Emergency Agricultural Credit Act of 1983

Summary

Emergency Agricultural Credit Act of 1983 - Amends the Consolidated Farm and Rural Development Act to permit family farmers to request economic hardship loan repayment and foreclosure deferrals through FY 1983. Provides for loan consolidation and rescheduling at the end of such deferral period. Directs the Secretary of Agriculture to provide notification to Farmers Home Administration (FmHA) borrowers regarding such deferral and rescheduling programs. Prohibits deferred or rescheduled loan interest rates from exceeding original rates. Raises limits on individual aggregate guaranteed and insured operating loans. Authorizes specified amounts for FY 1983 operating loans. Sets aside a specified portion for new borrowers. Requires that at least 20 percent of FY 1983 farm ownership and operating loans be for limited-resource farmers. Requires the Secretary to notify all farmers about such program. Amends the Emergency Agricultural Credit Adjustment Act of 1978 to require the Secretary to make economic emergency loans (currently the Secretary is authorized to make such loans, but not required). Authorizes additional amounts in loan guarantees for such program.

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Documents

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 18 March 1983

  Open at official source

• Introduced in Senate

  summary · EN · 26 January 1983

  Open at official source

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