§7971 — Title 7 Agriculture | U.S. Code

Summary

The Commodity Credit Corporation must, as soon as possible after May 13, 2002, change federal rules to set up a sugar storage facility loan program. The program must provide loans to processors of domestically grown sugarcane and sugar beets so they can build or upgrade storage and handling for raw and refined sugar. To get a loan, a processor must have a satisfactory credit history, need more storage capacity (taking into account marketing allotments), and show it can repay. Loans must be at least 7 years long, have no penalty for paying off early, and use normal commercial terms (including downpayments, collateral, and eligible facilities) appropriate for the borrower.

Title 7, §7971

Agriculture — Source: USLM XML via OLRC

(a)Notwithstanding any other provision of law and as soon as practicable after May 13, 2002, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars.

(b)A storage facility loan described in subsection (a) shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)—

(1)has a satisfactory credit history;

(2)has a need for increased storage capacity, taking into account the effects of marketing allotments; and

(3)demonstrates an ability to repay the loan.

(c)A storage facility loan described in subsection (a) shall—

(1)have a minimum term of 7 years;

(2)not include any penalty for prepayment; and

(3)be in such amounts and on such other terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.

Notes & Related Subsidiaries

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 L. 110–234 were repealed by section 4(a) of Pub.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—Subsec. (c)(2), (3). Pub. L. 110–246, § 1404, added par. (2), redesignated former par. (2) as (3), and, in par. (3), inserted “other” after “on such”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2008 AmendmentAmendment 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.

§7971 Storage facility loans

Summary

Title 7, §7971

Notes & Related Subsidiaries

Editorial Notes

Amendments

Amendments

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata