7 CFR 1427.22
§ 1427.22 Commodity certificate exchanges.
United States · 7 CFR — Agriculture · Status: effective
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- Citation
- 7 CFR 1427.22, § 1427.22 Commodity certificate exchanges, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/25785
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Full text
(a) For any outstanding marketing assistance loan provided for upland cotton, a producer may purchase a commodity certificate and exchange that commodity certificate for the marketing assistance loan collateral.
(b) The exchange rate is the lesser of:
(1) The loan rate and charges, plus interest applicable to the loan; or
(2) The adjusted world price for upland cotton as determined by CCC.
(c) Producers must request a commodity certificate exchange on or before loan maturity in person at the FSA county office by:
(1) Completing a written request on the form or providing the information as required by CCC:
(2) Purchasing a commodity certificate for the exact amount required to exchange the marketing assistance loan collateral; and
(3) Immediately exchanging the purchased commodity certificate for the outstanding loan collateral.
(d) Gains realized from a commodity certificate exchange are not subject to AGI or payment limitation provisions specified in part 1400 of this chapter.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.