§ 7971. Storage facility loans
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/usc/title-7/section-7971A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general Notwithstanding any other provision of law and as soon as practicable after May 13, 2002, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars.
(b)Eligible processors A storage facility loan described in subsection
(a)shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)—
(1)has a satisfactory credit history;
(2)has a need for increased storage capacity, taking into account the effects of marketing allotments; and
(3)demonstrates an ability to repay the loan.
(c)Term of loans A storage facility loan described in subsection
(a)shall—
(1)have a minimum term of 7 years;
(2)not include any penalty for prepayment; and
(3)be in such amounts and on such other terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.
(Pub. L. 107–171, title I, § 1402, May 13, 2002, 116 Stat. 187; Pub. L. 110–234, title I, § 1404, May 22, 2008, 122 Stat. 989; Pub. L. 110–246, § 4(a), title I, § 1404, June 18, 2008, 122 Stat. 1664, 1718.)
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- Public Law 110–234To provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes
- Public Law 110–246To provide for the continuation of agricultural and other programs of the Department of Agriculture through fiscal year 2012, and for other purposes
- Public Law 107–171To provide for the continuation of agricultural programs through fiscal year 2007, and for other purposes
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- Pub. L. 107–171, title I, § 1402
- 116 Stat. 187
- Pub. L. 110–234, title I, § 1404
- 122 Stat. 989
- Pub. L. 110–246, § 4(a)
- 122 Stat. 1664
- Pub. L. 110–234
- Pub. L. 110–246
- section 4(a) of Pub. L. 110–246
- Pub. L. 110–246, § 1404
- section 4 of Pub. L. 110–246
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§ 7971
Storage facility loans
Fed. Reg.×10
Stat.×3
Stat. Comp.×2
Bills×1
Pub. L.Pub. L. 107–171, title I, § 1402
Stat.116 Stat. 187
Pub. L.Pub. L. 110–234, title I, § 1404
Stat.122 Stat. 989
Pub. L.Pub. L. 110–246, § 4(a)
Cites 12 · showing 6Cited by 16 across 4 sources