7 U.S.C. § 8758: Adjustments of loans

Summary

The Secretary can change peanut loan rates for differences in grade, type, quality, location, and other factors. Those changes should, as much as possible, keep the average loan level equal to the support level set under this subchapter and subtitles B, D, and E. The Secretary may set county loan rates so the lowest county rate is 95% of the national average, but only if doing so does not increase government spending or raise the national average loan rate in any year.

Title 7, §8758

Agriculture, Source: USLM XML via OLRC

(a)Adjustment authority

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

(b)Manner of adjustment

The adjustments under subsection (a) shall, to the maximum extent practicable, be made in such a manner that the average loan level for peanuts will, on the basis of the anticipated incidence of the factors, be equal to the level of support determined in accordance with this subchapter and subtitles B, D, and E.

(c)Adjustment on county basis

(1)In general

Subject to paragraph (2), the Secretary may establish loan rates for a crop of peanuts for producers in individual counties in a manner that results in the lowest loan rate being 95 percent of the national average loan rate, if those loan rates do not result in an increase in outlays.

(2)Prohibition

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

Subtitles B, D, and E, referred to in subsec. (b), are subtitles B (§ 1201 et seq.), D (§ 1401 et seq.), and E (§ 1501 et seq.), respectively, of title I of Pub. L. 110–246, June 18, 2008, 122 Stat. 1681. Subtitle B is classified generally to subchapter II (§ 8731 et seq.) of this chapter. Subtitle D enacted section 1359kk, 1359ll, and 7287 of this title, amended sections 1359aa to 1359gg, 1359ii, 7272, and 7971 of this title, repealed former section 1359kk of this title, and enacted provisions set out as notes under section 3602 and 7272 of this title. Subtitle E enacted subchapter IV (§ 8771 et seq.) of this chapter and amended section 608c, 1637b, 4502, 4504, 4531, and 4553 of this title and section 713a–14 of Title 15, Commerce and Trade. For complete classification of subtitles B, D, and E to the Code, see 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.

§8758 Adjustments of Loans