12 2 STA T .956PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8(d)SINGLECOU N TYL O A N R ATE F O RO T H ER OIL S EE D S .—The Se cr e ta r ys ha l l esta b l i shasi ng lel o an rate in each co u nty f or each k ind of other oilseeds described in subsections (a)( 1 1) , (b)(11), and (c)(11). SEC.1203 . T E RMOFL O AN S. (a) TER M OF LOAN.— I n the case of each loan co m modity, a marketing assistance loan under section 1 20 1 shall ha v eaterm of 9 months beginning on the first day of the first month after the month in w hich the loan is made. (b) EX TENSIONS P ROHI B ITED.—The Secretary may not e x tend the term of a marketing assistance loan for any loan commodity. SEC. 120 4 .RE P A Y MENT OF LOANS. (a) G ENERAL RULE.—The Secretary shall p ermit the producers on a farm to repay a marketing assistance loan under section 1201 for a loan commodity (other than upland cotton, long grain rice, medium grain rice, extra long staple cotton, and confectionery and each other kind of sunflower seed (other than oil sunflower seed)) at a rate that is the lesser of— (1) the loan rate established for the commodity under sec - tion 1202, plus interest (determined in accordance with section 1 63 of the F ederal A griculture Improvement and Reform Act of 1996 ( 7U .S.C. 72 8 3))
(2) a rate (as determined by the Secretary) that— (A) is calculated based on average market prices for the loan commodity during the preceding 30-day period; and ( B ) will minimi z e discrepancies in marketing loan bene- fits across State boundaries and across county boundaries; or (3) a rate that the Secretary may develop using alternative methods for calculating a repayment rate for a loan commodity that the Secretary determines will— (A) minimize potential loan forfeitures; (B) minimize the accumulation of stocks of the com- modity by the Federal Government; (C) minimize the cost incurred by the Federal Govern- ment in storing the commodity; ( D ) allow the commodity produced in the United States to be marketed freely and competitively, both domestically and internationally; and (E) minimize discrepancies in marketing loan benefits across State boundaries and across county boundaries. (b) RE P AYMENT RATES FOR UPLAND COTTON, LONG GRAIN RI C E, AND M EDIUM GRAIN RICE.—The Secretary shall permit producers to repay a marketing assistance loan under section 1201 for upland cotton, long grain rice, and medium grain rice at a rate that is the lesser of— (1) the loan rate established for the commodity under sec- tion 1202, plus interest (determined in accordance with section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283)); or (2) the prevailing world market price for the commodity, as determined and ad j usted by the Secretary in accordance with this section. (c) REPAYMENT RATES FOR EXTRA LONG STAPLE COTTON.— Repayment of a marketing assistance loan for extra long staple 7USC8 7 34. 7 USC 8733.
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