(Sec. 3) Increases the number of occasions of permitted loan or loan guarantee debt forgiveness per borrower from one to two. Includes as an exception to such limitation an operating loan or loan guarantee to an individual whose payments are current under a specified reorganization plan.
(Sec. 4) Eliminates capital item replacement expenses in determinations of farmer program loan guarantee eligibility.
(Sec. 5) Permits excess funds obligated for socially disadvantaged farmers to be reallocated for such use in another State (currently limited to intrastate reallocation).
(Sec. 6) Permits direct operating loans and loan guarantees to be made to persons in areas: (1) affected by a natural disaster or designated emergency; or (2) determined to be suffering from an economic emergency.
(Sec. 7) Revises (shared appreciation arrangement) recapture percentage provisions.
Introduced in House
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on General Farm Commodities, Resource Conservation and Credit.
Executive Comment Requested from USDA.
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