Emergency Livestock Credit Act of 1974

(LATEST SUMMARY)

Emergency Livestock Credit Act - Authorizes the Secretary of Agriculture to establish a guaranteed loan program for bona fide farmers and ranchers, including operators of feedlots, who are directly engaged in agricultural production for the purpose of breeding, raising, fattening, or marketing livestock (meaning beef cattle, dairy cattle, swine, sheep, goats, chickens, turkeys, and the products thereof.

States that no contract guaranteeing any such loan by an approved lender shall require the Secretary to participate in more than 80 percent of any loss sustained thereon.

Provides that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower.

Sets forth conditions for such loan guarantees, including that: (1) the loan applicant is primarily engaged in agricultural production, and the financing to be furnished the farmer or rancher is to be used for purposes related to the breeding, raising, fattening, or marketing of livestock or livestock products; (2) the total loans guaranteed under this Act for any farmer or rancher shall not exceed $350,000; and (3) in the case of any loan to refinance the livestock operations of a farmer or rancher, the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business.

Limits such loan guarantees outstanding under this Act to a maximum of $2,000,000,000 at any one time.

Terminates the authority to make new guarantees under this Act one year from the date of enactment, except that the Secretary of Agriculture may extend such authority for a period not to exceed six months.