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7 U.S.C. § 7971

Section 7971 · Storage facility loans

Current version, with additions and removals from the May 13, 2002 version.

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Current — June 18, 2008

As of May 13, 2002

(a) In general

(a) In general

Notwithstanding any other provision of law and as soon as practicable after May 13, 2002, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars.

Notwithstanding any other provision of law and as soon as practicable after May 13, 2002, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars.

(b) Eligible processors

(b) Eligible processors

A storage facility loan described in subsection (a) of this section shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)—

A storage facility loan described in subsection (a) of this section shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)—

(1) has a satisfactory credit history;

(1) has a satisfactory credit history;

(2) has a need for increased storage capacity, taking into account the effects of marketing allotments; and

(2) has a need for increased storage capacity, taking into account the effects of marketing allotments; and

(3) demonstrates an ability to repay the loan.

(3) demonstrates an ability to repay the loan.

(c) Term of loans

(c) Term of loans

A storage facility loan described in subsection (a) of this section shall—

A storage facility loan described in subsection (a) of this section shall—

(1) have a minimum term of 7 years; ~~and~~

(1) have a minimum term of 7 years;

(2) not include any penalty for prepayment; and

~~(2)~~ be in such amounts and on such terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.

(3) be in such amounts and on such other terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.

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Versions

Jun 18, 2008 – presentcurrentviewing
Annual edition
Subsec. (c)(2), (3). Pub. L. 110–246, § 1404, added par. (2), redesignated former par. (2) as (3), and, in par. (3), inserted “other” after “on such”.
Source credit
Pub. L. 110–246, § 4(a), title I, § 1404, June 18, 2008, 122 Stat. 1664, 1718.
May 22, 2008 – Jun 18, 2008
Amended · full text not held
Subsec. (c)(2), (3). Pub. L. 110–246, § 1404, added par. (2), redesignated former par. (2) as (3), and, in par. (3), inserted “other” after “on such”.
Source credit
Pub. L. 110–234, title I, § 1404, May 22, 2008, 122 Stat. 989
May 13, 2002 – May 22, 2008
Annual edition
changes vs current →
Source credit
Pub. L. 107–171, title I, § 1402, May 13, 2002, 116 Stat. 187

See all changes since 2002 → current

Every enactment and amendment in this section's credit is listed. Full text is shown for versions back to 2002; earlier amendments are recorded by date and act, without pre-1994 full text.

Practice areas using this title

Agriculture Law