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S 719 99th Congress Senate Agriculture and Food Agricultural credit Agriculture and Rural Affairs Federally-guaranteed loans Finance and Financial Sector Interest

Modified Agricultural Debt Recovery Act of 1985

Introduced: March 20, 1985 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
Mar 20, 1985
Read twice and referred to the Committee on Agriculture.
Mar 20, 1985
Introduced in Senate
 Plain-English summary Congressional Research Service

Modified Agricultural Debt Recovery Act of 1985 - Amends the Consolidated Farm and Rural Development Act to authorize additional funds for FY 1985 Agricultural Credit Insurance Fund or Rural Development Insurance Fund loan guarantees.

Modifies the approved lender program to: (1) require lender applications to be approved or disapproved within ten days; (2) set maximum interest rates at two and one-half percent above the Federal Reserve rate; (3) extend the maximum loan repayment period to 15 years; (4) permit lenders to convert loans to federally guaranteed or insured loans (caps insured loans at 35 percent, and insured and guaranteed loans at 60 percent guarantees); and (5) entitle the lender and the Secretary of Agriculture to pro rated shares of any defaulted loan liquidation.

What's happening now March 20, 1985

Read twice and referred to the Committee on Agriculture.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1