7 U.S.C. § 7282: Adjustments of loans

Summary

The Secretary can change loan rates for any crop to reflect differences like grade, type, quality, location, and other factors. When doing this, the Secretary should, as much as possible, make those changes so the commodity’s average loan level matches the support level set under this chapter and Title I of the Farm Security and Rural Investment Act of 2002. The Secretary can also set loan rates by county so the lowest county rate is 95 percent of the national average. Doing that must not raise government outlays or increase the national average loan rate for any year.

Title 7, §7282

Agriculture, Source: USLM XML via OLRC

(a)Adjustment authority

The Secretary may make appropriate adjustments in the loan rates for any commodity for differences in grade, type, quality, location, and other factors.

(b)Manner of adjustment

The adjustments under the authority of this section shall, to the maximum extent practicable, be made in such manner that the average loan level for the commodity will, on the basis of the anticipated incidence of the factors, be equal to the level of support determined as provided in this chapter and title I of the Farm Security and Rural Investment Act of 2002 [7 U.S.C. 7901 et seq.].

(c)Adjustment on county basis

The Secretary may establish loan rates for a crop for producers in individual counties in a manner that results in the lowest such rate being 95 percent of the national average loan rate, except that such action shall not result in an increase in outlays. Adjustments under this subsection shall not result in an increase in the national average loan rate for any year.

Notes & Related Subsidiaries

Editorial Notes

References in Text

For definition of “this chapter”, referred to in subsec. (b), see note set out under section 7201 of this title. The Farm Security and Rural Investment Act of 2002, referred to in subsec. (b), is Pub. L. 107–171, May 13, 2002, 116 Stat. 134. Title I of the Act is classified principally to chapter 106 (§ 7901 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note under section 7901 of this title and Tables.

Amendments

2002—Subsec. (b). Pub. L. 107–171 substituted “this chapter and title I of the Farm Security and Rural Investment Act of 2002” for “this chapter”.

§7282 Adjustments of Loans