Sec. 812. ### (a) Nonrecourse Marketing Assistance Loans

610 words·~3 min read·/statute-compilations/comps-10595/sec-812

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## Sec. 812 ###

(a)Nonrecourse Marketing Assistance Loans ####

(1)The Secretary shall use funds of the Commodity Credit Corporation to make nonrecourse marketing assistance loans available to producers of the 2000 crop of honey. ####

(2)The loan rate for a marketing assistance loan under paragraph

(1)for honey shall be 65 cents per pound. ####

(3)The Secretary shall permit producers to repay a marketing assistance nonrecourse loan under paragraph

(1)at a rate that is the lesser of— #####

(A)the loan rate for honey, plus interest (as determined by the Secretary); or #####

(B)the prevailing domestic market price for honey, as determined by the Secretary. ###

(b)Loan Deficiency Payments ####

(1)The Secretary may make loan deficiency payments available to any producer of honey that, although eligible to obtain a marketing assistance loan under subsection (a), agrees to forgo obtaining the loan in return for a payment under this subsection. ####

(2)A loan deficiency payment under this subsection shall be determined by multiplying— #####

(A)the loan payment rate determined under paragraph (3); by #####

(B)the quantity of honey that the producer is eligible to place under loan, but for which the producer forgoes obtaining the loan in return for a payment under this subsection. ####

(3)For the purposes of this subsection, the loan payment rate shall be the amount by which— #####

(A)the loan rate established under subsection (a)(2); exceeds #####

(B)the rate at which a loan may be repaid under subsection (a)(3). ###

(c)In order to provide an orderly transition to the loans and payments provided under this section, the Secretary shall convert recourse loans for the 2000 crop of honey outstanding on the date of enactment of this Act to nonrecourse marketing assistance loans under subsection (a). ###

(d)Limitations ####

(1)The marketing assistance loan gains and loan deficiency payments that a person may receive for the 2000 crop of honey under this section shall be subject to the same limitations that apply to marketing assistance loans and loan deficiency payments received by producers of the same crop of other agricultural commodities. ####

(2)The Secretary shall carry out this section in such a manner as to minimize forfeitures of honey marketing assistance loans. ###

(e)The Secretary shall make loans and loan deficiency payments under this section available to producers beginning not later than 30 days after the date of enactment of this Act. ###

(f)In the case of a producer that marketed or redeemed, before, on, or within 30 days after the date of the enactment of this Act, a quantity of an eligible 2000 crop for which the producer has not received a loan deficiency payment or marketing loan gain under this section, the producer shall be eligible to receive a payment from the Secretary of Agriculture under this section in an amount equal to the payment or gain that the producer would have received for that quantity of eligible production as of the date on which the producer lost beneficial interest in the quantity or redeemed the quantity, as determined by the Secretary. ###

(g)The entire amount necessary to carry out this section shall be available only to the extent that an official budget request for the entire amount, that includes designation of the entire amount of the request as an emergency requirement as defined in the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, is transmitted by the President to the Congress: *Provided*, That the entire amount is designated by the Congress as an emergency requirement pursuant to section 251(b)(2)(A) of such Act.