§ 9034. Repayment of loans

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. 2014

   Agricultural Act of 2014

   Pub. L. 113–79 title I § 1204 · 128 Stat. 649

   Enacted · 7 U.S.C. § 9034

   Pub. L. 113–79, title I, § 1204, Feb. 7, 2014, 128 Stat. 676

   Source evidence

   Code source credit
   Pub. L. 113–79, title I, § 1204, Feb. 7, 2014, 128 Stat. 676

   Enacted provision · exact public law section
   SEC. 1204. REPAYMENT OF LOANS. (a) General Rule.— The Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 1201 for a loan commodity (other than upland cotton, long grain rice, medium grain rice, extra long staple cotton, peanuts and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of— (1) the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); (2) a rate (as determined by the Secretary) that— (A) is calculated based on average market prices for the loan commodity during the preceding 30-day period; and (B) will minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries; or (3) a rate that the Secretary may develop using alternative methods for calculating a repayment rate for a loan commodity that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the commodity by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing the commodity; (D) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally; and (E) minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries. (b) Repayment Rates for Upland Cotton, Long Grain Rice, and Medium Grain Rice.— The Secretary shall permit producers to repay a marketing assistance loan under section 1201 for upland cotton, long grain rice, and medium grain rice at a rate that is the lesser of— (1) the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); or (2) the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section. (c) Repayment Rates for Extra Long Staple Cotton.— Repayment of a marketing assistance loan for extra long staple cotton shall be at the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)). (d) Prevailing World Market Price.— For purposes of this section and section 1207, the Secretary shall prescribe by regulation— (1) a formula to determine the prevailing world market price for each of upland cotton, long grain rice, and medium grain rice; and (2) a mechanism by which the Secretary shall announce periodically those prevailing world market prices. (e) Adjustment of Prevailing World Market Price for Upland Cotton, Long Grain Rice, and Medium Grain Rice.— (1) Rice.— The prevailing world market price for long grain rice and medium grain rice determined under subsection (d) shall be adjusted to United States quality and location. (2) Cotton.— The prevailing world market price for upland cotton determined under subsection (d)— (A) shall be adjusted to United States quality and location, with the adjustment to include— (i) a reduction equal to any United States Premium Factor for upland cotton of a quality higher than Middling (M) 13⁄32-inch; and (ii) the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and (B) may be further adjusted, during the period beginning on the date of enactment of this Act and ending on July 31, 2019, if the Secretary determines the adjustment is necessary— (i) to minimize potential loan forfeitures; (ii) to minimize the accumulation of stocks of upland cotton by the Federal Government; (iii) to ensure that upland cotton produced in the United States can be marketed freely and competitively, both domestically and internationally; and (iv) to ensure an appropriate transition between current-crop and forward-crop price quotations, except that the Secretary may use forward-crop price quotations prior to July 31 of a marketing year only if— (I) there are insufficient current-crop price quotations; and (II) the forward-crop price quotation is the lowest such quotation available. (3) Guidelines for additional adjustments.— In making adjustments under this subsection, the Secretary shall establish a mechanism for determining and announcing the adjustments in order to avoid undue disruption in the United States market. (f) Repayment Rates for Confectionery and Other Kinds of Sunflower Seeds.— The Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 1201 for confectionery and each other kind of sunflower seed (other than oil sunflower seed) at a rate that is the lesser of— (1) the loan rate established for the commodity under section 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); or (2) the repayment rate established for oil sunflower seed. (g) Payment of Cotton Storage Costs.— Effective for each of the 2014 through 2018 crop years, the Secretary shall make cotton storage payments available in the same manner, and at the same rates as the Secretary provided storage payments for the 2006 crop of cotton, except that the rates shall be reduced by 10 percent. (h) Repayment Rate for Peanuts.— The Secretary shall permit producers on a farm to repay a marketing assistance loan for peanuts under section 1201 at a rate that is the lesser of— (1) the loan rate established for peanuts under section 1202(a)(20), plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); or (2) a rate that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of peanuts by the Federal Government; (C) minimize the cost incurred by the Federal Government in storing peanuts; and (D) allow peanuts produced in the United States to be marketed freely and competitively, both domestically and internationally. (i) Authority To Temporarily Adjust Repayment Rates.— (1) Adjustment authority.— In the event of a severe disruption to marketing, transportation, or related infrastructure, the Secretary may modify the repayment rate otherwise applicable under this section for marketing assistance loans under section 1201 for a loan commodity. (2) Duration.— Any adjustment made under paragraph (1) in the repayment rate for marketing assistance loans for a loan commodity shall be in effect on a short-term and temporary basis, as determined by the Secretary.

2. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 1201(b)(1) · 132 Stat. 4490

   Substituted · 7 U.S.C. § 9034(e)(2)(B)

   Pub. L. 115–334, § 1201(b)(1), substituted “2024” for “2019” in introductory provisions

   Source evidence

   Code amendment note
   Subsec. (e)(2)(B). Pub. L. 115–334, § 1201(b)(1), substituted “2024” for “2019” in introductory provisions.

   Enacted provision · exact public law section
   (1) in subsection (e)(2)(B), in the matter preceding clause (i), by striking “2019”and inserting “2024”; and

3. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 1201(b)(2) · 132 Stat. 4490

   Substituted · 7 U.S.C. § 9034(g)

   Pub. L. 115–334, § 1201(b)(2), substituted “2023” for “2018”

   Source evidence

   Code amendment note
   Subsec. (g). Pub. L. 115–334, § 1201(b)(2), substituted “2023” for “2018”.

   Enacted provision · exact public law section
   (2) in subsection (g), by striking “2018” and inserting “2023”.

4. 2018

   Agriculture Improvement Act of 2018

   Pub. L. 115–334 § 1202(b) · 132 Stat. 4490

   Substituted · 7 U.S.C. § 9034(h)(1)

   Pub. L. 115–334, § 1202(b), substituted “subsection (a)(20) or (b)(20), as applicable, of section 9032” for “section 9032(a)(20)”

   Source evidence

   Code amendment note
   Subsec. (h)(1). Pub. L. 115–334, § 1202(b), substituted “subsection (a)(20) or (b)(20), as applicable, of section 9032” for “section 9032(a)(20)”.

   Enacted provision · exact public law section
   (b) Conforming Amendment.— Section 1204(h)(1) of the Agricultural Act of 2014 (7 U.S.C. 9034(h)(1)) is amended by striking “section 1202(a)(20)” and inserting “subsection (a)(20) or (b)(20), as applicable, of section 1202”.

5. 2025

   Pub. L. 119–21 § 10310(1) · 139 Stat. 94

   1. Amended · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), designated existing provisions as par. (1)

   2. Inserted · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), inserted heading

   3. Redesignated · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), redesignated former par. (1) as subpar. (A) of par. (1) and realigned margins

   4. Added · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), added subpar. (B) of par. (1)

   5. Added · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), added par. (2)

   6. Struck · 7 U.S.C. § 9034(b)

      Pub. L. 119–21, § 10310(1), struck out former par. (2) which read as follows: “the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.”

   Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 119–21, § 10310(1), designated existing provisions as par. (1) and inserted heading, redesignated former par. (1) as subpar. (A) of par. (1) and realigned margins, added subpar. (B) of par. (1), added par. (2), and struck out former par. (2) which read as follows: “the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.”

6. 2025

   Pub. L. 119–21 § 10310(2) · 139 Stat. 94

   1. Substituted · 7 U.S.C. § 9034(c)

      Pub. L. 119–21, § 10310(2), substituted “shall be at a rate that is the lesser of—” for “shall be at”

   2. Inserted · 7 U.S.C. § 9034(c)

      Pub. L. 119–21, § 10310(2), inserted par. (1) designation before “the loan rate”

   3. Added · 7 U.S.C. § 9034(c)

      Pub. L. 119–21, § 10310(2), added par. (2)

   Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 119–21, § 10310(2), substituted “shall be at a rate that is the lesser of—” for “shall be at”, inserted par. (1) designation before “the loan rate”, and added par. (2).

7. 2025

   Pub. L. 119–21 § 10310(3) · 139 Stat. 94

   1. Amended · 7 U.S.C. § 9034(d)

      Pub. L. 119–21, § 10310(3), designated existing provisions as par. (1)

   2. Inserted · 7 U.S.C. § 9034(d)

      Pub. L. 119–21, § 10310(3), inserted heading

   3. Redesignated · 7 U.S.C. § 9034(d)

      Pub. L. 119–21, § 10310(3), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1) and realigned margins

   4. Substituted · 7 U.S.C. § 9034(d)

      Pub. L. 119–21, § 10310(3), substituted “medium grain rice, and extra long staple cotton” for “and medium grain rice” in subpar. (A)

   5. Added · 7 U.S.C. § 9034(d)

      Pub. L. 119–21, § 10310(3), added par. (2)

   Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 119–21, § 10310(3), designated existing provisions as par. (1) and inserted heading, redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1) and realigned margins, substituted “medium grain rice, and extra long staple cotton” for “and medium grain rice” in subpar. (A), and added par. (2).

8. 2025

   Pub. L. 119–21 § 10310(4)(A) · 139 Stat. 94

   Inserted · 7 U.S.C. § 9034(e)

   Pub. L. 119–21, § 10310(4)(A), inserted “extra long staple cotton,” after “upland cotton,” in heading

   Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 119–21, § 10310(4)(A), inserted “extra long staple cotton,” after “upland cotton,” in heading.

9. 2025

   Pub. L. 119–21 § 10310(4)(B)(i) · 139 Stat. 94

   Inserted · 7 U.S.C. § 9034(e)(2)

   Pub. L. 119–21, § 10310(4)(B)(i), inserted “Upland” before “cotton” in heading

   Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

   Source evidence

   Code amendment note
   Subsec. (e)(2). Pub. L. 119–21, § 10310(4)(B)(i), inserted “Upland” before “cotton” in heading.

10. 2025

    Pub. L. 119–21 § 10310(4)(B)(ii) · 139 Stat. 94

    Substituted · 7 U.S.C. § 9034(e)(2)(B)

    Pub. L. 119–21, § 10310(4)(B)(ii), substituted “2032” for “2024” in introductory provisions

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (e)(2)(B). Pub. L. 119–21, § 10310(4)(B)(ii), substituted “2032” for “2024” in introductory provisions.

11. 2025

    Pub. L. 119–21 § 10310(4)(C) · 139 Stat. 94

    1. Added · 7 U.S.C. § 9034(e)(3); 7 U.S.C. § 9034(e)(4)

       Pub. L. 119–21, § 10310(4)(C), (D), added par. (3)

    2. Redesignated · 7 U.S.C. § 9034(e)(3); 7 U.S.C. § 9034(e)(4)

       Pub. L. 119–21, § 10310(4)(C), (D), redesignated former par. (3) as (4)

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (e)(3), (4). Pub. L. 119–21, § 10310(4)(C), (D), added par. (3) and redesignated former par. (3) as (4).

12. 2025

    Pub. L. 119–21 § 10309(c) · 139 Stat. 94

    1. Amended · 7 U.S.C. § 9034(g)

       Pub. L. 119–21, § 10309(c), designated existing provisions as par. (1)

    2. Inserted · 7 U.S.C. § 9034(g)

       Pub. L. 119–21, § 10309(c), inserted heading

    3. Substituted · 7 U.S.C. § 9034(g)

       Pub. L. 119–21, § 10309(c), substituted “2025” for “2023”

    4. Added · 7 U.S.C. § 9034(g)

       Pub. L. 119–21, § 10309(c), added par. (2)

    Unresolved: Pub. L. 119–21 was not found in the local Statutes at Large index.

    Source evidence

    Code amendment note
    Subsec. (g). Pub. L. 119–21, § 10309(c), designated existing provisions as par. (1), inserted heading, and substituted “2025” for “2023” and added par. (2).

4 of 27 references resolved to an enrolled provision · 23 unresolved