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Federal Register / Vol. 86, No. 236 / Monday, December 13, 2021 / Rules and Regulations
Subpart CLoan Deficiency Payments 1421.200

Amended
27. Amend 1421.200 in paragraph e by removing the words and payment limitation.

Subpart DGrazing Payments for Wheat, Barley, Oats, and Triticale 1421.302

Amended
28. Amend 1421.302d1 by removing the words and payment limitation.

1421.304

Amended
29. Amend 1421.304 as follows:
a. Remove paragraph d; and b. Redesignate paragraphs e through g as paragraphs d through f, respectively.

Subpart EDesignated Marketing Associations for Peanuts
Approval.

a
2 A current financial statement, dated within the last year, prepared for the cooperative and accompanied by a letter from an independent Certified Public Accountant, certifying that the financial statement was prepared in accordance with generally accepted accounting principles;

b
2 The CMAs latest financial statement. The financial statement must be dated within the past year and be accompanied by a letter from an independent Certified Public Accountant certifying that the financial statement was prepared in accordance with generally accepted accounting principles.

PART 1427COTTON

30. Revise 1421.409 to read as follows:

1421.409

Authority: 7 U.S.C. 72317237, 79317936, 9011, and 903140, 15 U.S.C. 714b and c.

35. The authority citation for part 1427 continues to read as follows:

Monitoring AGI.

DMAs are required to monitor their producers AGIs and may not permit repayments with a market loan gain on peanut MALs or process peanut LDPs for those producers with annual AGI
over the allowable limit as specified in part 1400 of this chapter.
31. Amend 1421.416 by revising paragraph a1 to read as follows:
1421.416 Processing loan deficiency payments.

a
1 In addition to other determinations that are required, the DMA must determine whether the producer exceeds the AGI limits to allow the receipt of the LDP. If the producer is over the AGI limit the DMA cannot process the request.

1421.417

Amended
32. Amend 1421.417 in paragraph a by removing the words to producers, and and adding the words to producers and in their place.

PART 1425COOPERATIVE
MARKETING ASSOCIATIONS
33. The authority citation for part 1425 continues to read as follows:

khammond on DSKJM1Z7X2PROD with RULES

1425.4

Authority: 7 U.S.C. 1441 and 1421, 7
U.S.C. 79317939; and 15 U.S.C. 714b, 714c, and 714j.

34. Amend 1425.4 by revising paragraphs a2 and b2 to read as follows:

VerDate Sep<11>2014

15:56 Dec 10, 2021

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Subpart ANonrecourse Cotton Loan and Loan Deficiency Payments 1427.1

36. Amend 1427.1 in paragraph d by removing the words Adjusted gross and adding Average adjusted in their place.
37. Amend 1427.3 by adding the definitions of Commodity certificate exchange, Commodity loan gain, Exchange rate, Market loan gain, and Turn-around loan in alphabetical order to read as follows:
Definitions.

Commodity certificate exchange means the exchange of commodities pledged as collateral for a marketing assistance loan at a rate determined by CCC in the form of a commodity certificate bearing a dollar denomination.
Commodity loan gain means the difference between the loan principal amount and the adjusted world price AWP-value of a commodity certificate used to exchange the loan collateral.

Exchange rate will be the effective AWP for cotton on the date the request to purchase a certificate is received by CCC.

Market loan gain means the loan rate, minus the repayment rate on upland cotton loans repaid at the AWP-value
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1427.4

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Eligible producer.

a
2
iii 7 CFR part 1400, subpart F
Average Adjusted Gross Income Limitation;

1427.10

Amended
39. Amend 1427.10 in paragraph f2 by removing the words so as and adding in a manner in their place.

1427.11

Amended

1427.3

that is less than the loan rate. A
producers adjusted gross income must be below the limit as specified in part 1400 of this chapter to receive a market loan gain.

Turn-around loan is a special designation for a loan that is requested, approved for disbursement, and immediately exchanged with a commodity certificate purchased the same day.

38. Amend 1427.4 as follows:
a. Revise paragraph a2iii; and b. In paragraph g, remove the words and payment limitation.
The revision reads as follows:

Amended
40. Amend 1427.11 in paragraph a introductory text by adding the word electronic after the words represented by.
41. Add 1427.22 to read as follows:

1427.22 Commodity certificate exchanges.

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
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