A. In the case of a pledge or mortgage of wheat as security for a loan under the federal price support program, the promotional fee levied pursuant to the provisions of the Oklahoma Wheat Resources Act shall be deducted from the proceeds of such loans at the time the loans are made, or shall be deducted thereafter by agencies of the federal government. Any producer’s note and loan agreement or producer’s note and supplemental loan agreement or delivery instructions issued by the federal agency to the producer are hereby approved as fulfilling the requirements for invoices, and such forms shall be deemed to constitute proof of payment of the promotional fee on the wheat listed thereon.

B. Supplemental or alternate forms which may be proposed by the Commodity Credit Corporation and contained the necessary information may be used without revision of the Oklahoma Wheat Resources Act.

C. The Commodity Credit Corporation's use of identification numbers in lieu of the name of the producer from whom the fee was collected is hereby approved, provided that authorized officials of the State of Oklahoma will have access at all reasonable times to records in the county agricultural stabilization and conservation offices showing the names of producers to whom such identification numbers have been assigned.

D. If pledged or mortgaged wheat, described in subsection A of this section, remains in farm storage for the duration of the pledge or mortgage, the promotional fee so paid at the time the loan was made shall be deemed a complete satisfaction of the fee liability unless upon subsequent actual delivery of the wheat from farm storage in satisfaction of the pledge, or mortgage in the amount of One Dollar ($1.00) or more, such underpayment being due solely for the necessity of estimating the quantity of wheat so placed in farm storage.

E. In connection with the collection of the wheat promotional fee on Commodity Credit Corporation wheat loans disbursed and purchase agreement settlement made, undercollections or overcollections of the wheat promotional fee amounting to One Dollar ($1.00) or less as a result of errors, will not require collection of the underpayment or refund of the overpayment by Commodity Credit Corporation and their responsibility in such cases shall be waived.

Historical Data

Laws 1965, HB 508, c. 59, § 12, emerg. eff. April 7, 1965; Amended by Laws 1981, HB 1372, c. 298, § 8, emerg. eff. June 29, 1981; Amended by Laws 2001, HB 1387, c. 146, § 29, emerg. eff. April 30, 2001 (superseded document available); Renumbered from 2 O.S. § 1032 by Laws 2001, HB 1378, c. 146, § 250, emerg. eff. April 30, 2001.