Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 7 - Agriculture |
Subtitle B - Regulations of the Department of Agriculture |
Chapter XIV - Commodity Credit Corporation, Department of Agriculture |
SubChapter B - Loans, Purchases, and Other Operations |
Part 1427 - Cotton |
Subpart A - Nonrecourse Cotton Loan and Loan Deficiency Payments |
§ 1427.6 - Disbursement of MALs.
Latest version.
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§ 1427.6 Disbursement of MALs.
(a) Individual producers may request loans from:
(1) FSA County Service Centers;
(2) Loan servicing agents; or
(3) An approved cotton clerk who has entered into a written agreement with CCC on a form prescribed by CCC.
(b) Loan proceeds may be disbursed by CCC or a cotton commercial bank.
(c) The loan documents will not be presented for disbursement unless the cotton covered by the mortgage or pledged as security is eligible under § 1427.5. If the cotton was not eligible cotton at the time of disbursement, the total amount disbursed under the loan, and charges plus interest will be refunded promptly.
[67 FR 64459, Oct. 18, 2002, as amended at 73 FR 65720, Nov. 5, 2008; 80 FR 139, Jan. 2, 2015]