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7 U.S.C. § 7233 — Term of loans
Federal law — U.S. Code and appendices · legal_authorities
Page 1977
TITLE 7—AGRICULTURE
§ 7234
staple cotton, as determined by the Secretary,
during 3 years of the 5-year period ending July
31 of the year preceding the year in which the
crop is planted, excluding the year in which
the average price was the highest and the year
in which the average price was the lowest in
the period; but
(2) not more than $0.7965 per pound.
(e) Rice
The loan rate for a marketing assistance loan
under section 7231 of this title for rice shall be
$6.50 per hundredweight.
(f) Oilseeds
(1) Soybeans
The loan rate for a marketing assistance
loan under section 7231 of this title for soy-
beans shall be—
(A) not less than 85 percent of the simple
average price received by producers of soy-
beans, as determined by the Secretary, dur-
ing the marketing years for the immediately
preceding 5 crops of soybeans, excluding the
year in which the average price was the
highest and the year in which the average
price was the lowest in the period; but
(B) not less than $4.92 or more than $5.26
per bushel.
(2) Sunflower seed, canola, rapeseed, safflower,
mustard seed, and flaxseed
The loan rate for a marketing assistance
loan under section 7231 of this title for sun-
flower seed, canola, rapeseed, safflower, mus-
tard seed, and flaxseed, individually, shall be—
(A) not less than 85 percent of the simple
average price received by producers of sun-
flower seed, individually, as determined by
the Secretary, during the marketing years
for the immediately preceding 5 crops of
sunflower seed, individually, excluding the
year in which the average price was the
highest and the year in which the average
price was the lowest in the period; but
(B) not less than $0.087 or more than $0.093
per pound.
(3) Other oilseeds
The loan rates for a
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Page 1977
TITLE 7—AGRICULTURE
§ 7234
staple cotton, as determined by the Secretary,
during 3 years of the 5-year period ending July
31 of the year preceding the year in which the
crop is planted, excluding the year in which
the average price was the highest and the year
in which the average price was the lowest in
the period; but
(2) not more than $0.7965 per pound.
(e) Rice
The loan rate for a marketing assistance loan
under section 7231 of this title for rice shall be
$6.50 per hundredweight.
(f) Oilseeds
(1) Soybeans
The loan rate for a marketing assistance
loan under section 7231 of this title for soy-
beans shall be—
(A) not less than 85 percent of the simple
average price received by producers of soy-
beans, as determined by the Secretary, dur-
ing the marketing years for the immediately
preceding 5 crops of soybeans, excluding the
year in which the average price was the
highest and the year in which the average
price was the lowest in the period; but
(B) not less than $4.92 or more than $5.26
per bushel.
(2) Sunflower seed, canola, rapeseed, safflower,
mustard seed, and flaxseed
The loan rate for a marketing assistance
loan under section 7231 of this title for sun-
flower seed, canola, rapeseed, safflower, mus-
tard seed, and flaxseed, individually, shall be—
(A) not less than 85 percent of the simple
average price received by producers of sun-
flower seed, individually, as determined by
the Secretary, during the marketing years
for the immediately preceding 5 crops of
sunflower seed, individually, excluding the
year in which the average price was the
highest and the year in which the average
price was the lowest in the period; but
(B) not less than $0.087 or more than $0.093
per pound.
(3) Other oilseeds
The loan rates for a marketing assistance
loan under section 7231 of this title for other
oilseeds shall be established at such level as
the Secretary determines is fair and reason-
able in relation to the loan rate available for
soybeans, except in no event shall the rate for
the oilseeds (other than cottonseed) be less
than the rate established for soybeans on a
per-pound basis for the same crop.
(Pub. L. 104–127, title I, § 132, Apr. 4, 1996, 110
Stat. 905.)
§ 7233. Term of loans
(a) Term of loan
In the case of each loan commodity (other
than upland cotton or extra long staple cotton),
a marketing assistance loan under section 7231
of this title shall have a term of 9 months begin-
ning on the first day of the first month after the
month in which the loan is made.
(b) Special rule for cotton
A marketing assistance loan for upland cotton
or extra long staple cotton shall have a term of
10 months beginning on the first day of the
month in which the loan is made.
(c) Extensions prohibited
The Secretary may not extend the term of a
marketing assistance loan for any loan com-
modity.
(Pub. L. 104–127, title I, § 133, Apr. 4, 1996, 110
Stat. 907.)
§ 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 for wheat, corn, grain sorghum,
barley, oats, and oilseeds at a rate that is the
lesser of—
(1) the loan rate established for the com-
modity under section 7232 of this title, plus in-
terest (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 Govern-
ment;
(C) minimize the cost incurred by the Fed-
eral Government in storing the commodity;
and
(D) allow the commodity produced in the
United States to be marketed freely and
competitively, both domestically and inter-
nationally.
(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 for upland cotton and rice at a rate
that is the lesser of—
(1) the loan rate established for the com-
modity under section 7232 of this title, plus in-
terest (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 loan for
extra long staple cotton shall be at the loan rate
established for the commodity under section
7232 of this title, plus interest (as determined by
the Secretary).
(d) Prevailing world market price
For purposes of this section and section 7236 of
this title, the Secretary shall prescribe by regu-
lation—
(1) a formula to determine the prevailing
world market price for each loan commodity,
adjusted to United States quality and loca-
tion; and
(2) a mechanism by which the Secretary
shall announce periodically the prevailing
world market price for each loan commodity.
(e) Adjustment of prevailing world market price
for upland cotton
(1) In general
During the period ending July 31, 2003, the
prevailing world market price for upland cot-
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Term of loan** In the case of each loan commodity (other than upland cotton or extra long staple cotton), 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) 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) Special rule for cotton** A marketing assistance loan for upland cotton or extra long staple cotton shall have a term of 10 months beginning on the first day of the month in which the loan is made.
**(c) Extensions prohibited** The Secretary may not extend the term of a marketing assistance loan for any loan commodity.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 7233
Stored review status: release_metadata_unconfirmed. Same stored citation; legal effect and authority still require review.