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7 U.S. Code § 9034

Repayment of loans

7 U.S. Code § 9034. Repayment of loans

(a) General ruleThe Secretary shall permit the producers on a farm to repay a marketing assistance loan under section 9031 of this title for a loan commodity (other than upland cotton, long grain rice, medium grain rice, extra long staple cotton, peanuts and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of—
(1)
the loan rate established for the commodity under section 9032 of this title, plus interest (determined in accordance with section 7283 of this title);
(2) a rate (as determined by the Secretary) that—
(A)
is calculated based on average market prices for the loan commodity during the preceding 30-day period; and
(B)
will minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries; or
(3) a rate that the Secretary may develop using alternative methods for calculating a repayment rate for a loan commodity that the Secretary determines will—
(A)
minimize potential loan forfeitures;
(B)
minimize the accumulation of stocks of the commodity by the Federal Government;
(C)
minimize the cost incurred by the Federal Government in storing the commodity;
(D)
allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally; and
(E)
minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries.
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