[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: 7CFR1427.2]

[Page 502]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1427_COTTON--Table of Contents
 
     Subpart A_Nonrecourse Cotton Loan and Loan Deficiency Payments
 
Sec. 1427.2  Administration.

    (a) The marketing assistance loan and loan deficiency payment 
programs shall be administered under the general supervision of the 
Executive Vice President, CCC, or a designee and shall be carried out by 
FSA employees, and state and county committees.
    (b) No FSA employee or committee may modify or waive any requirement 
in this subpart, 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, in good faith, 
violated the terms and conditions of the note and security agreement 
resulting in the producer losing beneficial interest in the commodity 
before repaying the loan, to repay the loan at a rate that is the lesser 
of the loan plus interest, or the adjusted world price, as determined 
under Sec. 1427.19, in effect on the date the beneficial interest was 
lost.
    (2) Correct, or require a correction of an action that is not in 
compliance with this part; or
    (3) Stop an employee from taking an action or decision that is not 
in accordance with the regulations of this part.
    (d) The Executive Vice President, CCC, or a designee may determine 
any question arising under these programs, and reverse or modify a 
determination made by an FSA employee or State or county committee.
    (e) The Deputy Administrator for Farm Programs, FSA, may authorize 
State or county committees to waive or modify deadlines and other 
program requirements in cases where lateness or failure to meet such 
other program requirements does not adversely affect the operation of 
the marketing assistance and loan deficiency payment programs.
    (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.