A bill to amend the Consolidated Farm and Rural Development Act.

Summary

Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to make real estate and operating loans available to private domestic corporations and partnerships controlled by farmers and ranchers engaged primarily in farming or ranching who, individually or as to their principal stockholders and partners, are United States citizens. Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000. Revises the maximum interest rate on real estate loans other than guaranteed loans under such Act from five percent to a rate determined by the Secretary of Agriculture, but not less than a rate determined by the Secretary of the Treasury taking into account the current market yield on outstanding marketable obligations of the United States. Removes the $500,000 ceiling from the aggregate principal of loans made using the Agricultural Credit Insurance Fund. Increases the amount of indebtedness which may be outstanding for operating loans under such Act for an individual from $50,000 to $100,000. States that the interest rates on such loans which are guaranteed shall be the rate agreed upon by the borrower and lender. Authorizes the Secretary to purchase the guaranteed portion of any rural development loan using funds from the Rural Development Insurance Fund and the guaranteed portion of all other loans with funds from the Agricultural Credit Insurance Fund; but only when an adequate secondary market is not available in the private sector. Replaces the current provision for an up to five-year renewal of an operating loan with a provision for the consolidation or rescheduling of outstanding loans for payment over a period not to exceed seven years from the date of such consolidation or rescheduling. Authorizes the Secretary to make loans and grants, and approve transfers and assumptions under such Act in connection with property securing a loan made, insured, or held by the Secretary notwithstanding the fact an area ceases to be eligible for assistance under such Act. Authorizes the Secretary to provide a procedure for appeal and review of determinations by a county committee that a loan applicant is not unable to obtain sufficient credit elsewhere to finance his actual needs at reasonable rates and terms.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 July 1977

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 July 1977

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 14 July 1977

  Open at official source

Sponsors

• Rep. Jones, Ed [D-TN-7] · D · Sponsor
• · hsag00 · Standing

Related records

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