A bill to enhance the rights of Farm Credit System borrowers.

Summary

Amends the Farm Credit Act of 1971 to provide for stockholder reconsideration, upon the request of at least five percent of the stockholders, of any decision by an association under the Farm Credit System (FCS) to voluntarily merge with another such association. Adds provisions with respect to Federal land bank association sales of inventory land to: (1) require purchasers of such real estate to buy capital stock and participation certificates in the Federal land bank from which the association receives loans; and (2) establish priorities for sales of such property. Requires FCS institutions to provide to borrowers specified information about their loans, including the procedures for restructuring a loan, interest rates, and offers to sell foreclosure property to the previous owner before sale to any other person.

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1 official file

• Introduced in House

  summary · EN · 9 July 1987

  Open at official source

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