Farmers Home Administration Prompt Loan Review Act of 1983

Summary

Farmers Home Administration Prompt Loan Review Act of 1983 - Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to approve or deny Farmers Home Administration or loan guarantees for: (1) nonfarm loans within 120 days of an application's receipt; and (2) program loans within 90 days of an application's receipt. Requires a denial notice to state the reasons for such decision. Requires an approved loan's funds to be disbursed within 30 days, unless sufficient funds are unavailable in which case such funds shall be disbursed within 30 days after availability. Requires the Secretary to: (1) reconsider a denied application that has been reversed on administrative or judicial appeal within 30 days; and (2) reduce interest payments on uninsured loans or make such payments on guaranteed loans for time deadline noncompliance.

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1 official file

• Introduced in Senate

  summary · EN · 18 July 1983

  Open at official source

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