General eligibility requirements.

CFR · 2024-01-01 · US · Title 7

(a) To receive loans or LDPs for a crop of cotton, a producer must execute a note and security agreement or LDP application on or before May 31 of the year following the year in which such crop is normally harvested. (1) Form A loan documents or LDP applications must be signed by the applicant and submitted to CCC or a loan servicing agent. Submissions by cotton clerks must occur within 15 calendar days after the producer signs the forms and within the period of loan availability. A producer, except for a CMA, must request loans and LDPs: (i) At the FSA county office that is responsible under part 718 of this title for administering programs for the farm on which the cotton was produced; or (ii) From a loan servicing agent. (2) Form G loan documents and requests for LDPs by a CMA must be signed by the CMA and delivered to CCC or the cotton commercial bank within the period of loan availability. (b) For a bale of cotton to be eligible to be pledged as collateral for a MAL or a subject of an LDP application, the bale must: (1) Be tendered to CCC by an eligible producer; (2) Be in existence and good condition and be covered by fire insurance. Bales pledged as collateral for a CCC loan, must be stored inside an approved storage warehouse unless, as determined under § 1427.10, CCC has approved the warehouse to use outside storage for cotton loan collateral for the period of the loan. Bales submitted to CCC for an LDP are not subject to the approved storage requirements contained i

official document · source cfr-2024 · id 7:§ 1427.5