Agricultural Credit Act of 1999

Summary

Agricultural Credit Act of 1999 - Amends the Consolidated Farm and Rural Development Act to exclude from "debt forgiveness": (1) loan rescheduling, consolidation, deferral, or reamortization; (2) a write-down due to natural disaster or family medical condition; or (3) a write-down as part of the resolution of a discrimination complaint against the Secretary of Agriculture. (Sec. 3) Increases the number of occasions of permitted loan or loan guarantee debt forgiveness per borrower from one to two. Includes as an exception to such limitation an operating loan or loan guarantee to an individual whose payments are current under a specified reorganization plan. (Sec. 4) Eliminates capital item replacement expenses in determinations of farmer program loan guarantee eligibility. (Sec. 5) Permits excess funds obligated for socially disadvantaged farmers to be reallocated for such use in another State (currently limited to intrastate reallocation). (Sec. 6) Permits direct operating loans and loan guarantees to be made to persons in areas: (1) affected by a natural disaster or designated emergency; or (2) determined to be suffering from an economic emergency. (Sec. 7) Revises (shared appreciation arrangement) recapture percentage provisions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 May 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 May 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 27 May 1999

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.