
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-76 Section 772(b)]
[CITE: 7USC7252]

 
                          TITLE 7--AGRICULTURE
 
               CHAPTER 100--AGRICULTURAL MARKET TRANSITION
 
                    SUBCHAPTER IV--OTHER COMMODITIES
 
                              Part A--Dairy
 
Sec. 7252. Recourse loan program for commercial processors of 
        dairy products
        

(a) Recourse loans available

    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.

(b) Amount of loan

    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.

(c) Period of loan

    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.

(d) ``Eligible dairy products'' defined

    In this section, the term ``eligible dairy products'' means cheddar 
cheese, butter, and nonfat dry milk.

(e) Effective date

    This section shall be effective beginning January 1, 2002.

(Pub. L. 104-127, title I, Sec. 142, Apr. 4, 1996, 110 Stat. 915; Pub. 
L. 106-78, title VIII, Sec. 807(b), Oct. 22, 1999, 113 Stat. 1181; Pub. 
L. 106-387, Sec. 1(a) [title VII, Sec. 742(b)], Oct. 28, 2000, 114 Stat. 
1549, 1549A-35.)


                               Amendments

    2000--Subsec. (e). Pub. L. 106-387 substituted ``2002'' for 
``2001''.
    1999--Subsec. (e). Pub. L. 106-78 substituted ``2001'' for ``2000''.
