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USDA/FSA

RIN: 0560-AH87

Publication ID: Fall 2008

Title: ●Marketing Assistance Loans and Loan Deficiency Payments
Abstract: Regulatory changes are required to extend the Nonrecourse Marketing Assistance Loans (MALs) and Loan Deficiency Payments (LDPs) for 2008 through 2012 crop years. The 2008 Farm Bill explicitly specifies many of the terms and provisions for MALs and LDPs. One significant change in the 2008 Farm Bill with respect to storage, handling, and associated costs, beginning with the 2008 crop of peanuts, the Secretary will 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. Accordingly, the Secretary will require the repayment of handling and other associated costs paid under this section for all peanuts pledged as collateral for a loan that is redeemed under this section. The provisions for the forfeiture remains unchanged. While updating the regulations, we will make minor changes for clarification purposes. We are adding the following clarifications to be consistent with 7 CFR part 1421, the MAL and LDP regulation, which includes similar policies for other commodities: - Amending the provisional statement contained in option to purchase contracts to remove the risk of loss component when determining if beneficial interest is maintained by the producer; - Amending the assessment of liquidated damages to clarify the applicable loan rate that is applied to the loan quantity, which CCC determines to be involved in a loan violation, and the portion of the loan that must be repaid; and - Clarifying that producers may repay a honey nonrecourse loan during the loan period, as determined by CCC, at a lower repayment rate, if applicable.
Agency: Department of Agriculture(USDA)	Priority: Economically Significant
RIN Status: First time published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: Undetermined	Unfunded Mandates: No
CFR Citation: 7 CFR 1421 7 CFR 1434
Legal Authority: PL 110-246

Legal Deadline:

Action	Source	Description	Date
Final	Statutory		09/16/2008

Timetable:

Action	Date	FR Cite
Notice	06/10/2008	73 FR 32675
Final Rule	11/00/2008

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Deirdre Holder Branch Chief, Regulatory Analysis and PRA Requirements Branch Department of Agriculture Farm Production and Conservation Business Center, 1400 Independence Avenue SW, Washington, DC 20250-0572 Phone:202 205-5851 Email: deirdre.holder@usda.gov