(a) CCC may suspend a CMA from obtaining loans and LDP's when CCC determines the CMA has not:
(1) Operated according to the CMA's application for approval or its last recertification submission;
(2) Complied with applicable regulations;
(3) Corrected deficiencies of the CMA's operation as noted by CCC; or
(4) Violated any of its agreements with CCC.
(b) A suspension may be lifted when CCC determines the CMA has complied with all requirements for approval. When suspensions are not lifted within 1 year, or a shorter time period if so indicated in CCC's suspension notification, the CMA's approval automatically terminates.
(c) CCC may terminate a CMA's approval by giving the CMA written notice of the termination.
(d) A CMA may, when it does not have any marketing assistance loans outstanding, through written notice to CCC, voluntarily terminate its participation in a loan and LDP program.
(e) CCC may, on demand, call all outstanding CCC loans made to a suspended or terminated CMA. When loans are called, CCC will provide at least 10 calendar days written notice to the CMA. Commodities pledged as collateral for loans must be repaid by the date specified by CCC. If redemption isnot made by the date specified, title to the commodity shall vest in CCC and CCC shall have no obligation to pay the commodity's market value above the principal amount of such loans.
Title 7 published on 2015-01-01.
The following are only the Rules published in the Federal Register after the published date of Title 7.
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This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.