Loan forfeiture limitation
1
Liability for nonforfeitable part of obligation
The producer of honey shall be personally liable for the repayment of a loan or loans made to the producer under the program for the crop of honey involved, with respect to that portion of the loan or loans for which satisfaction of the loan by forfeiture, as provided in subsection (a), is prohibited.
Extent of personal liability
The loan contracts of the Commodity Credit Corporation entered into with producers of honey shall clearly indicate the extent to which a producer of honey may be personally liable for repayment of a loan under this section.
Promulgation of regulations
The Commodity Credit Corporation may issue such regulations as the Corporation deems necessary to carry out this section. The regulations shall provide for the attribution of the value of collateral forfeited on loans described in subsection (a).
Oct. 31, 1949, ch. 792Pub. L. 100–460, title VI, § 634(b)102 Stat. 2263Pub. L. 101–624, title X, § 1002104 Stat. 3490(, title IV, § 405A, as added , , ; amended , title XI, § 1161(d), , , 3521.)
Editorial Notes
References in Text
Section 1446h of this titlePub. L. 104–127, title I, § 171(b)(2)(H)110 Stat. 938, referred to in subsec. (a), was repealed by , , .
Amendments
Pub. L. 101–624, § 1161(d)1990—Subsec. (a). , substituted references to sections 1446h and 1446h(b)(2) of this title for references to sections 1446(b) and 1446(b)(2)(B) of this title, respectively.
Pub. L. 101–624, § 1002(1)section 1446h of this titlesection 1446(b) of this title, substituted “person for such crop of honey under , does not exceed $200,000 in the 1991 crop year, $175,000 in the 1992 crop year, $150,000 in the 1993 crop year, and $125,000 in each of the 1994 and subsequent crop years” for “producer for such crop of honey under , does not exceed $250,000”.
Pub. L. 101–624, § 1002(2)Subsec. (d). , inserted provisions requiring that the regulations issued pursuant to this subsection provide for the attribution of the value of collateral forfeited on loans described in subsec. (a).
Statutory Notes and Related Subsidiaries
Effective Date of 1990 Amendment
Pub. L. 101–624section 1171 of Pub. L. 101–624section 1421 of this titleAmendment by effective beginning with 1991 crop of an agricultural commodity, with provision for prior crops, see , set out as a note under .
Inapplicability of Section
section 9092(b)(10) of this titleSection inapplicable to 2014 through 2018 crops of covered commodities, cotton, and sugar and inapplicable to milk during period beginning , through , see .
section 8782(b)(10) of this titleSection inapplicable to 2008 through 2012 crops of covered commodities, peanuts, and sugar and inapplicable to milk during period beginning , through , see .
section 7992(b)(10) of this titleSection inapplicable to 2002 through 2007 crops of covered commodities, peanuts, and sugar and inapplicable to milk during period beginning , through , see .
section 7301(b)(1)(J) of this titleSection inapplicable to 1996 through 2002 crops of loan commodities, peanuts, and sugar and inapplicable to milk during period beginning , and ending , see .
Prohibition on Use of Funds for Honey Payments or Loan Forfeitures
Pub. L. 104–37, title VII, § 718109 Stat. 331Pub. L. 104–37section 1446h of this title, , , provided that none of the funds appropriated or otherwise made available by were to be used by the Secretary of Agriculture to provide total amount of payments and/or total amount of loan forfeitures to a person to support the price of honey under this section or former in excess of zero dollars in the 1994, 1995, and 1996 crop years.
Similar provisions were contained in the following prior appropriation acts: