HR 5733
114th Congress
House
Agriculture and Food
Agricultural conservation and pollution
Agricultural prices, subsidies, credit
Government lending and loan guarantees
Minority and disadvantaged businesses
Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 30, 2016
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Jul 12, 2016
Introduced in House
Jul 12, 2016
Referred to the House Committee on Agriculture.
Plain-English summary
Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016
This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program.
The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan.
USDA may not guarantee a loan under the program that exceeds $3.5 million.
What's happening now
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Committees of jurisdiction
2