7 U.S.C. § 7252
Section 7252 · Repealed. Pub. L. 10776, title VII, 772(b), Nov. 28, 2001, 115 Stat. 745
Amended 3 times on record
Under such reasonable terms and conditions as the Secretary may prescribe, the Secretary shall make recourse loans available to commercial processors of eligible dairy products to assist the processors to manage inventories of eligible dairy products and assure a greater degree of price stability for the dairy industry during the year. The Secretary shall use the funds, facilities, and authorities of the Commodity Credit Corporation to carry out this section.
The Secretary shall establish the amount of a loan for eligible dairy products, which shall reflect a milk equivalent value of $9.90 per hundredweight of milk containing 3.67 percent butterfat. The rate of interest charged participants under this section shall not be less than the rate of interest charged the Commodity Credit Corporation by the United States Treasury.
The original term of a recourse loan made under this section may not extend beyond the end of the fiscal year in which the loan is made. At the end of the fiscal year, the Secretary may extend the loan for an additional period not to exceed the end of the next fiscal year.
In this section, the term “eligible dairy products” means cheddar cheese, butter, and nonfat dry milk.
This section shall be effective beginning January 1, 2002.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
2000—Subsec. (e). Pub. L. 106–387 substituted “2002” for “2001”.
1999—Subsec. (e). Pub. L. 106–78 substituted “2001” for “2000”.