Farm Credit System Borrowers' Protection Act of 1987 - Amends the Farm Credit Act of 1971 to provide that an eligible foreclosed Farm Credit System (System) borrower may retain occupancy (three to five years) of his or her homestead property (up to ten acres) for family maintenance purposes.
Grants such borrower first right of refusal to reacquire the property at the end of such occupancy period.
Prohibits the sale of System-held land if such sale will have a detrimental effect on land values in specified depressed farming areas.
Requires offers to sell System-held land to be made through local real estate agents. Requires the leasing of such land to be on a competitive bid basis.
Requires a System institution with individual shareholders to provide them with a copy of the bylaws and upon request a copy of the charter or articles of incorporation.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Referred to Subcommittee on Conservation Credit and Rural Development.
See H.R.3030.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line