To amend the Consolidated Farm and Rural Development Act to require borrower good faith with respect to Farmers Home Administration loans; to improve the management of such delinquent loans, including limiting the write-down of such loans, and for other purposes.

Summary

Amends the Consolidated Farm and Rural Development Act with regard to Farmers Home Administration loans to repeal the requirement that the Secretary of Agriculture sell inventory farmland to family farmers at a price reflective of the land's anticipated average income. Requires borrower good faith with regard to loan eligibility or farmland purchase. Authorizes the Secretary to consider all the assets of a borrower in calculating a restructured loan's value. Limits: (1) each borrower to one write-down; and (2) the total amount of any such write-down. Extends deadlines for loan service applications and application processing.

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

6 official files

• Reported in House (text)

  Reported in House · EN

  ViewDownloadOpen at official source

• Referred in Senate (text)

  Referred in Senate · EN

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 6 March 1990

  Open at official source

• Introduced in House

  summary · EN · 22 February 1990

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.