Browse Arkansas Code titles and sections
7 U.S.C. § 9033 — Term of loans
Federal law — U.S. Code and appendices · legal_authorities
Page 2275
TITLE 7—AGRICULTURE
§ 9034
(d) Seed cotton
(1) In general
For purposes of section 9016 (b)(2) of this
title and paragraphs (1)(B)(ii) and (2)(A)(ii)(II)
of section 9017(b) of this title, the loan rate for
seed cotton shall be deemed to be equal to
$0.25 per pound.
(2) Effect
Nothing in this subsection authorizes any
nonrecourse marketing assistance loan under
this subchapter for seed cotton.
(Pub. L. 113–79, title I, § 1202, Feb. 7, 2014, 128
Stat. 675; Pub. L. 115–123, div. F, § 60101(a)(9),
Feb. 9, 2018, 132 Stat. 310; Pub. L. 115–334, title I,
§ 1202(a), Dec. 20, 2018, 132 Stat. 4509.)
Editorial Notes
CODIFICATION
Provisions of law applicable to a loan commodity for
the 2023 crop year pursuant to title I of Pub. L. 113–79
applicable to the 2024 crop year for that loan com-
modity, see section 102(c)(1) of Pub. L. 118–22, set out in
an Extension of Agricultural Programs note under sec-
tion 9001 of this title.
AMENDMENTS
2018—Subsec. (a). Pub. L. 115–334, § 1202(a)(1), sub-
stituted ‘‘2014 through 2018 crop years’’ for ‘‘In general’’
in heading.
Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec.
(b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesig-
nated subsec. (b) as (c) and substituted ‘‘subsections
(a)(11) and (b)(11)’’ for ‘‘subsection (a)(11)’’. Former sub-
sec. (c) redesignated (d).
Pub. L. 115–123 added subsec. (c).
Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated
subsec. (c) as (d).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2018 AMENDMENT
Amendment by Pub. L. 115–123 applicable beginning
with the 2018 crop year, see section 60101(a)(13) of Pub.
L. 115–123, set out as a note under section 9011 of this
title.
§ 9033. Term of loans
(a) Term
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Page 2275
TITLE 7—AGRICULTURE
§ 9034
(d) Seed cotton
(1) In general
For purposes of section 9016 (b)(2) of this
title and paragraphs (1)(B)(ii) and (2)(A)(ii)(II)
of section 9017(b) of this title, the loan rate for
seed cotton shall be deemed to be equal to
$0.25 per pound.
(2) Effect
Nothing in this subsection authorizes any
nonrecourse marketing assistance loan under
this subchapter for seed cotton.
(Pub. L. 113–79, title I, § 1202, Feb. 7, 2014, 128
Stat. 675; Pub. L. 115–123, div. F, § 60101(a)(9),
Feb. 9, 2018, 132 Stat. 310; Pub. L. 115–334, title I,
§ 1202(a), Dec. 20, 2018, 132 Stat. 4509.)
Editorial Notes
CODIFICATION
Provisions of law applicable to a loan commodity for
the 2023 crop year pursuant to title I of Pub. L. 113–79
applicable to the 2024 crop year for that loan com-
modity, see section 102(c)(1) of Pub. L. 118–22, set out in
an Extension of Agricultural Programs note under sec-
tion 9001 of this title.
AMENDMENTS
2018—Subsec. (a). Pub. L. 115–334, § 1202(a)(1), sub-
stituted ‘‘2014 through 2018 crop years’’ for ‘‘In general’’
in heading.
Subsec. (b). Pub. L. 115–334, § 1202(a)(3), added subsec.
(b). Former subsec. (b) redesignated (c).
Subsec. (c). Pub. L. 115–334, § 1202(a)(2), (4), redesig-
nated subsec. (b) as (c) and substituted ‘‘subsections
(a)(11) and (b)(11)’’ for ‘‘subsection (a)(11)’’. Former sub-
sec. (c) redesignated (d).
Pub. L. 115–123 added subsec. (c).
Subsec. (d). Pub. L. 115–334, § 1202(a)(2), redesignated
subsec. (c) as (d).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2018 AMENDMENT
Amendment by Pub. L. 115–123 applicable beginning
with the 2018 crop year, see section 60101(a)(13) of Pub.
L. 115–123, set out as a note under section 9011 of this
title.
§ 9033. Term of loans
(a) Term of loan
In the case of each loan commodity, a mar-
keting assistance loan under section 9031 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. 113–79, title I, § 1203, Feb. 7, 2014, 128
Stat. 676.)
§ 9034. Repayment of loans
(a) General rule
The Secretary shall permit the producers on a
farm to repay a marketing assistance loan under
section 9031 of this title for a loan commodity
(other than upland cotton, long grain rice, me-
dium grain rice, extra long staple cotton, pea-
nuts 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 9032 of this title, plus in-
terest (determined in accordance with section
7283 of this title);
(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 mar-
keting loan benefits across State boundaries
and across county boundaries; or
(3) a rate that the Secretary may develop
using alternative methods for calculating a re-
payment 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 Govern-
ment;
(C) minimize the cost incurred by the Fed-
eral Government in storing the commodity;
(D) allow the commodity produced in the
United States to be marketed freely and
competitively, both domestically and inter-
nationally; 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
The Secretary shall permit producers to repay
a marketing assistance loan under section 9031
of this title for upland cotton, long grain rice,
and medium grain rice at a rate that is the less-
er of—
(1) the loan rate established for the com-
modity under section 9032 of this title, plus in-
terest (determined in accordance with section
7283 of this title); or
(2) the prevailing world market price for the
commodity, as determined and adjusted by the
Secretary in accordance with this section.
(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
9032 of this title, plus interest (determined in ac-
cordance with section 7283 of this title).
(d) Prevailing world market price
For purposes of this section and section 9037 of
this title, the Secretary shall prescribe by regu-
lation—
(1) a formula to determine the prevailing
world market price for each of upland cotton,
long grain rice, and medium grain rice; and
(2) a mechanism by which the Secretary
shall announce periodically those prevailing
world market prices.
(e) Adjustment of prevailing world market price
for upland cotton, long grain rice, and me-
dium grain rice
(1) Rice
The prevailing world market price for long
grain rice and medium grain rice determined
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Federal law — U.S. Code and appendices · legal_authorities
**(a) 2014 through 2018 crop years** For purposes of each of the 2014 through 2018 crop years, the loan rate for 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 shall be equal to the following:
(1) In the case of wheat, $2.94 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, $1.95 per bushel.
(5) In the case of oats, $1.39 per bushel.
(6) In the case of base quality of upland cotton, for each of the 2014 through 2018 crop years, the simple average of the adjusted prevailing world price for the 2 immediately preceding marketing years, as determined by the Secretary and announced October 1 preceding the next domestic plantings, but in no case less than $0.45 per pound or more than $0.52 per pound.
(7) In the case of extra long staple cotton, $0.7977 per pound.
(8) In the case of long grain rice, $6.50 per hundredweight.
(9) In the case of medium grain rice, $6.50 per hundredweight.
(10) In the case of soybeans, $5.00 per bushel.
(11) In the case of other oilseeds, $10.09 per hundredweight for each of the following kinds of oilseeds:
(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 Secretary.
(12) In the case of dry peas, $5.40 per hundredweight.
(13) In the case of lentils, $11.28 per hundredweight.
(14) In the case of small chickpeas, $7.43 per hundredweight.
(15) In the case of large chickpeas, $11.28 per hundredweight.
(16) In the case of graded wool, $1.15 per pound.
(17) In the case of nongraded wo
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