§ 7234. Repayment of loans
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(a)Repayment rates for wheat, feed grains, and oilseeds The Secretary shall permit a producer to repay a marketing assistance loan under section 7231 of this title for wheat, corn, grain sorghum, barley, oats, and oilseeds at a rate that is the lesser of—
(1)the loan rate established for the commodity under section 7232 of this title, plus interest (as determined by the Secretary); or
(2)a rate that the Secretary determines will—
(A)minimize potential loan forfeitures;
(B)minimize the accumulation of stocks of the commodity by the Federal Government;
(C)minimize the cost incurred by the Federal Government in storing the commodity; and
(D)allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally.
(b)Repayment rates for upland cotton and rice The Secretary shall permit producers to repay a marketing assistance loan under section 7231 of this title for upland cotton and rice at a rate that is the lesser of—
(1)the loan rate established for the commodity under section 7232 of this title, plus interest (as determined by the Secretary); or
(2)the prevailing world market price for the commodity (adjusted to United States quality and location), as determined by the Secretary.
(c)Repayment rates for extra long staple cotton Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under section 7232 of this title, plus interest (as determined by the Secretary).
(d)Prevailing world market price For purposes of this section and section 7236 of this title, the Secretary shall prescribe by regulation—
(1)a formula to determine the prevailing world market price for each loan commodity, adjusted to United States quality and location; and
(2)a mechanism by which the Secretary shall announce periodically the prevailing world market price for each loan commodity.
(e)Adjustment of prevailing world market price for upland cotton
(1)In general During the period ending July 31, 2003, the prevailing world market price for upland cotton (adjusted to United States quality and location) established under subsection
(d)shall be further adjusted if—
(A)the adjusted prevailing world market price is less than 115 percent of the loan rate for upland cotton established under section 7232 of this title, as determined by the Secretary; and
(B)the Friday through Thursday average price quotation for the lowest-priced United States growth as quoted for Middling
(M)13⁄32-inch cotton delivered C.I.F. Northern Europe is greater than the Friday through Thursday average price of the 5 lowest-priced growths of upland cotton, as quoted for Middling
(M)13⁄32-inch cotton, delivered C.I.F. Northern Europe (referred to in this section as the “Northern Europe price”).
(2)Further adjustment Except as provided in paragraph (3), the adjusted prevailing world market price for upland cotton shall be further adjusted on the basis of some or all of the following data, as available:
(A)The United States share of world exports.
(B)The current level of cotton export sales and cotton export shipments.
(C)Other data determined by the Secretary to be relevant in establishing an accurate prevailing world market price for upland cotton (adjusted to United States quality and location).
(3)Limitation on further adjustment The adjustment under paragraph
(2)may not exceed the difference between—
(A)the Friday through Thursday average price for the lowest-priced United States growth as quoted for Middling 13⁄32-inch cotton delivered C.I.F. Northern Europe; and
(B)the Northern Europe price.
(Pub. L. 104–127, title I, § 134, Apr. 4, 1996, 110 Stat. 908.)
Connections9 cite this · traces to 3
Cited by 9 sections
statute-compilations
- Sec. 1204REPAYMENT OF LOANS
- Sec. 813LIMITATION ON MARKETING LOAN GAINS AND LOAN DEFICIENCY PAYMENTS
- Sec. 837Notwithstanding section 1001(2) of the Food Security Act of 1985 (7 U.S.C. 1308 (1)), the total amount of the payments specified in section 1001(3) of that Act or section 812 of this Act that a person shall be entitled to receive under the Agricultural Market Transition Act (7 U.S.C. 7201 et seq.) for one or more contract commodities, oilseeds and for honey under section 812 of this Act produced during the 2000 crop year may not exceed $150,000: *Provided*, That in carrying out this section, the Secretary shall allow a producer that has marketed or redeemed a quantity of an eligible 2000 crop for which the producer has not received a loan deficiency payment or marketing loan gain under section 134 or 135 of the Agricultural Market Transition Act (7 U.S.C. 7234, 7235) or section 812 of this Act to receive such payment or gain as of the date on which the quantity was marketed or redeemed, as determined by the Secretary.
statutes-at-large
- Public Law 480
- Public Law 106–387Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 2001, and for other purposes
- Public Law 107–171To provide for the continuation of agricultural programs through fiscal year 2007, and for other purposes
- Public Law 104–127To modify the operation of certain agricultural programs
2 references not yet in our index
- Pub. L. 104–127, title I, § 134
- 110 Stat. 908
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cites case law
§ 7234
Repayment of loans
Stat.×4
Stat. Comp.×3
U.S.C.×2
Pub. L.Pub. L. 104–127, title I, § 134
Stat.110 Stat. 908
Cites 5Cited by 9 across 3 sources