A producer of honey may satisfy the producer’s obligation to repay a loan, or a portion of a loan, made to the producer under section
1446h of this title by forfeiting the collateral for the loan, or portion of the loan, only if the value of the collateral forfeited, when taken together with the value of the collateral forfeited on any other loan or loans of the person for such crop of honey under section
1446h of this title, 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: Provided, however, That the loan forfeiture limitation provided by this section shall not be applicable for any crop year for which the Secretary does not permit producers of honey to repay the price support loans at a level determined under section
1446h(b)(2) of this title.
(b) 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) of this section, is prohibited.
(c) 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.
(d) 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) of this section.
Pub. L. 101–624, § 1002(1), substituted “person for such crop of honey under section
1446h of this title, 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 section
1446(b) of this title, does not exceed $250,000”.
Subsec. (d). Pub. L. 101–624, § 1002(2), 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).
Effective Date of 1990 Amendment
Amendment by Pub. L. 101–624effective beginning with 1991 crop of an agricultural commodity, with provision for prior crops, see section 1171 ofPub. L. 101–624, set out as a note under section
1421 of this title.
Inapplicability of Section
Section inapplicable to 2002 through 2007 crops of covered commodities, peanuts, and sugar and inapplicable to milk during period beginning May 13, 2002, through Dec. 31, 2007, see section
7992(b)(10) of this title.
Section inapplicable to 1996 through 2002 crops of loan commodities, peanuts, and sugar and inapplicable to milk during period beginning Apr. 4, 1996, and ending Dec. 31, 2002, see section
7301(b)(1)(J) of this title.
Prohibition on Use of Funds for Honey Payments or Loan Forfeitures
Pub. L. 104–37, title VII, § 718,Oct. 21, 1995, 109 Stat. 331, provided that none of the funds appropriated or otherwise made available by Pub. L. 104–37were 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 section
1446h of this title in excess of zero dollars in the 1994, 1995, and 1996 crop years.
Similar provisions were contained in the following prior appropriation acts:
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.