Agricultural Credit Act of 1978

Summary

Agricultural Credit Act - Title I: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to establish a low-income farm ownership loan program for owners or operators of small or family farms, and to extend eligibility for farm ownership, equipment and operating loans to farm cooperatives. Provides loans for agricultural, animal, or poultry waste pollution abatement and control facilities. Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000, or $300,000 in the case of a guaranteed loan. Removes the $500,000 ceiling from the aggregate principal of loans made using the Agricultural Credit Insurance Fund. Raises the ceiling on the annual aggregate amount of water and waste facility grants from $300,000 to $400,000, and increases from 50 percent to 75 percent the percentage of the development cost of such facilities which a grant may cover. Increases the amount of indebtedness which may be outstanding for operating loans for an individual from $50,000 to $100,000, or in the case of a guaranteed loan, $200,000. Authorizes the Secretary of Agriculture to purchase the guaranteed portion of any rural development loan using funds from the Rural Development Insurance Fund and the guaranteed portion of all other loans with funds from the Agricultural Credit Insurance Fund. Replaces the current provision for an up to five-year renewal of an operating loan with a provision for the consolidation or rescheduling of outstanding loans for payment over a period not to exceed seven years from the date of such consolidation or rescheduling. Authorizes the Secretary to make loans and grants, and approve transfers and assumptions under such Act in connection with property securing a loan made, insured, or held by the Secretary notwithstanding the fact an area ceases to be eligible for assistance under the Act. Authorizes the Secretary to provide a procedure for appeal and review of determinations by a county committee that a loan applicant is able to obtain sufficient credit elsewhere to finance his actual needs at reasonable rates and terms. Increases from $15,000 to $25,000 the amount of a claim that can be compromised without approval of the Administrator of the Farmers Home Administration. Authorizes the Secretary to grant a moratorium upon the payment by an individual of interest and principal on a loan, if there is a showing of temporary inability to continue making payments which is beyond the individual's control. Title II: Emergency Agricultural Credit Adjustment Act - Authorizes the Secretary to insure or guarantee loans for the purpose of making payment of principal and interest installments or refinancing, in whole or in part, equipment or operating loans, giving preference to owners of small or family farms. Permits the Secretary to guarantee up to 90 percent of such loans. Limits the total principal balance outstanding on insured or guaranteed loans to $400,000. Allows the total outstanding principal indebtedness of any borrower to reach $150,000 without approval of the senior State official of the Farmers Home Administration. Limits the total principal amount of all outstanding loans under this title during 1978 to $2,000,000,000 and during 1979 to $4,000,000,000. Terminates such program on December 31, 1979. Title III: Miscellaneous Provisions - Extends the Emergency Livestock Credit Act through September 30, 1979. Renames the Farmers Home Administration the Farm and Rural Development Administration.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 13 March 1978

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 13 March 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 March 1978

   Introduced

   Introduced in House

   Source: IntroReferral

4. 18 March 1978

   Reported

   Reported to House from the Committee on Agriculture with amendment, H. Rept. 95-986.

   Source: Committee

5. 18 March 1978

   Reported

   Reported to House from the Committee on Agriculture with amendment, H. Rept. 95-986.

   Source: Committee

6. 24 April 1978

   Vote

   Measure passed House, amended, roll call #246 (347-23).

   Source: Floor

7. 24 April 1978

   Vote

   Passed/agreed to in House: Measure passed House, amended, roll call #246 (347-23).

   Source: Floor

8. 24 April 1978

   Floor

   Measure called up by special rule in House.

   Source: Floor

9. 1 May 1978

   Calendars

   Placed on calendar in Senate.

   Source: Calendars

10. 2 May 1978

    ResolvingDifferences

    Conference scheduled in Senate.

    Source: ResolvingDifferences

11. 2 May 1978

    Floor

    Measure called up by unanimous consent in Senate.

    Source: Floor

12. 2 May 1978

    Vote

    Passed/agreed to in Senate: Measure passed Senate, amended, in lieu of S. 2146, roll call #146 (92-0).

    Source: Floor

13. 12 May 1978

    ResolvingDifferences

    Conference scheduled in House.

    Source: ResolvingDifferences

14. 11 July 1978

    ResolvingDifferences

    Conference report filed in House, H. Rept. 95-1344.

    Source: ResolvingDifferences

15. 11 July 1978

    ResolvingDifferences

    Conference report filed: Conference report filed in House, H. Rept. 95-1344.

    Source: ResolvingDifferences

16. 19 July 1978

    Failed

    Motion to recommit to the Committee of Conference rejected in House.

    Source: ResolvingDifferences

17. 19 July 1978

    Vote

    House agreed to conference report, roll call #573 (362-28).

    Source: ResolvingDifferences

18. 19 July 1978

    Vote

    Conference report agreed to in House: House agreed to conference report, roll call #573 (362-28).

    Source: ResolvingDifferences

19. 20 July 1978

    Passed

    Senate agreed to conference report.

    Source: ResolvingDifferences

20. 20 July 1978

    Passed

    Conference report agreed to in Senate: Senate agreed to conference report.

    Source: ResolvingDifferences

21. 24 July 1978

    Floor

    Measure presented to President.

    Source: Floor

22. 24 July 1978

    President

    Measure presented to President.

    Source: President

23. 24 July 1978

    President

    Measure enrolled in Senate.

    Source: President

24. 24 July 1978

    President

    Measure enrolled in House.

    Source: President

25. 4 August 1978

    President

    Public Law 95-334.

    Source: President

26. 4 August 1978

    Became law

    Signed by President.

    Source: BecameLaw

27. 4 August 1978

    President

    Signed by President.

    Source: President

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 5 August 1978

  ViewDownloadOpen at official source

• Conference report filed in House

  summary · EN · 11 July 1978

  Open at official source

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• Introduced in House

  summary · EN · 13 March 1978

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

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Sponsors

• Rep. Jones, Ed [D-TN-8] · D · Sponsor
• Rep. Foley, Thomas S. [D-WA-5] · D · Cosponsor
• Rep. Sebelius, Keith G. [R-KS-1] · R · Cosponsor
• Rep. de la Garza, E. [D-TX-15] · D · Cosponsor
• Rep. Jones, Walter B. [D-NC-1] · D · Cosponsor
• Rep. Mathis, Dawson [D-GA-2] · D · Cosponsor
• Rep. Brown, George E., Jr. [D-CA-42] · D · Cosponsor
• Rep. Bowen, David R. [D-MS-2] · D · Cosponsor
• Rep. Johnson, James P. (Jim) [R-CO-4] · R · Cosponsor
• Rep. Rose, Charlie [D-NC-7] · D · Cosponsor
• Rep. Richmond, Frederick W. [D-NY-14] · D · Cosponsor
• Rep. Nolan, Richard M. [D-MN-8] · D · Cosponsor
• Rep. Weaver, James H. [D-OR-4] · D · Cosponsor
• Rep. Baldus, Alvin J. [D-WI-3] · D · Cosponsor
• Sen. Jeffords, James M. [I-VT] · I · Cosponsor
• Rep. Krebs, John H. [D-CA-17] · D · Cosponsor
• Sen. Harkin, Tom [D-IA] · D · Cosponsor
• Rep. Hightower, Jack E. [D-TX-13] · D · Cosponsor
• Rep. English, Glenn [D-OK-6] · D · Cosponsor
• Rep. Fithian, Floyd J. [D-IN-2] · D · Cosponsor
• Rep. Hagedorn, Thomas M. [R-MN-2] · R · Cosponsor
• Rep. Jenrette, John W., Jr. [D-SC-6] · D · Cosponsor
• Rep. Thornton, Ray [D-AR-4] · D · Cosponsor
• Rep. Skelton, Ike [D-MO-4] · D · Cosponsor
• Rep. Huckaby, Thomas J. (Jerry) [D-LA-5] · D · Cosponsor
• · hsag00 · Standing

Related records

• related to → Agricultural Credit Act
• related to → Resolution providing for the consideration of H.R. 11504. A bill to amend the Consolidated Farm and Rural Development Act, provide an economic emergency loan program to farmers and ranchers in the United States, and extend the Emergency Livestock Credit Act.
• related to ← Agricultural Credit Act
• related to ← A bill to amend the Consolidated Farm and Rural Development Act, as amended.

Related across the Repo ecosystem

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