A bill to amend the Farm Credit Act of 1971 to provide additional protection to farmers participating in the Farm Credit System, and for other purposes.

Summary

Amends the Farm Credit Act of 1971 to provide that an eligible foreclosed Farm Credit System (System) borrower may retain occupancy (three to five years) of his or her homestead property (up to ten acres) for family maintenance purposes. Grants such borrower first right of referral to reacquire the property at the end of such occupancy period. Prohibits the sale of System-held land if such sale will have a detrimental effect on land values in specified depressed farming areas. Requires offers to sell System-held land to be made through local real estate agents. Requires the leasing of such land to be on a competitive bid basis. Requires a System institution with individual shareholders to provide them with a copy of the bylaws and upon request a copy of the charter or articles of incorporation.

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Documents

1 official file

• Introduced in House

  summary · EN · 17 April 1986

  Open at official source

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