7 U.S.C. § 1508b — Stacked Income Protection Plan for pro-

Page 839 TITLE 7—AGRICULTURE § 1508b Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. EFFECTIVE DATE Section applicable beginning with the 2001 crop of an agricultural commodity, see section 171(b)(2)(F) of Pub. L. 106–224, set out as an Effective Date of 2000 Amend- ment note under section 1501 of this title. § 1508b. Stacked Income Protection Plan for pro- ducers of upland cotton (a) Availability Beginning not later than the 2015 crop of up- land cotton, the Corporation shall make avail- able to producers of upland cotton an additional policy (to be known as the ‘‘Stacked Income Protection Plan’’), which shall provide coverage consistent with the Group Risk Income Protec- tion Plan (and the associated Harvest Revenue Option Endorsement) offered by the Corporation for the 2011 crop year. (b) Required terms The Corporation may modify the Stacked In- come Protection Plan on a program-wide basis, except that the Stacked Income Protection Plan shall comply with the following requirements: (1) Provide coverage for revenue loss of not less than 10 percent and not more than 30 per- cent of expected county revenue, specified in increments of 5 percent. The deductible shall be the minimum percent of revenue loss at which indemnities are triggered under the plan, not to be less than 10 percent of the ex- pected county revenue. (2) Be offered to producers of upland cotton in all counties with upland cotton produc- tion— (A) at a county-wide level to the fullest ex- tent practicable; or (B) in counties that lack sufficient data, on the basis of such larger geographical area as the Corporation determines to provide sufficient data for purposes of providing the coverage. (3) Be purchased in addition to any other in- dividual or area coverage in effect on the pro- ducer’s acreage or as a stand-alone policy, ex- cept that if a producer has an individual or area coverage for the same acreage, the max- imum coverage available under the Stacked Income Protection Plan shall not exceed the deductible for the individual or area coverage. (4) Establish coverage based on— (A) the expected price established under existing Group Risk Income Protection or area wide policy offered by the Corporation for the applicable county (or area) and crop year; and (B) an expected county yield that is the higher of— (i) the expected county yield established for the existing area-wide plans offered by the Corporation for the applicable county (or area) and crop year (or, in geographic areas where area-wide plans are not of- fered, an expected yield determined in a manner consistent with those of area-wide plans); or (ii) the average of the applicable yield data for the county (or area) for the most recent 5 years, excluding the highest and lowest observations, from the Risk Man- agement Agency or the National Agricul- tural Statistics Service (or both) or, if suf- ficient county data is not available, such other data considered appropriate by the Secretary. (5) Use a multiplier factor to establish max- imum protection per acre (referred to as a ‘‘protection factor’’) of not less than the high- er of the level established on a program wide basis or 120 percent. (6) Pay an indemnity based on the amount that the expected county revenue exceeds the actual county revenue, as applied to the indi- vidual coverage of the producer. Indemnities under the Stacked Income Protection Plan shall not include or overlap the amount of the deductible selected under paragraph (1). (7) In all counties for which data are avail- able, establish separate coverage levels for ir- rigated and nonirrigated practices. (c) Premium Notwithstanding section 1508(d) of this title, the premium for the Stacked Income Protection Plan shall— (1) be sufficient to cover anticipated losses and a reasonable reserve; and (2) include an amount for operating and ad- ministrative expenses established in accord- ance with section 1508(k)(4)(F) of this title. (d) Payment of portion of premium by corpora- tion Subject to section 1508(e)(4) of this title, the amount of premium paid by the Corporation for all qualifying coverage levels of the Stacked In- come Protection Plan shall be— (1) 80 percent of the amount of the premium established under subsection (c) for the cov- erage level selected; and (2) the amount determined under subsection (c)(2), subject to section 1508(k)(4)(F) of this title, for the coverage to cover administrative and operating expenses. (e) Relation to other coverages The Stacked Income Protection Plan is in ad- dition to all other coverages available to pro- ducers of upland cotton. (f) Limitation Effective beginning with the 2019 crop year, a farm shall not be eligible for the Stacked In- come Protection Plan for upland cotton for a crop year for which the farm is enrolled in cov- erage for seed cotton under— (1) price loss coverage under section 9016 of this title; or (2) agriculture risk coverage under section 9017 of this title. (Feb. 16, 1938, ch. 30, title V, § 508B, as added Pub. L. 113–79, title XI, § 11017(a), Feb. 7, 2014, 128 Stat. 964; amended Pub. L. 115–123, div. F, § 60101(a)(10), Feb. 9, 2018, 132 Stat. 310.) Page 840 TITLE 7—AGRICULTURE § 1508c Editorial Notes AMENDMENTS 2018—Subsec. (f). Pub. L. 115–123 added subsec. (f). § 1508c. Peanut revenue crop insurance (a) In general Effective beginning with the 2015 crop year, the Risk Management Agency and the Corpora- tion shall make available to producers of pea- nuts a revenue crop insurance program for pea- nuts. (b) Effective price Subject to subsection (c), for purposes of the revenue crop insurance program and the multiperil crop insurance program under this subchapter, the effective price for peanuts shall be equal to the Rotterdam price index for pea- nuts or other appropriate price as determined by the Secretary, as adjusted to reflect the farmer stock price of peanuts in the United States. (c) Adjustments (1) In general The effective price for peanuts established under subsection (b) may be adjusted by the Risk Management Agency and the Corporation to correct distortions. (2) Administration If an adjustment is made under paragraph (1), the Risk Management Agency and the Cor- poration shall— (A) make the adjustment in an open and transparent manner; and (B) submit to the Committee on Agri- culture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report that de- scribes the reasons for the adjustment. (Feb. 16, 1938, ch. 30, title V, § 508C, as added Pub. L. 113–79, title XI, § 11018, Feb. 7, 2014, 128 Stat. 966.) § 1508d. Coverage for forage and grazing Notwithstanding section 1508a of this title, and in addition to any other available coverage, for crops that can be both grazed and mechani- cally harvested on the same acres during the same growing season, producers shall be allowed to purchase separate policies for each intended use, as determined by the Corporation, and any indemnity paid under those policies for each in- tended use shall not be considered to be for the same loss for the purposes of section 1508(n) of this title. (Feb. 16, 1938, ch. 30, title V, § 508D, as added Pub. L. 115–334, title XI, § 11109(b), Dec. 20, 2018, 132 Stat. 4923.) § 1509. Exemption of indemnities from levy Claims for indemnities under this subchapter shall not be liable to attachment, levy, garnish- ment, or any other legal process before payment to the insured or to deduction on account of the indebtedness of the insured or the estate of the insured to the United States except claims of the United States or the Corporation arising under this subchapter. (Feb. 16, 1938, ch. 30, title V, § 509, 52 Stat. 75; Pub. L. 103–354, title I, § 115(c), Oct. 13, 1994, 108 Stat. 3204; 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. 110–246. AMENDMENTS 2008—Pub. L. 110–246, § 12033(c)(2)(B), substituted ‘‘this subchapter’’ for ‘‘this chapter’’ in two places. 1994—Pub. L. 103–354 substituted ‘‘or the estate of the insured’’ for ‘‘or his estate’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title. EFFECTIVE DATE OF 1994 AMENDMENT Amendment by Pub. L. 103–354 effective Oct. 13, 1994, and applicable to provision of crop insurance under Federal Crop Insurance Act (7 U.S.C. 1501 et seq.) begin- ning with 1995 crop year, with such Act, as in effect on the day before Oct. 13, 1994, to continue to apply with respect to 1994 crop year, see section 120 of Pub. L. 103–354, set out as a note under section 1502 of this title. Executive Documents TRANSFER OF FUNCTIONS Administration of program of Federal Crop Insurance Corporation transferred to Secretary of Agriculture by 1946 Reorg. Plan No. 3, § 501, eff. July 16, 1946, 11 F.R. 7877, 60 Stat. 1100. See note set out under section 1503 of this title. Wartime consolidation of Federal Crop Insurance Corporation into Agricultural Conservation and Ad- justment Administration, see note set out under sec- tion 1503 of this title. § 1510. Deposit and investment of funds; Federal Reserve banks as fiscal agents All money of the Corporation not otherwise employed may be deposited with the Treasurer of the United States or in any bank approved by the Secretary of the Treasury, subject to with- drawal by the Corporation at any time, or with the approval of the Secretary of the Treasury may be invested in obligations of the United States or in obligations guaranteed as to prin- cipal and interest by the United States. Subject to the approval of the Secretary of the Treasury, the Federal Reserve banks are hereby author- ized and directed to act as depositories, custodians, and fiscal agents for the Corporation in the performance of its powers conferred by this subchapter. (Feb. 16, 1938, ch. 30, title V, § 510, 52 Stat. 75; 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.)