7 U.S.C. § 7933 — Term of loans
submitted 24 years ago by Pub. L. 107-171 to r/title-7-AGRICULTURE · 65 words · no verdicts yet
Marketing assistance loans for farm commodities last nine months. The term starts on the first day of the month after the loan is made. The Secretary cannot make the loan last longer.
(a) Term of loan. Every marketing assistance loan for a loan commodity* lasts nine months. The clock starts on the first day of the first month after the month the loan was actually made — not the day the loan itself was issued.
(b) No extensions. The Secretary* of Agriculture is not allowed to make the loan term longer than nine months, for any loan commodity, under any circumstances.
This fixed nine-month limit applies the same way to every loan commodity covered by this program, with no exceptions built into this section.
In the case of each loan commodity*, a marketing assistance loan under section 7931 of this title shall have a term of 9 months beginning on the first day of the first month after the month in which the loan is made.
The Secretary* may not extend the term of a marketing assistance loan for any loan commodity.
Source credit: (Pub. L. 107–171, title I, § 1203, May 13, 2002, 116 Stat. 156.)
- 2002Enacted · Pub. L. 107-171 · 116 Stat. 156
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-171 on 2002-05-13.
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