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S 1592 112th Congress Senate Agriculture and Food Agricultural prices, subsidies, credit Disaster relief and insurance Family relationships Government lending and loan guarantees

Agricultural Credit Expansion Act

Introduced: September 21, 2011 Introduced by: Gillibrand, Kirsten E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 21, 2011
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Sep 21, 2011
Introduced in Senate
 Plain-English summary Congressional Research Service

Agricultural Credit Expansion Act - Amends the Consolidated Farm and Rural Development Act to expand eligibility for Farm Service Agency operating loans, farm ownership loans, conservation loans, and emergency loans.

Deems specified embedded entities (an entity owned wholly or in part by another entity) eligible for farm ownership and operating loans.

Deems specified operating-only entities eligible for farm ownership loans.

Directs the Secretary of Agriculture (USDA) to determine that an entity that is an owner-operator or operator meets the direct ownership loan requirement if it is owned in whole or in part by other entities and each individual that is an owner of the family farm involved has an ownership interest in each of the other entities.

Permits direct loans to be used to refinance Farm Service Agency loans or guaranteed loans.

Eliminates the 15-year limitation on the period operating loan borrowers are eligible for guaranteed assistance.
What's happening now September 21, 2011

Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

 Committees of jurisdiction 1