Emergency Agricultural Credit Assistance Act of 1983

Summary

Emergency Agricultural Credit Assistance Act of 1983 - Direct the Secretary of Agriculture to permit Farmers Home Administration loan repayment and foreclosure deferrals for at least one year. Provides for subsequent loan consolidation and rescheduling at the lower of either original or current interest rates. Requires the Secretary to guarantee deferrals of private agricultural loans through FY 1984. Requires county committee written certification before such a deferral may be made. Provides for certification appeal. Sets forth deferral agreement provisions, including specified guarantee limits. States that Agricultural Credit Insurance monies shall be used to pay for such program. Authorizes the Secretary to purchase the guaranteed portions of loans subject to such agreements. Directs the Secretary to ensure that farmers and lenders are notified about such deferral and guarantee programs. Extends the Emergency Agricultural Credit Adjustment Act of 1978 through FY 1984.

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1 official file

• Introduced in House

  summary · EN · 10 February 1983

  Open at official source

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