at the loan rate established under [section 7932 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7932&num=0&edition=prelim) for the loan commodity. **(b) Eligible production** The producers on a farm shall be eligible for a marketing assistance loan under subsection (a) for any quantity of a loan commodity produced on the farm. **(c) Treatment of certain commingled commodities** In carrying out this subchapter, the Secretary shall make loans to producers on a farm that would be eligible to obtain a marketing assistance loan, but for the fact the loan commodity owned by the producers on the farm commingled with loan commodities of other producers in facilities unlicensed for the storage of agricultural commodities by the Secretary or a State licensing authority, if the producers obtaining the loan agree to immediately redeem the loan collateral in accordance with section 166 of the Federal Agriculture Improvement and Reform Act of 1996 ([7 U.S.C. 7286](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7286&num=0&edition=prelim)). **(d) Compliance with conservation and wetlands requirements** As a condition of the receipt of a marketing assistance loan under subsection (a), the producer shall comply with applicable conservation requirements under subtitle B of title XII of the Food Security Act of 1985

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7901 — Implementation funding and information management

**(a) Additional funds for administrative costs** (1) **In general** — The Secretary of Agriculture, acting through the Farm Service Agency, may use not more than $55,000,000 of funds of the Commodity Credit Corporation to cover administrative costs associated with the implementation of title I and the amendments made by that title. (2) **Availability** — The funds referred to in paragraph (1) shall remain available to the Secretary until expended. (3) **Set-aside** — Of the amount specified in paragraph (1), the Secretary shall use not less than $5,000,000, but not more than $8,000,000, to carry out subsection (b). **(b) Information management** (1) **Development of system** — The Secretary of Agriculture shall develop a comprehensive information management system, using appropriate technologies, to be used in implementing the programs administered by the Federal Crop Insurance Corporation and the Farm Service Agency. (2) **Elements** — The information management system developed under this subsection shall be designed to— (A) improve access by agricultural producers to programs described in paragraph (1); (B) improve and protect the integrity of the information collected; (C) meet the needs of the agencies that require the data in the administration of their programs; (D) improve the timeliness of the collection of the information; (E) contribute to the elimination of duplication of information collection; (F) lower the overall cost to the Department of Agriculture for information collection; and (G) achieve such other goals as the Secretary considers appropriate. (3) **Reconciliation of current information management** — The Secretary shall ensure that all current information of the Federal Crop Insurance Corporation and the Farm Service A

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7901

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7231 — Availability of nonrecourse marketing assistance loans

**(a) Nonrecourse loans available** For each of the 1996 through 2002 crops of each loan commodity, the Secretary shall make available to producers on a farm nonrecourse marketing assistance loans for loan commodities produced on the farm. The loans shall be made under terms and conditions that are prescribed by the Secretary and at the loan rate established under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim) for the loan commodity. **(b) Eligible production** The following production shall be eligible for a marketing assistance loan under subsection (a): (1) In the case of a marketing assistance loan for a contract commodity, any production by a producer on a farm containing eligible cropland covered by a production flexibility contract. (2) In the case of a marketing assistance loan for extra long staple cotton and oilseeds, any production. **(c) Compliance with conservation and wetlands requirements** As a condition of the receipt of a marketing assistance loan under subsection (a), the producer shall comply with applicable conservation requirements under subtitle B of title XII of the Food Security Act of 1985 ([16 U.S.C. 3811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3811&num=0&edition=prelim) et seq.) and applicable wetland protection requirements under subtitle C of title XII of the Act ([16 U.S.C. 3821](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title16-section3821&num=0&edition=prelim) et seq.) during the term of the loan. **(d) Additional outlays prohibited** The Secretary shall carry out this subchapter in such a manner that there are no additional outlays under this subchapter as a result of the reconstitution of a fa

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7231

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7234 — Repayment of loans

**(a) Repayment rates for wheat, feed grains, and oilseeds** The Secretary shall permit a producer to repay a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for wheat, corn, grain sorghum, barley, oats, and oilseeds at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), plus interest (as determined by the Secretary); or (2) a rate that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the commodity by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing the commodity; and (D) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally. **(b) Repayment rates for upland cotton and rice** The Secretary shall permit producers to repay a marketing assistance loan under [section 7231 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7231&num=0&edition=prelim) for upland cotton and rice at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 7232 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7232&num=0&edition=prelim), plus interest (as determined by the Secretary); or (2) the prevailing world market price for the commodity (adjusted to United States quality and location), as determined by the Secretary. **(c) Repayment rates for extra long staple cotton** Repayment of a marketing assistance l

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7937 — Payments in lieu of loan deficiency payments for grazed acreage

**(a) Eligible producers** (1) **In general** — Effective for the 2002 through 2007 crop years, in the case of a producer that would be eligible for a loan deficiency payment under [section 7935 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7935&num=0&edition=prelim) for wheat, barley, or oats, but that elects to use acreage planted to the wheat, barley, or oats for the grazing of livestock, the Secretary shall make a payment to the producer under this section if the producer enters into an agreement with the Secretary to forgo any other harvesting of the wheat, barley, or oats on that acreage. (2) **Grazing of triticale acreage** — Effective for the 2002 through 2007 crop years, with respect to a producer on a farm that uses acreage planted to triticale for the grazing of livestock, the Secretary shall make a payment to the producer under this section if the producer enters into an agreement with the Secretary to forgo any other harvesting of triticale on that acreage. **(b) Payment amount** (1) **In general** — The amount of a payment made under this section to a producer on a farm described in subsection (a)(1) shall be equal to the amount determined by multiplying— (A) the loan deficiency payment rate determined under [section 7935(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7935/c&num=0&edition=prelim) in effect, as of the date of the agreement, for the county in which the farm is located; by (B) the payment quantity determined by multiplying— (i) the quantity of the grazed acreage on the farm with respect to which the producer elects to forgo harvesting of wheat, barley, or oats; and (ii) the payment yield in effect for the calculation of direct payment

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7931 — Period of effectiveness

This subchapter shall be effective beginning with the 2002 crop year of each covered commodity through the 2007 crop year.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7283 — Commodity Credit Corporation interest rate

**(a) In general** Notwithstanding any other provision of law, the monthly Commodity Credit Corporation interest rate applicable to loans provided for agricultural commodities by the Corporation shall be 100 basis points greater than the rate determined under the applicable interest rate formula in effect on October 1, 1995. **(b) Sugar** For purposes of this section, raw cane sugar, refined beet sugar, and in-process sugar eligible for a loan under [section 7272 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7272&num=0&edition=prelim) shall not be considered an agricultural commodity.

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Federal law — U.S. Code and appendices · legal_authorities

7 U.S.C. § 7935 — Loan deficiency payments

Page 2130 TITLE 7—AGRICULTURE § 7935 and small chickpeas, see section 763(d) of Pub. L. 108–7, set out as a note under section 7901 of this title. § 7935. Loan deficiency payments (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, al- though eligible to obtain a marketing assist- ance loan under section 7931 of this title with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in re- turn for loan deficiency payments under this section. (2) Unshorn pelts, hay, and silage Nongraded wool in the form of unshorn pelts and hay and silage derived from a loan com- modity are not eligible for a marketing assist- ance loan under section 7931 of this title. How- ever, effective for the 2002 through 2007 crop years, the Secretary may make loan defi- ciency 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 com- modity or commodity referred to in subsection (a)(2) shall be computed by multiplying— (1) the payment rate determined under sub- section (c) for the commodity; by (2) the quantity of the commodity produced by the eligible producers, excluding any quan- tity for which the producers obtain a mar- keting assistance loan under section 7931 of this title. (c) Payment rate (1) In general In the case of a loan commodity, the pay- ment rate shall be the amount by which— (A) the loan rate established under section 7932 of this title for the loan commodity; ex- ceeds (B) the rate at which a marketing assist- ance loan for the loan commodity may be re- paid u

Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 7935

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