Commodity assessments.

CFR · 2024-01-01 · US · Title 7

(a) CCC will deduct from the proceeds of a marketing assistance loan an amount equal to the amount of an assessment otherwise required to be remitted to a State agency under a State statute by the producer of the commodity pledged as collateral for such loan or by the first purchaser of such commodity subject to the requirements of paragraph (b) of this section. (1) The assessment will be collected in one of the following ways, as requested by the State, but not both: (i) When the proceeds of the loan are disbursed; or (ii) When the commodity pledged as collateral for the loan is forfeited to CCC, in which case CCC will collect from the producer the amount of the assessment submitted by CCC to the State. (2) CCC will deduct from the proceeds of a marketing assistance loan an amount equal to the amount of an assessment otherwise authorized to be remitted to a federally authorized entity under a Federal statute by the producer of the commodity pledged as collateral for such loan or the first purchaser of such commodity in the manner agreed to by CCC and the entity to whom the Secretary of Agriculture has authorized to collect such assessments. (b) CCC will collect commodity assessments authorized under a State statute when: (1) The State entity has: (i) Requested that the assessment be collected; (ii) Identified whether the assessment is to be collected at the time the loan proceeds are disbursed or at the time the commodity is forfeited to CCC; (iii) Identified the person who

official document · source cfr-2024 · id 7:§ 1405.9