§ 7235. Loan deficiency payments

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. 1996

   Agricultural Market Transition Act

   Pub. L. 104–127 title I § 135 · 110 Stat. 888

   Enacted · 7 U.S.C. § 7235

   Pub. L. 104–127, title I, § 135, Apr. 4, 1996, 110 Stat. 909

   Source evidence

   Code source credit
   Pub. L. 104–127, title I, § 135, Apr. 4, 1996, 110 Stat. 909

   Enacted provision · exact public law section
   SEC. 135. LOAN DEFICIENCY PAYMENTS. (a) Availability of Loan Deficiency Payments.— Except as provided in subsection (d), the Secretary may make loan deficiency payments available to producers who, although eligible to obtain a marketing assistance loan under section 131 with respect to a loan commodity, agree to forgo obtaining the loan for the commodity in return for payments under this section. (b) Computation.— 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 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. (c) Loan Payment Rate.— For purposes of this section, the loan payment rate shall be the amount by which— (1) the loan rate established under section 132 for the loan commodity; exceeds (2) the rate at which a loan for the commodity may be repaid under section 134. (d) Exception for Extra Long Staple Cotton.— This section shall not apply with respect to extra long staple cotton.

2. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 206(a) · 114 Stat. 358

   1. Amended · 7 U.S.C. § 7235(a)

      Pub. L. 106–224, § 206(a), designated existing provisions as par. (1)

   2. Added · 7 U.S.C. § 7235(a)

      Pub. L. 106–224, § 206(a), added par. (2)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 106–224, § 206(a), designated existing provisions as par. (1) and added par. (2).

   Enacted provision · exact public law section
   (a) Eligible Producers.— Section 135(a) of the Agricultural Market Transition Act (7 U.S.C. 7235(a)) is amended— (1) by striking “to producers” and inserting “to— “(1) producers”; (2) by striking the period at the end and inserting “; and”; and (3) by adding at the end the following: “(2) effective only for the 2000 crop year, producers that, although not eligible to obtain such a marketing assistance loan under section 131, produce a contract commodity.”.

3. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 206(b) · 114 Stat. 358

   Substituted · 7 U.S.C. § 7235(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.”

   Source evidence

   Code amendment note
   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.”

   Enacted provision · exact public law section
   (b) Calculation.— Section 135(b)(2) of the Agricultural Market Transition Act (7 U.S.C. 7235(b)(2)) is amended by striking “that the producers” and all that follows through the period at the end and inserting the following: “produced by the eligible producers, excluding any quantity for which the producers obtain a loan under section 131.”.

4. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 206(c) · 114 Stat. 358

   Added · 7 U.S.C. § 7235(e); 7 U.S.C. § 7235(f)

   Pub. L. 106–224, § 206(c), added subsecs. (e) and (f)

   Source evidence

   Code amendment note
   Subsecs. (e), (f). Pub. L. 106–224, § 206(c), added subsecs. (e) and (f).

   Enacted provision · exact public law section
   (c) Transition; Beneficial Interest.— Section 135 of the Agricultural Market Transition Act (7 U.S.C. 7235) is amended by adding at the end the following: “(e) Transition.— A 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 Interest.— Subject 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.”.

5. 2002

   Pub. L. 107–171 § 1205(f)(2)(A) · 116 Stat. 134

   Substituted · 7 U.S.C. § 7235(a)(2)

   Pub. L. 107–171, § 1205(f)(2)(A), substituted “2000 and 2001 crop years” for “2000 crop year”

   Source evidence

   Code amendment note
   Subsec. (a)(2). Pub. L. 107–171, § 1205(f)(2)(A), substituted “2000 and 2001 crop years” for “2000 crop year”.

   Enacted provision · exact public law section
   (A) in subsection (a)(2), by striking “2000 crop year” and inserting “2000 and 2001 crop years”; and

6. 2002

   Pub. L. 107–171 § 1205(f)(2)(B) · 116 Stat. 134

   Added · 7 U.S.C. § 7235(g)

   Pub. L. 107–171, § 1205(f)(2)(B), added subsec. (g)

   Source evidence

   Code amendment note
   Subsec. (g). Pub. L. 107–171, § 1205(f)(2)(B), added subsec. (g).

   Enacted provision · exact public law section
   (B) by adding at the end the following: “(g) Effective Date for Payment Rate Determination.— For 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.”.

7 of 7 references resolved to an enrolled provision