A bill to authorize the Secretary of Agriculture to make financial assistance available to agricultural producers who suffer losses as the result of having their agricultural commodities or livestock quarantined or condemned because such commodities or livestock have been found to contain toxic chemicals dangerous to the public health.

Summary

Directs the Secretary of Agriculture to make loans through the Agricultural Credit Insurance Fund to agricultural producers in the United States who sustain losses incurred on or after January 1, 1973, as a direct result of their food crops, animal feedcrops, livestock (including poultry), or livestock products being quarantined or condemned by a Federal or State official because such crops, livestock or products contain quantities of toxic chemicals dangerous to the public health. Sets a maximum loan amount of $100,000, a term of seven years, and leaves the interest rate to the Secretary's discretion. Requires repayment of the loan up to the amount of the compensation within three months of the receipt of any compensation for losses for which the loan was made. Permits the Secretary to postpone all but a nominal amount of principal and interest payments for up to three years.

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1 official file

• Introduced in House

  summary · EN · 9 March 1977

  Open at official source

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