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S 2765 98th Congress Senate Agriculture and Food Agricultural credit Agriculture and Rural Affairs Federally-guaranteed loans

A bill to amend the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to guarantee certain outstanding agricultural loans which are modified by private lenders, and for other purposes.

Introduced: June 14, 1984 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 21, 1984
Referred to Subcommittee on Agricultural Credit.
Jun 21, 1984
Committee on Agriculture requested executive comment from Agriculture Department.
Jun 14, 1984
Introduced in Senate
Jun 14, 1984
Read twice and referred to the Committee on Agriculture.
 Plain-English summary Congressional Research Service

Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to guarantee certain lending institution-held farm loans.

Provides, with regard to such program, for: (1) Federal guarantees of 90 percent of between 80 and 90 percent of the original obligation, with such ten to 20 percent debt obligation transferred to the Federal Government in exchange for the guarantee; (2) extended loans of up to 20 years; (3) county committee applicant certification; (4) lender interest rates not in excess of three percent plus the existing local Federal Reserve bank discount rate; (5) limited additional borrower debt; (6) discretionary three-year principal or interest deferrals owed to the Secretary; and (7) individual debt limits.

Directs the Secretary to conduct a feasibility study for a Federal program to reduce farmland foreclosure sales through multiparty agreements with lenders and borrowers to transfer or adjust the terms of such loans.

What's happening now June 21, 1984

Referred to Subcommittee on Agricultural Credit.

 Committees of jurisdiction 2