7 U.S.C. § 8731: Availability of nonrecourse…

Summary

The Secretary of Agriculture must offer nonrecourse marketing assistance loans to farmers for crops grown in 2008 through 2012. Loans cover commodities produced on the farm and follow the rules and loan rates the Secretary sets. Farm producers can borrow for any amount of those commodities. To get and keep the loan, they must follow the conservation and wetland-protection rules in the Food Security Act while the loan is active.

Title 7, §8731

Agriculture, Source: USLM XML via OLRC

(a)Nonrecourse loans available

(1)Availability

For each of the 2008 through 2012 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 8732 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)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 that Act (16 U.S.C. 3821 et seq.) during the term of the loan.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Food Security Act of 1985, referred to in subsec. (c), 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. Codification Pub. L. 110–234 and Pub. L. 110–246 enacted identical sections. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.

Statutory Notes and Related Subsidiaries

Effective Date

Enactment 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 a note under section 8701 of this title.

§8731 Availability of Nonrecourse Marketing Assistance Loans for Loan Commodities