current industry standards

(3) (A) (i)Notwithstanding any other provision of this subchapter, the Secretary may make a loan to a poultry farmer under this subchapter to cover the loss of a chicken house for which the farmer did not have hazard insurance at the time of the loss, if the farmer— (I)applied for, but was unable, to obtain hazard insurance for the chicken house; (II)uses the loan to rebuild the chicken house in accordance with industry standards in effect on the date the farmer submits an application for the loan (referred to in this paragraph as “current industry standards”); (III)obtains, for the term of the loan, hazard insurance for the full market value of the chicken house; and (IV)meets the other requirements for the loan under this subchapter. (ii)Subject to the limitation contained in, the amount of a loan made to a poultry farmer under clause (i) shall be an amount that will allow the farmer to rebuild the chicken house in accordance with current industry standards. (B) (i)Notwithstanding any other provision of this subchapter, the Secretary may make a loan to a poultry farmer under this subchapter to cover the loss of a chicken house for which the farmer had hazard insurance at the time of the loss, if— (I)the amount of the hazard insurance is less than the cost of rebuilding the chicken house in accordance with current industry standards; (II)the farmer uses the loan to rebuild the chicken house in accordance with current industry standards; (III)the farmer obtains, for the term of the loan, hazard insurance for the full market value of the chicken house; and (IV)the farmer meets the other requirements for the loan under this subchapter. (ii)Subject to the limitation contained in, the amount of a loan made to a poultry farmer under clause (i) shall be the difference between— (I)the amount of the hazard insurance obtained by the farmer; and (II)the cost of rebuilding the chicken house in accordance with current industry standards. (c)The Secretary shall conduct the emergency loan program under this subchapter in a manner that will foster and encourage the family farm system of agriculture, consistent with the reaffirmation of policy and declaration of the intent of Congress contained in. (d)For the purposes of this subchapter—

Source

7 USC § 1961(b)(3)


Scoping language

None: Default is title Scope
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