An Act to extend the provisions of the Fishermen's Protective Act of 1967, relating to the reimbursement of seized commercial fishermen, until October 1, 1978.

(Senate agreed to House amendments with an amendment)

Amends the Fisherman's Protective Act of 1967 to extend to October 1, 1978, the period during which reimbursement under the Act is available to commercial fishermen seized by foreign nations.

Establishes a loan program for U.S. fishermen whose vessels or gear are lost, damaged, or destroyed by foreign fishing activity.

Stipulates that such loans: (1) be for an amount not exceeding the value of the loss; (2) be conditional upon assignment to the Secretary of Commerce and right to recover such loss; and (3) bear interest at a rate not to exceed 3 1/2 percent per year.

Directs the Secretary to use the Fishermen's Protective Fund created under such Act in making loans under this Act.

Restricts eligibility to claims that have not been substantially resolved and which occurred after July 1, 1976.

Requires investigation by the Secretary of each incident of loss, damage, or destruction and cancellation of repayment of the loan if the owner or operator receiving the loan was not at fault.

Directs the Secretary to take action to collect on any right assigned under this Act.