7 U.S.C. § 7971 — Storage facility loans
submitted 24 years ago by Pub. L. 107-171 to r/title-7-AGRICULTURE · 196 words · no verdicts yet
This section creates a loan program to help domestic sugar processors build or improve storage and handling facilities. It sets eligibility requirements and basic loan terms.
(a) The Commodity Credit Corporation must, as soon as practicable after May 13, 2002, amend part 1436 of title 7 of the Code of Federal Regulations to create a sugar storage-facility loan program. The program finances processors of domestically produced sugarcane and sugar beets to build or upgrade facilities for raw and refined sugar.
(b) Eligible processors. A processor qualifies if the Secretary* determines that it (1) has a satisfactory credit history, (2) needs more storage capacity after considering marketing allotments, and (3) can repay the loan.
(c) Loan term. A loan must (1) last at least 7 years, (2) have no prepayment penalty, and (3) be for an amount and on terms and conditions—including down payments, collateral, and eligible facilities—that are normal, customary, and appropriate for the borrower's size and commercial nature.
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.
A storage facility loan described in subsection (a) shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary*)—
has a satisfactory credit history;
has a need for increased storage capacity, taking into account the effects of marketing allotments; and
demonstrates an ability to repay the loan.
A storage facility loan described in subsection (a) shall—
have a minimum term of 7 years;
not include any penalty for prepayment; and
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.
Source credit: (Pub. L. 107–171, title I, § 1402, May 13, 2002, 116 Stat. 187; Pub. L. 110–234, title I, § 1404, May 22, 2008, 122 Stat. 989; Pub. L. 110–246, § 4(a), title I, § 1404, June 18, 2008, 122 Stat. 1664, 1718.)
- 2002Enacted · Pub. L. 107-171 · 116 Stat. 187
- 2008Amended · Pub. L. 110-234 · 122 Stat. 989
- 2008Amended · Pub. L. 110-246 · 122 Stat. 1664, 1718
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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