A bill to amend subtitle C of the Consolidated Farm and Rural Development Act to reduce the rate of interest on emergency loans made under such subtitle, to increase the term of such loans.

Summary

Reduces the rate of interest on emergency agricultural loans under the Consolidated Farm and Rural Development Act from five to one percent annually on the portion of a loan equal to the amount of the actual disaster loss, or $50,000, whichever is less. Sets the interest rate on any amount of a loan in excess of the actual disaster loss or in excess of $50,000 at five percent annually. Prohibits credit tests on any amount of a loan up to an amount equal to the actual disaster loss or $50,000; and limits, with a general exception, any loan made or insured under this Act to the amount of the actual disaster loss or $50,000, whichever is less. Increases the loan term to 20 years.

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1 official file

• Introduced in Senate

  summary · EN · 18 January 1977

  Open at official source

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