7 U.S. Code § 9016 - Price loss coverage

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(a) Price loss coverage payments
If all of the producers on a farm make the election under subsection (a) ofsection 9015 of this title to obtain price loss coverage or, subject to subsection (c)(1) of such section, are deemed to have made such election under subsection (c)(2) of such section, the Secretary shall make price loss coverage payments to producers on the farm on a covered commodity-by-covered-commodity basis if the Secretary determines that, for any of the 2014 through 2018 crop years—
(1) the effective price for the covered commodity for the crop year; is less than
(2) the reference price for the covered commodity for the crop year.
(b) Effective price
The effective price for a covered commodity for a crop year shall be the higher of—
(1) the national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary; or
(2) the national average loan rate for a marketing assistance loan for the covered commodity in effect for such crop year under subchapter II.
(c) Payment rate
The payment rate shall be equal to the difference between—
(1) the reference price for the covered commodity; and
(2) the effective price determined under subsection (b) for the covered commodity.
(d) Payment amount
If price loss coverage payments are required to be provided under this section for any of the 2014 through 2018 crop years for a covered commodity, the amount of the price loss coverage payment to be paid to the producers on a farm for the crop year shall be equal to the product obtained by multiplying—
(1) the payment rate for the covered commodity under subsection (c);
(2) the payment yield for the covered commodity; and
(3) the payment acres for the covered commodity.
(e) Time for payments
If the Secretary determines under this section that price loss coverage payments are required to be provided for the covered commodity, the payments shall be made beginning October 1, or as soon as practicable thereafter, after the end of the applicable marketing year for the covered commodity.
(f) Effective price for barley
In determining the effective price for barley under subsection (b), the Secretary shall use the all-barley price.
(g) Reference price for temperate japonica rice
The Secretary shall provide a reference price with respect to temperate japonica rice in an amount equal to 115 percent of the amount established in subparagraphs (F) and (G) of section 9011(18) of this title in order to reflect price premiums.

Source

(Pub. L. 113–79, title I, § 1116,Feb. 7, 2014, 128 Stat. 668.)

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The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

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7 USCDescription of ChangeSession YearPublic LawStatutes at Large
§ 9016new2014113-79 [Sec.] 1116128 Stat. 668

 

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