§ 5621. Direct credit sales program

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1990

   Agricultural Trade Act of 1978

   Pub. L. 95–501 title II § 201 · 92 Stat. 1685

   Enacted · 7 U.S.C. § 5621

   Pub. L. 95–501, title II, § 201, as added Pub. L. 101–624, title XV, § 1531, Nov. 28, 1990, 104 Stat. 3672

   Source evidence

   Code source credit
   Pub. L. 95–501, title II, § 201, as added Pub. L. 101–624, title XV, § 1531, Nov. 28, 1990, 104 Stat. 3672

   Enacted provision · exact public law section
   Sec. 201. commodity credit corporation financing of deferred payment sales (a) To develop new market opportunities for the sale of United States agricultural commodities and to maintain and expand existing foreign markets for such commodities, the Secretary of Agriculture may provide Commodity Credit Corporation financing to exporters of such commodities who wish to provide deferred payment terms to buyers in other nations in order to meet sales competition from other nations or to make additional export sales. Except as otherwise provided in section 202 of this title, financing under this section shall be available only with respect to sales to those nations that are eligible for financing under the short-term export credit sales program conducted by the Commodity Credit Corporation. (b) Exporters who are willing to sell United States agricultural commodities to foreign buyers on deferred payment terms of not to exceed three years and who must provide such deferred payment terms in order to meet sales competition from other nations, or to make additional export sales, may apply to the Commodity Credit Corporation for financing such sales. Financing under this section shall not be provided by the Corporation until the applicant’s export sales plan has been approved by the Corporation and the applicant has established to the satisfaction of the Corporation that exports have been made in accordance with the approved plan. (c) Repayment to the Commodity Credit Corporation shall be made Repayment in dollars. in dollars by the exporter in accordance with the terms and at interest rates contained in the approved export sales plan. Interest rates on such financing shall be no higher than those charged for financing under the short-term export credit sales program conducted by the Corporation. (d) The Secretary may, if the Secretary deems such action appropriate Performance guarantee. to protect the interests of the United States, require a performance guarantee from the exporter at the time of the sale. (e) Financing agreements with exporters entered into under this Review. section shall be subject to such other terms and conditions as the Secretary may deem necessary or appropriate and shall be subject only to review by the National Advisory Council on International Monetary and Financial Policies. (f) The authority provided under this section shall be in addition to, and not in place of, any authority granted to the Secretary or the Commodity Credit Corporation under any other provision of law.

2. 1992

   Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992

   Pub. L. 102–511 § 707(a) · 106 Stat. 3320

   Inserted · 7 U.S.C. § 5621(c)

   Pub. L. 102–511, § 707(a), inserted sentence at end

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 102–511, § 707(a), inserted sentence at end.

   Enacted provision · exact public law section
   (a) Required Determinations.— Section 201(c) of the Agricultural Trade Act of 1978 (7 U.S.C. 5621(c)) is amended by inserting after paragraph (3) the following: “The reference in paragraphs (1) and (2) to ‘on a long-term basis’ shall not apply in the case of determinations with respect to sales to the independent states of the former Soviet Union.”.

3. 1992

   Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992

   Pub. L. 102–511 § 707(b) · 106 Stat. 3320

   Amended · 7 U.S.C. § 5621(d)(1)(C)

   Pub. L. 102–511, § 707(b), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “to assist countries, particularly developing countries, in meeting their food and fiber needs; and”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(C). Pub. L. 102–511, § 707(b), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “to assist countries, particularly developing countries, in meeting their food and fiber needs; and”.

   Enacted provision · exact public law section
   (b) Eligible Countries.— Section 201(d)(1)(C) of the Agricultural Trade Act of 1978 (7 U.S.C. 5621(d)(1)(C)) is amended to read as follows: “(C) to assist countries in meeting their food and fiber needs, particularly— “(i) developing countries; and “(ii) countries that are emerging democracies that have committed to carry out, or are carrying out, policies that promote economic freedom, private domestic production of food commodities for domestic consumption, and the creation and expansion of efficient domestic markets for the purchase and sale of agricultural commodities; and”.

4. 1992

   Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992

   Pub. L. 102–511 § 707(c) · 106 Stat. 3320

   Added · 7 U.S.C. § 5621(f)

   Pub. L. 102–511, § 707(c), added subsec. (f)

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 102–511, § 707(c), added subsec. (f).

   Enacted provision · exact public law section
   (c) Restrictions.— Section 201 of the Agricultural Trade Act of 1978 (7 U.S.C. 5621) is amended by adding at the end the following new subsection: “(f) Restrictions.— The Commodity Credit Corporation may not make export sales financing authorized under this section available in connection with sales of an agricultural commodity to any country that the Secretary determines cannot adequately service the debt associated with such sale.”.

5. 1996

   Federal Agriculture Improvement and Reform Act of 1996

   Pub. L. 104–127 title II § 277(c)(2) · 110 Stat. 888

   Substituted · 7 U.S.C. § 5621(d)(1)(C)(ii)

   Pub. L. 104–127 substituted “emerging markets” for “emerging democracies”

   Source evidence

   Code amendment note
   Subsec. (d)(1)(C)(ii). Pub. L. 104–127 substituted “emerging markets” for “emerging democracies”.

   Enacted provision · exact public law section
   (2) Section 201(d)(1)(C)(ii) of the Agricultural Trade Act of 1978 (7 U.S.C. 5621(d)(1)(C)(ii)) is amended by striking “emerging democracies” and inserting “emerging markets”.

5 of 5 references resolved to an enrolled provision