7 CFR 1421.402 - DMA eligibility to process loans and loan deficiency payments.

§ 1421.402 DMA eligibility to process loans and loan deficiency payments.
(a) A DMA is eligible to process any marketing assistance loan or loan deficiency payments only if approved in advance to handle such matters by the Farm Service Agency pursuant to this part; and:
(1) The DMA meets the financial requirements and other requirements in this subpart and part;
(2) The DMA is comprised solely of peanut producers or is a subsidiary of an organization of peanut producers;
(3) The DMA is not controlled directly or indirectly by a person or entity that acquires peanuts for processing or crushing through a business involved in buying and selling peanuts or peanut products;
(4) The DMA does not take title at any time to any peanuts for which it processes loans or loan deficiency payments, irrespective of whether such title is taken before or after those activities are performed. If such title or interest is taken, the DMA shall be responsible to return to CCC the full amount of the CCC proceeds disbursed with respect to the peanuts; and
(5) The DMA meets any additional requirements imposed by CCC or FSA.
(b) The DMAs activities under this part shall be conducted only with respect to peanuts and only for producers and peanuts that meet all the eligibility requirements of this part. Such requirements include, but are not limited to, the requirement of § 1421.6 that the producer must have the beneficial interest in the peanuts while the peanuts are under loan or when the loan deficiency payment is received and must be the only person that has had such an interest in the peanuts prior to that time except as allowed by § 1421.6.
[70 FR 33799, June 10, 2005. Redesignated at 74 FR 15656, Apr. 7, 2009]

Title 7 published on 2014-01-01

no entries appear in the Federal Register after this date.