An Act to amend and extend the Emergency Livestock Credit Act of 1974, and for other purposes.

(Senate agreed to conference report)

Directs the extension of financial assistance to bona fide farmers and ranchers who have substantial operations in breeding, raising, fattening, or marketing livestock.

Provides assistance to dairy farmers who suffered losses due to chemically-contaminated feed.

Permits the secondary financing of the guaranteed portions of livestock loans under the Emergency Livestock Credit Act, through the Federal Financing Bank.

Provides that no contract guaranteeing loans by a lender shall require the Secretary of Agriculture to participate in more than 90 percent (currently 80 percent) of any loss sustained thereon.

Permits loans for the period reasonably required by the needs of the borrower, taking into consideration the security he has available, but not exceeding an original term of seven years, renewable for three years.

States that the total principal balance outstanding at any one time on loans guaranteed under this Act for any borrower shall not exceed $350,000.

Allows the Secretary to accept collateral which has depreciated in value owing to temporary economic conditions and which in the opinion of the lender, together with his confidence in the repayment ability of the borrower, is adequate security for the loan.

Sets the amount of loan guarantees which may be outstanding at any one time at $1,500,000,000. Authorizes the Secretary to use the funds from the Agriculture Credit Insurance Fund to purchase the guaranteed portion of any loan made pursuant to this Act and to pay such expenses and fees incident to such purchases.

Terminates the authority to make new guarantees on December 31, 1976.

Requires reports annually to the House Agriculture Committee and the Senate Agriculture and Forestry Committee on the effectiveness of this Act.

Provides that contracts of guarantee under the Consolidated Farm and Rural Development Act shall not require the Secretary to guarantee more than 90 percent of the principal and interest on such loans.