A bill to amend the Consolidated Farm and Rural Development Act to prescribe the period for accepting applications for emergency loan assistance under such Act, to modify the criteria used in determining the value of collateral used to secure emergency loans made under such Act, to modify the criteria used in determining the amount of the emergency loans made under such Act, and for other purposes.
Drought Assistance Equity Act - Amends the Consolidated Farm and Rural Development Act to: (1) provide for an eight-month disaster loan application period; (2) revise farmland collateral appraisal provisions (higher of the farm value as of one day or of one year before a disaster declaration); and (3) revise production loss determination provisions (higher of previous year's average monthly price or average monthly price for first three months after a disaster declaration).
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Referred to Subcommittee on Agricultural Credit.
Committee on Agriculture requested executive comment from Agriculture Department.
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