7 U.S.C. § 7931: Availability of nonrecourse…

Summary

From 2002 through 2007, the Secretary must offer nonrecourse marketing-assistance loans to farmers for loan commodities grown on their farm. The Secretary sets the loan rules and the loan rates. Farmers on a farm can get loans for any amount of a loan commodity they produce. If a farmer’s crop is mixed with others in storage that is not licensed, the farmer can still get a loan if they agree to immediately repay or redeem the loan collateral as required by the 1996 Farm Bill. Farmers must follow the conservation and wetland rules in the Food Security Act of 1985 while the loan is active. Loans will not be made for the 2002 crop under the 1996 Farm Bill’s Subtitle C rules.

Title 7, §7931

Agriculture, Source: USLM XML via OLRC

(a)Nonrecourse loans available

(1)Availability

For each of the 2002 through 2007 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 7932 of this title for the loan commodity.

(b)Eligible production

The producers on a farm shall be eligible for a marketing assistance loan under subsection (a) for any quantity of a loan commodity produced on the farm.

(c)Treatment of certain commingled commodities

In carrying out this subchapter, the Secretary shall make loans to producers on a farm that would be eligible to obtain a marketing assistance loan, but for the fact the loan commodity owned by the producers on the farm commingled with loan commodities of other producers in facilities unlicensed for the storage of agricultural commodities by the Secretary or a State licensing authority, if the producers obtaining the loan agree to immediately redeem the loan collateral in accordance with section 166 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7286).

(d)Compliance with conservation and wetlands requirements

As a condition of the receipt of a marketing assistance loan under subsection (a), 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 the Act (16 U.S.C. 3821 et seq.) during the term of the loan.

(e)Termination of superseded loan authority

Notwithstanding section 131 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7231), nonrecourse marketing assistance loans shall not be made for the 2002 crop of loan commodities under subtitle C of title I of such Act [7 U.S.C. 7231 et seq.].

Notes & Related Subsidiaries

Editorial Notes

References in Text

This subchapter, referred to in subsec. (c), was in the original “this subtitle”, meaning subtitle B (§§ 1201–1209) of title I of Pub. L. 107–171, May 13, 2002, 116 Stat. 155, which is classified principally to this subchapter. For complete classification of subtitle B to the Code, see Tables. The Food Security Act of 1985, referred to in subsec. (d), is Pub. L. 99–198, Dec. 23, 1985, 99 Stat. 1354. Subtitles B and C of title XII of the Act are classified generally to subchapters II (§ 3811 et seq.) and III (§ 3821 et seq.), respectively, of chapter 58 of Title 16, Conservation. For complete classification of this Act to the Code, see

Short Title

of 1985 Amendment note set out under section 1281 of this title and Tables. The Federal Agriculture Improvement and Reform Act of 1996, referred to in subsec. (e), is Pub. L. 104–127, Apr. 4, 1996, 110 Stat. 888. Subtitle C of title I of the Act is classified generally to subchapter III (§ 7231 et seq.) of chapter 100 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 7201 of this title and Tables.

§7931 Availability of Nonrecourse Marketing Assistance Loans for Loan Commodities

Summary

Title 7, §7931

Notes & Related Subsidiaries

Editorial Notes

References in Text

Short Title

Short Title

Citations & Metadata