To clarify the terms of payment under the Trade Sanctions Reform and Export Enhancement Act of 2000.
Sen. Max Baucus (D-MT)Strike all after “Sec.”, and insert the following:
6407. CLARIFICATION OF PAYMENT TERMS UNDER TRADE SANCTIONS REFORM AND EXPORT ENHANCEMENT ACT OF 2000.
(a) In General.--Section 908(b)(1) of the Trade Sanctions Reform and Export Enhancement Act of 2000 (22 U.S.C. 7207(b)(1)) is amended by inserting after subparagraph (B) the following:
“(C) Notwithstanding any other provision of law, the term ‘payment of cash in advance' means the payment by the purchaser of an agricultural commodity or product and the receipt of such payment by the seller prior to--
“(i) the transfer of title of such commodity or product to the purchaser; and
“(ii) the release of control of such commodity or product to the purchaser.”.
(b) Effective Date.--The amendment made by this section shall apply to sales of agricultural commodities made on or after October 28, 2000.
Legislative Activity
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Senate amendment proposed (on the floor): Amendment SA 549 proposed by Senator Baucus to Amendment SA 475.(consideration: CR S3987-3988; text: CR S3987)
April 20, 2005
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Senate amendment proposed (on the floor): Amendment SA 549 proposed by Senator Baucus to Amendment SA 475.(consideration: CR S3987-3988; text: CR S3987)
April 20, 2005
Senate amendment agreed to: Amendment SA 549 as modified agreed to in Senate by Voice Vote.
April 20, 2005
Amendment SA 549 proposed by Senator Baucus to Amendment SA 475. (consideration: CR S3987-3988; text: CR S3987) To clarify the terms of payment under the Trade Sanctions Reform and Export Enhancement Act of 2000.
April 20, 2005
Amendment SA 549 as modified agreed to in Senate by Voice Vote. (text as modified: CR S3987)
April 20, 2005
Senate amendment submitted
April 19, 2005