[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1421.2]

[Page 447-448]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1421_GRAINS AND SIMILARLY HANDLED COMMODITIES_MARKETING ASSISTANCE LOANS 
 
                            Subpart A_General
 
Sec. 1421.2  Administration.

    (a) The marketing assistance loan and loan deficiency payment 
program shall be administered under the general supervision of the 
Executive Vice President, CCC and shall be carried out in the field by 
FSA State and county committees, respectively.
    (b) State and county committees, and representatives and employees 
thereof, cannot modify or waive any requirement of this part, except as 
provided in paragraph (e) of this section.
    (c) The State committee shall take any required action not taken by 
the county committee. The State committee shall also:
    (1) For the 2001 crop year only, allow producers who violated the 
terms and conditions of the note and security

[[Page 448]]

agreement which resulted in the producer losing beneficial interest in 
the commodity before repaying the loan and the county committee 
determined the producer acted in good faith, to repay the loan at a rate 
that is the lesser of the loan plus interest; or the alternative 
repayment rate, as determined under Sec. 1421.10, in effect on the date 
the beneficial interest was lost. In cases, where a locked-in repayment 
rate under Sec. 1421.110 was applicable, the prescribed form is 
considered null and void.
    (2) Correct or require correction of an action taken by a county 
committee that is not in compliance with this part; or
    (3) Require a county committee to not take an action or implement a 
decision that is not under the regulations of this part.
    (d) The Executive Vice President, CCC, or a designee, may determine 
any question arising under these programs, or reverse or modify a 
determination made by a State or county committee.
    (e) The Deputy Administrator for Farm Programs, FSA, may authorize 
State and county committees to waive or modify deadlines and other 
program requirements in cases where lateness or failure to meet such 
other requirements does not adversely affect the operation of the 
marketing assistance loan and loan deficiency payment program.
    (f) A representative of CCC may execute marketing assistance loan 
and loan deficiency payment applications and related documents only 
under the terms and conditions determined and announced by CCC. Any 
document not executed under such terms and conditions, including any 
purported execution before the date authorized by CCC, shall be null and 
void.