Emergency Agricultural Credit Act of 1983

Summary

Emergency Agricultural Credit Act of 1983 - Amends the Consolidated Farm and Rural Development Act to raise the limits on aggregate operating loans to an individual: (1) from $1,000 to $200,000 for non-guaranteed loans; and (2) from $200,000 to $400,000 for guaranteed loans. Extends the maximum payment period from seven to 15 years. Authorizes $1,660,000 for the aggregate amount of insured operating loans for FY 1983. Sets aside a specified portion for new borrowers. Requires that at least 20 percent of FY 1983 farm ownership and operating loans be for limited-resource farmers. Requires the Secretary to notify all farmers about such program. Requires deferred or rescheduled loan interest rates to be at the lower of either original or current rates. States that disaster emergency loan assistance eligibility based on production loss is to be based solely on criteria under such Act, and not on whether a county is designated for emergency loans. Authorizes four and three year extensions for specified categories of borrowers. Permits family farmers to request economic hardship loan repayment and foreclosure deferrals through FY 1984. Requires a showing of: (1) good management; (2) temporary inability to repay because of circumstances beyond one's control; and (3) a reasonable chance of repayment. Provides for loan consolidation and rescheduling at the end of such deferral period. Requires the Secretary of Agriculture to provide notification to Farmers Home Administration (FmHA) borrowers regarding such deferral and rescheduling programs. Requires the Secretary to establish a Guaranteed Farm Loan Program Unit in each State Office of the FmHA to administer the various guaranteed farm loans. Amends the Emergency Agricultural Credit Adjustment Act of 1978 to: (1) require (presently only authorizes) the Secretary to carry out such program; (2) extend program authority through FY 1984; and (3) provide that specified authorizations shall be in addition to other guaranteed economic emergency loan authorizations under the Act of December 18, 1982 (P.L.97-370).

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Documents

3 official files

• Passed House amended

  summary · EN · 3 May 1983

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 7 April 1983

  Open at official source

• Introduced in House

  summary · EN · 2 February 1983

  Open at official source

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