7 USC 9031 - Availability of nonrecourse marketing assistance loans for loan commodities

U.S Code last checked for updates: May 02, 2024

§ 9031.

Availability of nonrecourse marketing assistance loans for loan commodities

(a)

Definition of loan commodity

(b)

Nonrecourse loans available

(1)

In general

(2)

Terms and conditions

(c)

Eligible production

(d)

Compliance with conservation and wetlands requirements

(e)

Special rules for peanuts

(1)

In general

(2)

Options for obtaining loan

A marketing assistance loan under this section, and loan deficiency payments under section 9035 of this title, may be obtained at the option of the producers on a farm through—

(A)

a designated marketing association or marketing cooperative of producers that is approved by the Secretary; or

(B)

the Farm Service Agency.

(3)

Storage of loan peanuts

As a condition on the approval by the Secretary of an individual or entity to provide storage for peanuts for which a marketing assistance loan is made under this section, the individual or entity shall agree—

(A)

to provide the storage on a nondiscriminatory basis; and

(B)

to comply with such additional requirements as the Secretary considers appropriate to accomplish the purposes of this section and promote fairness in the administration of the benefits of this section.

(4)

Storage, handling, and associated costs

(A)

In general

(B)

Redemption and forfeiture

The Secretary shall—

(i)

require the repayment of handling and other associated costs paid under subparagraph (A) for all peanuts pledged as collateral for a loan that is redeemed under this section; and

(ii)

pay storage, handling, and other associated costs for all peanuts pledged as collateral that are forfeited under this section.

(5)

Marketing

(6)

Reimbursable agreements and payment of administrative expenses

(Pub. L. 113–79, title I, § 1201, Feb. 7, 2014, 128 Stat. 674; Pub. L. 115–334, title I, § 1201(a), Dec. 20, 2018, 132 Stat. 4509.)

cite as: 7 USC 9031