7 USC 9031 - Availability of nonrecourse marketing assistance loans for loan commodities

United States Code

USC most recently checked for updates: Dec 05, 2024

Subchapter I - COMMODITY POLICY

§ 9032. Loan rates for nonrecourse marketing assistance loans

U.S. Code
Notes

§ 9031.

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 2023 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 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 et seq.) and applicable wetland protection requirements under subtitle C of title XII of that Act (16 U.S.C. 3821 et seq.) during the term of the loan.

(e)

Special rules for peanuts

(1)

In general

This subsection shall apply only to producers of peanuts.

(2)

Options for obtaining loan

A marketing assistance loan under this section, and loan deficiency payments under section 9035 of this title, may be obtained at the option of the producers on a farm through—

(A)

a designated marketing association or marketing cooperative of producers that is approved by the Secretary; or

(B)

the Farm Service Agency.

(3)

Storage of loan peanuts

(A)

to provide the storage on a nondiscriminatory basis; and

(B)

to comply with such additional requirements as the Secretary considers appropriate to accomplish the purposes of this section and promote fairness in the administration of the benefits of this section.

(4)

Storage, handling, and associated costs

(A)

In general

To ensure proper storage of peanuts for which a loan is made under this section, the Secretary shall pay handling and other associated costs (other than storage costs) incurred at the time at which the peanuts are placed under loan, as determined by the Secretary.

(B)

Redemption and forfeiture

The Secretary shall—

(i)

require the repayment of handling and other associated costs paid under subparagraph (A) for all peanuts pledged as collateral for a loan that is redeemed under this section; and

(ii)

pay storage, handling, and other associated costs for all peanuts pledged as collateral that are forfeited under this section.

(5)

Marketing

A marketing association or cooperative may market peanuts for which a loan is made under this section in any manner that conforms to consumer needs, including the separation of peanuts by type and quality.

(6)

Reimbursable agreements and payment of administrative expenses

The Secretary may implement any reimbursable agreements or provide for the payment of administrative expenses under this subsection only in a manner that is consistent with those activities in regard to other loan commodities.

(Pub. L. 113–79, title I, § 1201, Feb. 7, 2014, 128 Stat. 674; Pub. L. 115–334, title I, § 1201(a), Dec. 20, 2018, 132 Stat. 4509.)

cite as: 7 USC 9031