
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 7USC7237]

 
                          TITLE 7--AGRICULTURE
 
               CHAPTER 100--AGRICULTURAL MARKET TRANSITION
 
    SUBCHAPTER III--NONRECOURSE MARKETING ASSISTANCE LOANS AND LOAN 
                           DEFICIENCY PAYMENTS
 
Sec. 7237. Availability of recourse loans for high moisture feed 
        grains and seed cotton and other fibers
        

(a) High moisture feed grains

                    (1) Recourse loans available

        For each of the 1996 through 2002 crops of corn and grain 
    sorghum, the Secretary shall make available recourse loans, as 
    determined by the Secretary, to producers on a farm containing 
    eligible cropland covered by a production flexibility contract who--
            (A) normally harvest all or a portion of their crop of corn 
        or grain sorghum in a high moisture state;
            (B) present--
                (i) certified scale tickets from an inspected, certified 
            commercial scale, including a licensed warehouse, feedlot, 
            feed mill, distillery, or other similar entity approved by 
            the Secretary, pursuant to regulations issued by the 
            Secretary; or
                (ii) field or other physical measurements of the 
            standing or stored crop in regions of the United States, as 
            determined by the Secretary, that do not have certified 
            commercial scales from which certified scale tickets may be 
            obtained within reasonable proximity of harvest operation;

            (C) certify that they were the owners of the feed grain at 
        the time of delivery to, and that the quantity to be placed 
        under loan under this subsection was in fact harvested on the 
        farm and delivered to, a feedlot, feed mill, or commercial or 
        on-farm high-moisture storage facility, or to a facility 
        maintained by the users of corn and grain sorghum in a high 
        moisture state; and
            (D) comply with deadlines established by the Secretary for 
        harvesting the corn or grain sorghum and submit applications for 
        loans under this subsection within deadlines established by the 
        Secretary.

               (2) Eligibility of acquired feed grains

        A loan under this subsection shall be made on a quantity of corn 
    or grain sorghum of the same crop acquired by the producer 
    equivalent to a quantity determined by multiplying--
            (A) the acreage of the corn or grain sorghum in a high 
        moisture state harvested on the producer's farm; by
            (B) the lower of the farm program payment yield or the 
        actual yield on a field, as determined by the Secretary, that is 
        similar to the field from which the corn or grain sorghum was 
        obtained.

                 (3) ``High moisture state'' defined

        In this subsection, the term ``high moisture state'' means corn 
    or grain sorghum having a moisture content in excess of Commodity 
    Credit Corporation standards for marketing assistance loans made by 
    the Secretary under section 7231 of this title.

(b) Recourse loans available for seed cotton

                          (1) Upland cotton

        For each of the 1996 through 2002 crops of upland cotton, the 
    Secretary shall make available recourse seed cotton loans, as 
    determined by the Secretary, to producers on a farm containing 
    eligible cropland covered by a production flexibility contract.

                    (2) Extra long staple cotton

        For each of the 1996 through 2002 crops of extra long staple 
    cotton, the Secretary shall make available recourse seed cotton 
    loans, as determined by the Secretary, on any production.

(c) Recourse loans available for mohair

                    (1) Recourse loans available

        Notwithstanding any other provision of law, during fiscal year 
    1999, the Secretary shall make available recourse loans, as 
    determined by the Secretary, to producers of mohair produced during 
    or before that fiscal year.

                            (2) Loan rate

        The loan rate for a loan under paragraph (1) shall be equal to 
    $2.00 per pound.

                          (3) Term of loan

        A loan under paragraph (1) shall have a term of 1 year beginning 
    on the first day of the first month after the month in which the 
    loan is made.

                       (4) Waiver of interest

        Notwithstanding subsection (d) of this section, the Secretary 
    shall not charge interest on a loan made under paragraph (1).

(d) Repayment rates

    Repayment of a recourse loan made under this section shall be at the 
loan rate established for the commodity by the Secretary, plus interest 
(as determined by the Secretary).

(Pub. L. 104-127, title I, Sec. 137, Apr. 4, 1996, 110 Stat. 912; Pub. 
L. 105-277, div. A, Sec. 101(a) [title XI, Sec. 1126], Oct. 21, 1998, 
112 Stat. 2681, 2681-46.)


                               Amendments

    1998--Pub. L. 105-277, Sec. 101(a) [title XI, Sec. 1126(1)], 
inserted ``and other fibers'' after ``seed cotton'' in section 
catchline.
    Subsecs. (c), (d). Pub. L. 105-277, Sec. 101(a) [title XI, 
Sec. 1126(2), (3)], added subsec. (c) and redesignated former subsec. 
(c) as (d).
