2022 U.S. Code
Title 7 - Agriculture
Chapter 100 - Agricultural Market Transition
Subchapter III - Nonrecourse Marketing Assistance Loans and Loan Deficiency Payments
Sec. 7235 - Loan deficiency payments
| 7 U.S.C. § 7235 (2022) |
| §7235. Loan deficiency payments |
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(a) Availability of loan deficiency payments
Except as provided in subsection (d), the Secretary may make loan deficiency payments available to— (1) producers who, although eligible to obtain a marketing assistance loan under section 7231 of this title with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for payments under this section; and (2) effective only for the 2000 and 2001 crop years, producers that, although not eligible to obtain such a marketing assistance loan under section 7231 of this title, produce a contract commodity. A loan deficiency payment under this section shall be computed by multiplying— (1) the loan payment rate determined under subsection (c) for the loan commodity; by (2) the quantity of the loan commodity produced by the eligible producers, excluding any quantity for which the producers obtain a loan under section 7231 of this title. For purposes of this section, the loan payment rate shall be the amount by which— (1) the loan rate established under section 7232 of this title for the loan commodity; exceeds (2) the rate at which a loan for the commodity may be repaid under section 7234 of this title. This section shall not apply with respect to extra long staple cotton. (e) TransitionA payment to a producer eligible for a payment under subsection (a)(2) that harvested a commodity on or before the date that is 30 days after the promulgation of the regulations implementing subsection (a)(2) shall be determined as the date the producer lost beneficial interest in the commodity, as determined by the Secretary. (f) Beneficial interestSubject to subsection (e), a producer shall be eligible for a payment under this section only if the producer has a beneficial interest in the commodity, as determined by the Secretary. (g) Effective date for payment rate determinationFor the 2001 crop year, the Secretary shall determine the amount of the loan deficiency payment to be made under this section to the producers on a farm with respect to a quantity of a loan commodity using the payment rate in effect under subsection (c) as of the earlier of the following: (1) The date on which the producers marketed or otherwise lost beneficial interest in the crop of the loan commodity, as determined by the Secretary. (2) The date the producers requested the payment. |
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(Pub. L. 104–127, title I, §135, Apr. 4, 1996, 110 Stat. 909; Pub. L. 106–224, title II, §206, June 20, 2000, 114 Stat. 405; Pub. L. 107–171, title I, §1205(f)(2), May 13, 2002, 116 Stat. 159.) |
| EDITORIAL NOTES
AMENDMENTS
2002—Subsec. (a)(2). Pub. L. 107–171, §1205(f)(2)(A), substituted "2000 and 2001 crop years" for "2000 crop year". Subsec. (g). Pub. L. 107–171, §1205(f)(2)(B), added subsec. (g). 2000—Subsec. (a). Pub. L. 106–224, §206(a), designated existing provisions as par. (1) and added par. (2). Subsec. (b)(2). Pub. L. 106–224, §206(b), substituted "produced by the eligible producers, excluding any quantity for which the producers obtain a loan under section 7231 of this title." for "that the producers on a farm are eligible to place under loan but for which the producers forgo obtaining the loan in return for payments under this section." Subsecs. (e), (f). Pub. L. 106–224, §206(c), added subsecs. (e) and (f). |
| United States Code, 2018 Edition, Supplement 4, Title 7 - AGRICULTURE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 7 - AGRICULTURE CHAPTER 100 - AGRICULTURAL MARKET TRANSITION SUBCHAPTER III - NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN DEFICIENCY PAYMENTS Sec. 7235 - Loan deficiency payments |
| section 7235 |
| 2022 |
| January 5, 2023 |
| No |
| standard |
| 110 Stat. 909 114 Stat. 405 116 Stat. 159 |
| Public Law 104-127, Public Law 106-224, Public Law 107-171 |
