Emergency Livestock Credit Act of 1980

Summary

Emergency Livestock Credit Act of 1980 - Directs the Secretary of Agriculture to provide financial assistance to bona fide farmers and ranchers who are primarily and directly engaged in agricultural production and who have substantial operations in breeding, raising, fattening, or marketing livestock. Directs the Secretary to guarantee loans made by any legally-organized lending agency up to 90 percent of the principal and interest. Requires such lender, as a condition of the guarantee, to certify to the Secretary that the lender is unwilling to provide credit to the applicant in the absence of such guarantee, that the applicant is directly engaged in agricultural production and the financing provided is to be used for livestock purposes, and that the loan is to maintain existing operations. Establishes a ceiling on the amount of loans guaranteed for any borrower. Requires such loans to be secured by collateral acceptable to the Secretary. Establishes a ceiling on the total amount of loan guarantees outstanding. Excludes such guarantees from the budget totals of the United States Government. Applies the provisions of the Consolidated Farm and Rural Development Act to loans guaranteed under this Act.

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1 official file

• Introduced in Senate

  summary · EN · 22 April 1980

  Open at official source

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