Landowner Protection Act

Summary

Landowner Protection Act - Title I: Farm Credit System Institution Borrowers - Amends the Farm Credit Act of 1971 to require a Farm Credit System (System) institution to restructure, rather than foreclose, a loan to an eligible borrower if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria. Requires the Farm Credit System Capital Corporation to reimburse an institution for the amount of principal due on loans reduced by the institution if necessary to avoid insolvency or liquidation. Encourages System institutions to permit foreclosed borrowers to retain possession of their principal residences and a reasonable amount of adjoining land. Directs the Farm Credit Administration to issue regulations regarding the disposition and leasing of acquired farmland. Directs System institutions to give sale or lease priority to family-sized farms and to original owners or operators. Requires a borrower to buy System stock in order to be eligible to obtain a loan or to purchase by installment System-held farmland. Title II: Farmers Home Administration Borrowers - Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to restructure, rather than foreclose, a loan made under the Consolidated Farm and Rural Development Act if foreclosure costs equal or exceed restructuring costs. Sets forth borrower eligibility criteria. Title III: Regulations - Directs the Secretary and the Farm Credit Administration to issue implementing regulations within 90 days of enactment of this Act.

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1 official file

• Introduced in Senate

  summary · EN · 6 May 1987

  Open at official source

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