Agricultural Credit Improvement Act of 1992

Summary

Agricultural Credit Improvement Act of 1992 - Title I: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a program of assistance (ten-year maximum) for beginning farmers and ranchers. Requires an applicant to submit a farm operations plan (plan) to the appropriate county committee, which must be approved by the committee and then by the Secretary of Agriculture. Provides assistance in the form of operating and equipment loans or guarantees. Gives applicants priority for equipment purchases in the Farmers Home Administration inventory. Terminates assistance for avoidable failure to achieve plan goals. Directs the Secretary to establish within the farm ownership loan program a ten-year down payment loan program for beginning farmers and ranchers. Sets forth loan terms. Limits the availability of certain other agricultural loans and guarantees to beginning farmers and ranchers during specified applicable periods. Sets forth debt service margin requirements. Title II: Amendments to the Farm Credit Act of 1971 - Amends the Farm Credit Act of 1971 to repeal the authority of the Farm Credit System Insurance Corporation to designate one of its directors as a nonvoting representative to the board of directors of the Federal Farm Credit Banks Funding Corporation. Expands water and sewer lending authority of banks for cooperatives. Sets compensation rates for Farm Credit System (FCS) bank directors at not more than $300 per day, payable only for days engaged in director duties. Requires all FCS institutions to be examined at least once every three years. Title III: Effective Date - Sets forth the effective dates of amendments made by this Act.

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Documents

8 official files

• Reported in House (text)

  Reported in House · EN

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• Referred in Senate (text)

  Referred in Senate · EN

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• Introduced in House (text)

  Introduced in House · EN

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• Engrossed in House (text)

  Engrossed in House · EN

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• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

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• Committee Discharged Senate (text)

  Committee Discharged Senate · EN

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• Passed Senate amended

  summary · EN · 7 October 1992

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• Introduced in House

  summary · EN · 9 April 1992

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