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Agricultural Credit Restoration Act

Introduced: March 19, 1998 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 17, 1998

Sponsor introductory remarks on measure. (CR H5848)

Mar 24, 1998

Executive Comment Requested from USDA.

Mar 24, 1998

Referred to the Subcommittee on Forestry, Resource Conservation and Research.

Mar 19, 1998

Referred to the House Committee on Agriculture.

Mar 19, 1998

Introduced in House

Plain-English summary Congressional Research Service

Agricultural Credit Restoration Act - Amends the Consolidated Farm and Rural Development Act to exclude from "debt forgiveness": (1) loan rescheduling, consolidation, deferral, or reamortization; (2) one debt forgiveness due to natural disaster or family medical condition; and (3) loan restructuring, write-down, or buy-out as part of the resolution of a discrimination complaint against the Secretary of Agriculture (thus excluding such situations from the ban on lending program eligibility for producers with restructured farm debt).

Increases the number of permitted loan (including direct operating and guaranteed loan) write-downs or buy-outs per borrower from one to two.

Eliminates the aggregate limitation on per borrower debt forgiveness.

Authorizes interstate allocation of unused funds for socially disadvantaged farmers and ranchers.

What's happening now July 17, 1998

Sponsor introductory remarks on measure. (CR H5848)

Committees of jurisdiction 2