Agricultural Loan Guarantee and Debt Restructuring Act

Summary

Agricultural Loan Guarantee and Debt Restructuring Act - Title I: Agricultural Loan Guarantees - Amends the Consolidated Farm and Rural Development Act to provide agricultural lenders with a 90 percent Federal guarantee in exchange for restructuring outstanding agricultural loans through FY 1992. Sets the Farmers Home Administration loan cash flow requirement at 100 percent. Requires annual loan reviews. Gives priority to borrowers with a positive cash flow who are unable to obtain financing elsewhere and who had loans with failed lenders. Makes borrowers eligible for debt set-asides if they can show that such a deferral will result in a positive cash flow providing 100 percent of the amount needed to repay indebtedness. Authorizes additional appropriations for guarantees. Directs the Secretary of Agriculture to ensure that: (1) personnel and resources are made available to process loan applications; and (2) "approved lender" applications are reviewed within 15 days. Title II: Non-Physical Disaster Loans Relating to the Payment-in-kind Program - Amends the Small Business Act to make certain small businesses (including specified agricultural cooperatives) which have suffered operations losses due to the payment-in-kind program eligible for non-physical disaster loans. Increases authorizations of appropriations.

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1 official file

• Introduced in House

  summary · EN · 20 February 1985

  Open at official source

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