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7 U.S.C. § 9035 — Repayment of loans

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7 U.S.C. § 9035 — Repayment of loans

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Source file: Laws/federal/codes/united-states-code/title-7/section-9035-repayment-of-loans--82d4d158fe.md
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Source location: Title 7, Chapter 115, § 9035; chapter-115-agricultural-commodity-policy-and-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 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) for a loan commodity (other than upland cotton, long grain rice, medium grain rice, extra long staple cotton, peanuts 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 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&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)); (2) a rate (as determined by the Secretary) that— (A) is calculated based on average market prices for the loan commodity during the preceding 30-day period; and (B) will minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries; or (3) a rate that the Secretary may develop using alternative methods for calculating a repayment rate for a loan commodity 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, long grain rice, and medium grain rice** (1) **In general** — The Secretary shall permit producers to repay 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) for upland cotton, long grain rice, and medium grain rice at a rate that is the lesser of— (A) the loan rate established for the commodity under [section 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&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 (B) (i) in the case of long grain rice and medium grain rice, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section; or (ii) in the case of upland cotton, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section. (2) **Refund for upland cotton** — In the case of a repayment for a marketing assistance loan for upland cotton at a rate described in paragraph (1)(B)(ii), the Secretary shall provide to the producer a refund (if any) in an amount equal to the difference between the lowest prevailing world market price, as determined and adjusted by the Secretary in accordance with this section, during the 30-day period following the date on which the producer repays the marketing assistance loan and the repayment rate. **(c) Repayment rates for extra long staple cotton** Repayment of a marketing assistance loan for extra long staple cotton shall be at a rate that is the lesser of— (1) the loan rate established for the commodity under [section 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&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)); and (2) the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section. **(d) Prevailing world market price** (1) **In general** — For purposes of this section and [section 9037 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9037&num=0&edition=prelim), the Secretary shall prescribe by regulation— (A) a formula to determine the prevailing world market price for each of upland cotton, long grain rice, medium grain rice, and extra long staple cotton; and (B) a mechanism by which the Secretary shall announce periodically those prevailing world market prices. (2) **Upland cotton** — In the case of upland cotton, for any period when price quotations for Middling (M) 13⁄32-inch cotton are available, the formula under paragraph (1)(A) shall be based on the average of the 3 lowest-priced growths that are quoted. **(e) Adjustment of prevailing world market price for upland cotton, extra long staple cotton, long grain rice, and medium grain rice** (1) **Rice** — The prevailing world market price for long grain rice and medium grain rice determined under subsection (d) shall be adjusted to United States quality and location. (2) **Upland cotton** — The prevailing world market price for upland cotton determined under subsection (d)— (A) shall be adjusted to United States quality and location, with the adjustment to include— (i) a reduction equal to any United States Premium Factor for upland cotton of a quality higher than Middling (M) 13⁄32-inch; and (ii) the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and (B) may be further adjusted, during the period beginning on February 7, 2014, and ending on July 31, 2032, if the Secretary determines the adjustment is necessary— (i) to minimize potential loan forfeitures; (ii) to minimize the accumulation of stocks of upland cotton by the Federal Government; (iii) to ensure that upland cotton produced in the United States can be marketed freely and competitively, both domestically and internationally; and (iv) to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Secretary may use forward-crop price quotations prior to July 31 of a marketing year only if— (I) there are insufficient current-crop price quotations; and (II) the forward-crop price quotation is the lowest such quotation available. (3) **Extra long staple cotton** — The prevailing world market price for extra long staple cotton determined under subsection (d)— (A) shall be adjusted to United States quality and location, with the adjustment to include the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and (B) may be further adjusted, during the period beginning on July 4, 2025, and ending on July 31, 2032, if the Secretary determines the adjustment is necessary— (i) to minimize potential loan forfeitures; (ii) to minimize the accumulation of stocks of extra long staple cotton by the Federal Government; (iii) to ensure that extra long staple cotton produced in the United States can be marketed freely and competitively; and (iv) to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Secretary may use forward-crop price quotations prior to July 31 of a marketing year only if— (I) there are insufficient current-crop price quotations; and (II) the forward-crop price quotation is the lowest such quotation available. (4) **Guidelines for additional adjustments** — In making adjustments under this subsection, the Secretary shall establish a mechanism for determining and announcing the adjustments in order to avoid undue disruption in the United States market. **(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 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&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 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&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) Payment of cotton storage costs** (1) **Crop years 2014 through 2025** — Effective for each of the 2014 through 2025 crop years, the Secretary shall make cotton storage payments available in the same manner, and at the same rates as the Secretary provided storage payments for the 2006 crop of cotton, except that the rates shall be reduced by 10 percent. (2) **Payment of cotton storage costs** — Effective for each of the 2026 through 2031 crop years, the Secretary shall make cotton storage payments for upland cotton and extra long staple cotton available in the same manner as the Secretary provided storage payments for the 2006 crop of upland cotton, except that the payment rate shall be equal to the lesser of— (A) the submitted storage charge for the current marketing year; and (B) in the case of storage in— (i) California or Arizona, a payment rate of $4.90; and (ii) any other State, a payment rate of $3.00. **(h) Repayment rate for peanuts** The Secretary shall permit producers on a farm to repay a marketing assistance loan for peanuts under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) at a rate that is the lesser of— (1) the loan rate established for peanuts under subsection (a)(20) or (b)(20), as applicable, of [section 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&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 peanuts by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing peanuts; and (D) allow peanuts produced in the United States to be marketed freely and competitively, both domestically and internationally. **(i) Authority to temporarily adjust repayment rates** (1) **Adjustment authority** — In the event of a severe disruption to marketing, transportation, or related infrastructure, the Secretary may modify the repayment rate otherwise applicable under this section for marketing assistance loans under [section 9031 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9031&num=0&edition=prelim) for a loan commodity. (2) **Duration** — Any adjustment made under paragraph (1) in the repayment rate for marketing assistance loans for a loan commodity shall be in effect on a short-term and temporary basis, as determined by the Secretary.

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

7 U.S.C. § 9037 — Payments in lieu of loan deficiency payments for grazed acreage

**(a) Eligible producers** (1) **In general** — Effective for each of the 2014 through 2031 crop years, in the case of a producer that would be eligible for a loan deficiency payment under [section 9035 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9035&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 each of the 2014 through 2031 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 9035(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9035/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) (I) the payment yield in effect for the ca

Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 9037

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

7 U.S.C. § 9032 — Availability of nonrecourse marketing assistance loans for loan commodities

**(a) Definition of loan commodity** In this subchapter, the term “loan commodity” means wheat, corn, grain sorghum, barley, oats, upland cotton, extra long staple cotton, long grain rice, medium grain rice, peanuts, soybeans, other oilseeds, graded wool, nongraded wool, mohair, honey, dry peas, lentils, small chickpeas, and large chickpeas. **(b) Nonrecourse loans available** (1) **In general** — For each of the 2014 through 2031 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 9032 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section9032&num=0&edition=prelim) for the loan commodity. **(c) Eligible production** The producers on a farm shall be eligible for a marketing assistance loan under subsection (b) for any quantity of a loan commodity produced on the farm. **(d) Compliance with conservation and wetlands requirements** As a condition of the receipt of a marketing assistance loan under subsection (b), 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 that 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. **(e) Special rule

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

7 U.S.C. § 9031 — Repealed. Pub. L. 115–334, title I, § 1108, Dec. 20, 2018, 132 Stat. 4508

### 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.

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

7 U.S.C. § 9001 — Implementation

**(a) Maintenance of base acres and payment yields** The Secretary shall maintain, for each covered commodity and upland cotton, base acres and payment yields on a farm established under sections 8702 and 8751 of this title, as adjusted pursuant to sections 8711, 8712, 8718, and 8752 of this title, as in effect on September 30, 2013, and as adjusted pursuant to sections 9012 and 9013 of this title. **(b) Streamlining** In implementing this chapter and the amendments made by this title,11 See References in Text note below. the Secretary shall— (1) continue to reduce administrative burdens and costs to producers by streamlining and reducing paperwork, forms, and other administrative requirements, to ensure that— (A) a producer (or an agent of a producer) may report information, electronically (including geospatial data) or conventionally, to the Department of Agriculture, subject to the Secretary— (i) establishing reasonable levels of tolerance that reflect the differences in accuracy between measures of common land units and geospatial data; and (ii) ensuring that discrepancies that occur within the levels of tolerance established under clause (i) shall not be used to penalize a producer (or an agent of a producer) under any program administered by the Department of Agriculture; (B) on the request of a producer (or an agent of a producer), the Department of Agriculture electronically shares with the producer (or agent) in real time and without cost to the producer (or agent) the common land unit data, related farm level data, conservation practices, and other information of the producer through a single Department of Agriculture-wide login; (C) not later than September 30, 2020, the Administrator of the Risk Management Agency and the Administrator of

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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. § 9035 — Loan deficiency payments

Page 2276 TITLE 7—AGRICULTURE § 9035 under subsection (d) shall be adjusted to United States quality and location. (2) Cotton The prevailing world market price for up- land cotton determined under subsection (d)— (A) shall be adjusted to United States quality and location, with the adjustment to include— (i) a reduction equal to any United States Premium Factor for upland cotton of a quality higher than Middling (M) 13⁄32- inch; and (ii) the average costs to market the com- modity, including average transportation costs, as determined by the Secretary; and (B) may be further adjusted, during the pe- riod beginning on February 7, 2014, and end- ing on July 31, 2024, if the Secretary deter- mines the adjustment is necessary— (i) to minimize potential loan forfeit- ures; (ii) to minimize the accumulation of stocks of upland cotton by the Federal Government; (iii) to ensure that upland cotton pro- duced in the United States can be mar- keted freely and competitively, both do- mestically and internationally; and (iv) to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Sec- retary may use forward-crop price quotations prior to July 31 of a marketing year only if— (I) there are insufficient current-crop price quotations; and (II) the forward-crop price quotation is the lowest such quotation available. (3) Guidelines for additional adjustments In making adjustments under this sub- section, the Secretary shall establish a mecha- nism for determining and announcing the ad- justments in order to avoid undue disruption in the United States market. (f) Repayment rates for confectionery and other kinds of sunflower seeds The Secretary shall permit the producers on a farm to repay a marketing assis

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