A bill to amend subtitle B of the Consolidated Farm and Rural Development Act to permit the consolidation of operating loans under such subtitle.

Summary

Authorizes the Secretary of Agriculture, under the Consolidated Farm and Rural Development Act, as amended, to refinance and consolidate two or more operating loans at the request of the borrower, without regard to whether such loans have been previously renewed. Allows the Secretary to release any or all of the security for the prior loans and to require such new security as he deems necessary. States that the interest rate for such consolidated loans shall be the established rate for operating loans, and the repayment term not more than ten years or the useful life of the security. Permits Federal insurance of such loans. Limits the principal amount of such loans, except those made during fiscal year 1977, to the amount prescribed by Congress in the annual appropriation for operating loans.

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1 official file

• Introduced in Senate

  summary · EN · 4 February 1977

  Open at official source

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