7 USC 7935 - Loan deficiency payments

U.S Code last checked for updates: Nov 22, 2024

§ 7935.

Loan deficiency payments

(a)

Availability of loan deficiency payments

(1)

In general

(2)

Unshorn pelts, hay, and silage

(b)

Computation

A loan deficiency payment for a loan commodity or commodity referred to in subsection (a)(2) shall be computed by multiplying—

(1)

the payment rate determined under subsection (c) for the commodity; by

(2)

the quantity of the commodity produced by the eligible producers, excluding any quantity for which the producers obtain a marketing assistance loan under section 7931 of this title.

(c)

Payment rate

(1)

In general

In the case of a loan commodity, the payment rate shall be the amount by which—

(A)

the loan rate established under section 7932 of this title for the loan commodity; exceeds

(B)

the rate at which a marketing assistance loan for the loan commodity may be repaid under section 7934 of this title.

(2)

Unshorn pelts

In the case of unshorn pelts, the payment rate shall be the amount by which—

(A)

the loan rate established under section 7932 of this title for ungraded wool; exceeds

(B)

the rate at which a marketing assistance loan for ungraded wool may be repaid under section 7934 of this title.

(3)

Hay and silage

In the case of hay or silage derived from a loan commodity, the payment rate shall be the amount by which—

(A)

the loan rate established under section 7932 of this title for the loan commodity from which the hay or silage is derived; exceeds

(B)

the rate at which a marketing assistance loan for the loan commodity may be repaid under section 7934 of this title.

(d)

Exception for extra long staple cotton

(e)

Effective date for payment rate determination

(f)

Special loan deficiency payment rules

(1)

First-time loan commodities

(2)

Omitted

(Pub. L. 107–171, title I, § 1205, May 13, 2002, 116 Stat. 158.)

cite as: 7 USC 7935