Page:United States Statutes at Large Volume 116 Part 1.djvu/181

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 155 SEC. 1108. PERIOD OF EFFECTIVENESS. 7 USC 7918. This subtitle shall be effective beginning with the 2002 crop year of each covered commodity through the 2007 crop year. Subtitle B—Marketing Assistance Loans and Loan Deficiency Payments SEC. 1201. AVAILABILITY OF NONRECOURSE MARKETING ASSISTANCE 7 USC 7931. LOANS FOR LOAN COMMODITIES. (a) NONRECOURSE LOANS AVAILABLE.— (1) AVAILABILITY. — For each of the 2002 through 2007 crops of each loan commodity, the Secretary shall make available to producers on a farm nonrecourse marketing assistance loans for loan commodities produced on the farm. (2) TERMS AND CONDITIONS.—The marketing assistance loans shall be made under terms and conditions that are prescribed by the Secretary and at the loan rate established under section 1202 for the loan commodity. (b) ELIGIBLE PRODUCTION. — The producers on a farm shall be eligible for a marketing assistance loan under subsection (a) for any quantity of a loan commodity produced on the farm. (c) TREATMENT OF CERTAIN COMMINGLED COMMODITIES.—In carrying out this subtitle, the Secretary shall make loans to producers on a farm that would be eligible to obtain a marketing assistance loan, but for the fact the loan commodity owned by the producers on the farm commingled with loan commodities of other producers in facilities unlicensed for the storage of agricultural commodities by the Secretary or a State licensing authority, if the producers obtaining the loan agree to immediately redeem the loan collateral in accordance with section 166 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7286). (d) COMPLIANCE WITH CONSERVATION AND WETLANDS REQUIRE- MENTS.— As a condition of the receipt of a marketing assistance loan under subsection (a), the producer shall comply with applicable conservation requirements under subtitle B of title XII of the Food Security Act of 1985 (16 U.S.C. 3811 et seq.) and applicable wetland protection requirements under subtitle C of title XII of the Act (16 U.S.C. 3821 et seq.) during the term of the loan. (e) TERMINATION OF SUPERSEDED LOAN AUTHORITY. — Notwithstanding section 131 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7231), nonrecourse marketing assistance loans shall not be made for the 2002 crop of loan commodities under subtitle C of title I of such Act. SEC. 1202. LOAN RATES FOR NONRECOURSE MARKETING ASSISTANCE 7 USC 7932. LOANS. (a) 2002 AND 2003 CROP YEARS. — For purposes of the 2002 and 2003 crop years, the loan rate for a marketing assistance loan under section 1201 for a loan commodity shall be equal to the following: (1) In the case of wheat, $2.80 per bushel. (2) In the case of com, $1.98 per bushel. (3) In the case of grain sorghum, $1.98 per bushel. (4) In the case of barley, $1.88 per bushel. (5) In the case of oats, $1.35 per bushel. (6) In the case of upland cotton, $0.52 per pound.

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