[Federal Register Volume 70, Number 53 (Monday, March 21, 2005)]
[Notices]
[Pages 13443-13444]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-5462]


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DEPARTMENT OF AGRICULTURE

Commodity Credit Corporation


Extension of Repayment Period for Advance Direct and Counter-
Cyclical Program Payments

AGENCY: Commodity Credit Corporation, USDA.

ACTION: Notice.

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SUMMARY: This notice extends until October 31, 2005, the period in 
which CCC will automatically reduce any Direct and Counter-Cyclical 
Payments (DCP) to satisfy a producer's obligation to repay unearned 
2003-crop advance counter-cyclical payments. Scheduled payments 
received during this period include 2004-crop final direct payments, 
2004-crop advance counter-cyclical payments, and 2005-crop advance 
direct payments.

EFFECTIVE DATE: March 21, 2005.

FOR FURTHER INFORMATION CONTACT: Diane Sharp, Director, Production, 
Emergencies, and Compliance Division, Farm Service Agency, USDA, STOP 
0517, 1400 Independence Avenue, SW., Washington, DC 20250-0517. Persons 
with disabilities who require alternative means for communication 
(Braille, large print, audiotape, etc.) should contact the USDA Target 
Center at (202) 720-2600 (voice and TDD).

SUPPLEMENTARY INFORMATION: The Farm Security and Rural Investment Act 
of 2002 (7 U.S.C. 7911-7918, 7951-7956) provides for counter-cyclical 
payments for covered commodities and peanuts beginning with crop year 
2002. Under section 1412.503(f) of 7 CFR part 1412, CCC issues advance 
counter-cyclical program payments when the target price for the 
commodity exceeds the projected effective price. The effective price 
equals the direct payment rate plus the higher of the national average 
market price received by producers during the 12-month marketing year 
for the covered commodity or peanuts, or the national average loan rate 
for a marketing assistance loan for the covered commodity or peanuts in 
effect for the applicable period. Under section 1412.503(i)(2) of 7 CFR 
part 1412, a producer must refund to CCC any amounts representing 
payments that exceed the payments determined by CCC to have been earned 
under the program. Accordingly, producers participating in DCP were 
notified by

[[Page 13444]]

letter dated May 3, 2004, that if market prices continued near then 
current levels, they may be required to refund all or a portion of the 
2003 counter-cyclical payments they received for some crops.
    Producers with advance overpayments were offered a refund option 
under which CCC would automatically reduce any DCP payments received 
between October 2004 and March 2005 to satisfy an obligation to repay 
unearned 2003-crop advance counter-cyclical payments. This notice 
extends, until October 31, 2005, the period in which CCC will 
automatically reduce any Direct and Counter-Cyclical Payments (DCP) to 
satisfy a producer's obligation to repay unearned 2003-crop advance 
counter-cyclical payments. Scheduled payments received during this 
period include 2004-crop final direct payments, 2004-crop advance 
counter-cyclical payments, and 2005-crop advance direct payments.
    If the above scheduled DCP payments are insufficient to repay the 
total unearned advances, CCC will notify applicable producers in 
November 2005 that the refunds will be collected using the procedures 
established under the Debt Collection Improvement Act of 1996.

    Signed in Washington, DC, on March 8, 2005.
James R. Little,
Administrator, Farm Service Agency.
[FR Doc. 05-5462 Filed 3-18-05; 8:45 am]
BILLING CODE 3410-05-P