7 U.S.C. § 7933 — Term of loans

Page 2128 TITLE 7—AGRICULTURE § 7933 (A) Sunflower seed. (B) Rapeseed. (C) Canola. (D) Safflower. (E) Flaxseed. (F) Mustard seed. (G) Crambe. (H) Sesame seed. (I) Other oilseeds designated by the Sec- retary. (11) In the case of graded wool, $1.00 per pound. (12) In the case of nongraded wool, $0.40 per pound. (13) In the case of mohair, $4.20 per pound. (14) In the case of honey, $0.60 per pound. (15) In the case of dry peas, $6.33 per hun- dredweight. (16) In the case of lentils, $11.94 per hundred- weight. (17) In the case of small chickpeas, $7.56 per hundredweight. (b) 2004 through 2007 crop years For purposes of the 2004 through 2007 crop years, the loan rate for a marketing assistance loan under section 7931 of this title for a loan commodity shall be equal to the following: (1) In the case of wheat, $2.75 per bushel. (2) In the case of corn, $1.95 per bushel. (3) In the case of grain sorghum, $1.95 per bushel. (4) In the case of barley, $1.85 per bushel. (5) In the case of oats, $1.33 per bushel. (6) In the case of upland cotton, $0.52 per pound. (7) In the case of extra long staple cotton, $0.7977 per pound. (8) In the case of rice, $6.50 per hundred- weight. (9) In the case of soybeans, $5.00 per bushel. (10) In the case of other oilseeds, $.0930 per pound for each of the following kinds of oil- seeds: (A) Sunflower seed. (B) Rapeseed. (C) Canola. (D) Safflower. (E) Flaxseed. (F) Mustard seed. (G) Crambe. (H) Sesame seed. (I) Other oilseeds designated by the Sec- retary. (11) In the case of graded wool, $1.00 per pound. (12) In the case of nongraded wool, $0.40 per pound. (13) In the case of mohair, $4.20 per pound. (14) In the case of honey, $0.60 per pound. (15) In the case of dry peas, $6.22 per hun- dredweight. (16) In the case of lentils, $11.72 per hundred- weight. (17) In the case of small chickpeas, $7.43 per hundredweight. (c) Single county loan rate for other oilseeds The Secretary shall establish a single loan rate in each county for each kind of other oil- seeds described in subsections (a)(10) and (b)(10). (d) Quality grades for dry peas, lentils, and small chickpeas The loan rate for dry peas, lentils, and small chickpeas shall be based on— (1) in the case of dry peas, United States feed peas; (2) in the case of lentils, United States num- ber 3 lentils; and (3) in the case of small chickpeas, United States number 3 small chickpeas that drop below a 20/64 screen. (Pub. L. 107–171, title I, § 1202, May 13, 2002, 116 Stat. 155; Pub. L. 108–7, div. A, title VII, § 763(b), Feb. 20, 2003, 117 Stat. 46.) Editorial Notes AMENDMENTS 2003—Subsec. (a)(10). Pub. L. 108–7, § 763(b)(1), added par. (10) and struck out former par. (10) which read as follows: ‘‘In the case of other oilseeds, $0.0960 per pound.’’ Subsec. (b)(10). Pub. L. 108–7, § 763(b)(2), added par. (10) and struck out former par. (10) which read as follows: ‘‘In the case of other oilseeds, $0.0930 per pound.’’ Subsecs. (c), (d). Pub. L. 108–7, § 763(b)(3), added sub- secs. (c) and (d). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2003 AMENDMENT Amendment by Pub. L. 108–7 applicable beginning with the 2003 crop of other oilseeds, dry peas, lentils, and small chickpeas, see section 763(d) of Pub. L. 108–7, set out as a note under section 7901 of this title. § 7933. Term of loans (a) Term of loan In the case of each loan commodity, a mar- keting assistance loan under section 7931 of this title 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 com- modity. (Pub. L. 107–171, title I, § 1203, May 13, 2002, 116 Stat. 156.) § 7934. Repayment of loans (a) General rule The Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 7931 of this title for a loan commodity (other than upland cotton, rice, extra long sta- ple 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 com- modity under section 7932 of this title, plus in- terest (determined in accordance with section 7283 of this title); 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 Govern- ment;