§ 9040. Adjustments 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 § 1210 · 128 Stat. 649

   Enacted · 7 U.S.C. § 9040

   Pub. L. 113–79, title I, § 1210, Feb. 7, 2014, 128 Stat. 686

   Source evidence

   Code source credit
   Pub. L. 113–79, title I, § 1210, Feb. 7, 2014, 128 Stat. 686

   Enacted provision · exact public law section
   SEC. 1210. ADJUSTMENTS OF LOANS. (a) Adjustment Authority.— Subject to subsection (e), the Secretary may make appropriate adjustments in the loan rates for any loan commodity (other than cotton) for differences in grade, type, quality, location, and other factors. (b) Manner of Adjustment.— The adjustments under subsection (a) shall, to the maximum extent practicable, be made in such a manner that the average loan level for the commodity will, on the basis of the anticipated incidence of the factors, be equal to the level of support determined in accordance with this subtitle and subtitle C. (c) Adjustment on County Basis.— (1) In general.— The Secretary may establish loan rates for a crop for producers in individual counties in a manner that results in the lowest loan rate being 95 percent of the national average loan rate, if those loan rates do not result in an increase in outlays. (2) Prohibition.— Adjustments under this subsection shall not result in an increase in the national average loan rate for any year. (d) Adjustment in Loan Rate for Cotton.— (1) In general.— The Secretary may make appropriate adjustments in the loan rate for cotton for differences in quality factors. (2) Types of adjustments.— Loan rate adjustments under paragraph (1) may include— (A) the use of non-spot market price data, in addition to spot market price data, that would enhance the accuracy of the price information used in determining quality adjustments under this subsection; (B) adjustments in the premiums or discounts associated with upland cotton with a staple length of 33 or above due to micronaire with the goal of eliminating any unnecessary artificial splits in the calculations of the premiums or discounts; and (C) such other adjustments as the Secretary determines appropriate, after consultations conducted in accordance with paragraph (3). (3) Consultation with private sector.— (A) Prior to revision.— In making adjustments to the loan rate for cotton (including any review of the adjustments) as provided in this subsection, the Secretary shall consult with representatives of the United States cotton industry. (B) Inapplicability of federal advisory committee act.— The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to consultations under this subsection. (4) Review of adjustments.— The Secretary may review the operation of the upland cotton quality adjustments implemented pursuant to this subsection and may make further adjustments to the administration of the loan program for upland cotton, by revoking or revising any adjustment taken under paragraph (2). (e) Rice.— The Secretary shall not make adjustments in the loan rates for long grain rice and medium grain rice, except for differences in grade and quality (including milling yields).

2. 2022

   Pub. L. 117–286 § 4(a)(43) · 136 Stat. 4196

   1. Substituted · 7 U.S.C. § 9040(d)(3)(B)

      Pub. L. 117–286 substituted “chapter 10 of title 5” for “Federal Advisory Committee Act” in text

   2. Substituted · 7 U.S.C. § 9040(d)(3)(B)

      Pub. L. 117–286 substituted “Chapter 10 of title 5” for “The Federal Advisory Committee Act (5 U.S.C. App.)” in text

   Source evidence

   Code amendment note
   Subsec. (d)(3)(B). Pub. L. 117–286 substituted “chapter 10 of title 5” for “Federal Advisory Committee Act” in heading and “Chapter 10 of title 5” for “The Federal Advisory Committee Act (5 U.S.C. App.)” in text.

   Enacted provision · exact public law section
   (43) Section 1210(d)(3)(B) of the Agricultural Act of 2014 (7 U.S.C. 9040(d)(3)(B)) is amended— (A) in the subparagraph heading, by striking “federal advisory committee act” and inserting “chapter 10 of title 5, united states code”; and (B) in text, by striking “The Federal Advisory Committee Act (5 U.S.C. App.)” and inserting “Chapter 10 of title 5, United States Code,”.

3 of 3 references resolved to an enrolled provision