Page:United States Statutes at Large Volume 122.djvu/998

 12 2 STA T .975PUBLIC LA W 11 0– 2 34—M A Y 22, 200 8(A)adesign a t ed m a rk eting ass oc iation or marketing coo p erati v eo f prod u cers t h at is approved by the S ecretary or ( B ) the F arm Service Agency . ( 5 )S TORAGE O FL OA NP EAN U T S . — As a condition on the Secretary ’ s approva l of an individual or entity to provide storage for peanuts for w hich a marketing assistance loan is made under this section , the individual or entity shall agree— (A) to provide such storage on a nondiscriminatory basis; and (B) to comply with such additional re q uirements as the Secretary considers appropriate to accomplish the pur - poses of this section and promote fairness in the adminis- tration of the benefits of this section. ( 6 ) STORAGE, H AN D L I NG, AND ASSO C IATED COSTS.— (A) I N GENERAL.—Beginning with the 20 0 8 crop of peanuts, to ensure proper storage of peanuts for which a loan is made under this section, the Secretary shall pay handling and other associated costs (other than storage costs) incurred at the time at which the peanuts are placed under loan, as determined by the Secretary. (B) R EDE M PTION AND FORFEITURE.— T he Secretary shall— (i) require the repayment of handling and other associated costs paid under subparagraph (A) for all peanuts pledged as collateral for a loan that is redeemed under this section; and (ii) pay storage, handling, and other associated costs for all peanuts pledged as collateral that are forfeited under this section. ( 7 ) M AR K ETING.—A marketing association or cooperative may market peanuts for which a loan is made under this section in any manner that conforms to consumer needs, including the separation of peanuts by type and quality. (b) L OAN RATE.— Ex cept as provided in section 1 105, the loan rate for a marketing assistance loan for peanuts under subsection (a) shall be equal to $3 55 per ton. (c) TERM OF LOAN.— (1) IN GENERAL.—A marketing assistance loan for peanuts under subsection (a) 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. (2) E X TENSIONS PROHI B ITED.—The Secretary may not extend the term of a marketing assistance loan for peanuts under subsection (a). (d) REPA Y MENT RATE.— (1) IN GENERAL.—The Secretary shall permit producers on a farm to repay a marketing assistance loan for peanuts under subsection (a) at a rate that is the lesser of— (A) the loan rate established for peanuts under sub- section (b), plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U .S. C . 7283)); or (B) a rate that the Secretary determines will— (i) minimi z e potential loan forfeitures; (ii) minimize the accumulation of stocks of peanuts by the Federal G overnment;

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