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Code · BILL · 115th Congress · H.R. 2 (Reported in House) — To provide for the reform and continuation of agricultural and other programs of the Department of Agriculture throug... · Sec. 1204

Sec. 1204. Repayment of loans

947 words·~4 min read·/bill/115/hr/2/rh/section-1204

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The Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 1201 for a loan commodity (other than upland cotton, long grain rice, medium grain rice, extra long staple cotton, peanuts and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of— the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )); a rate (as determined by the Secretary) that— is calculated based on average market prices for the loan commodity during the preceding 30-day period; and will minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries; or a rate that the Secretary may develop using alternative methods for calculating a repayment rate for a loan commodity that the Secretary determines will— minimize potential loan forfeitures; minimize the accumulation of stocks of the commodity by the Federal Government; minimize the cost incurred by the Federal Government in storing the commodity; allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally; and minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries.
The Secretary shall permit producers to repay a marketing assistance loan under section 1201 for upland cotton, long grain rice, and medium grain rice at a rate that is the lesser of— the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )); or the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.
Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )). For purposes of this section and section 1207, the Secretary shall prescribe by regulation— a formula to determine the prevailing world market price for each of upland cotton, long grain rice and medium grain rice; and a mechanism by which the Secretary shall announce periodically those prevailing world market prices.
The prevailing world market price for long grain rice and medium grain rice determined under subsection
(d)shall be adjusted to United States quality and location. The prevailing world market price for upland cotton determined under subsection (d)— shall be adjusted to United States quality and location, with the adjustment to include— a reduction equal to any United States Premium Factor for upland cotton of a quality higher than Middling
(M)1 3/32 -inch; and the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and may be further adjusted, during the period beginning on the date of enactment of this Act and ending on July 31, 2024, if the Secretary determines the adjustment is necessary— to minimize potential loan forfeitures; to minimize the accumulation of stocks of upland cotton by the Federal Government; to ensure that upland cotton produced in the United States can be marketed freely and competitively, both domestically and internationally; and to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Secretary may use forward-crop price quotations prior to July 31 of a marketing year only if— there are insufficient current-crop price quotations; and the forward-crop price quotation is the lowest such quotation available. In making adjustments under this subsection, the Secretary shall establish a mechanism for determining and announcing the adjustments in order to avoid undue disruption in the United States market. The Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 1201 for confectionery and each other kind of sunflower seed (other than oil sunflower seed) at a rate that is the lesser of— the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )); or the repayment rate established for oil sunflower seed. Effective for each of the 2019 through 2023 crop years, the Secretary shall make cotton storage payments available in the same manner, and at the same rates as the Secretary provided storage payments for the 2006 crop of cotton, except that the rates shall be reduced by 10 percent. The Secretary shall permit producers on a farm to repay a marketing assistance loan for peanuts under section 1201 at a rate that is the lesser of— the loan rate established for peanuts under section 1202(a)(20), plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7283 )); or a rate that the Secretary determines will— minimize potential loan forfeitures; minimize the accumulation of stocks of peanuts by the Federal Government; minimize the cost incurred by the Federal Government in storing peanuts; and allow peanuts produced in the United States to be marketed freely and competitively, both domestically and internationally. In the event of a severe disruption to marketing, transportation, or related infrastructure, the Secretary may modify the repayment rate otherwise applicable under this section for marketing assistance loans under section 1201 for a loan commodity. Any adjustment made under paragraph
(1)in the repayment rate for marketing assistance loans for a loan commodity shall be in effect on a short-term and temporary basis, as determined by the Secretary.
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Sec. 1204
Repayment of loans
U.S.C.§ 7283
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