A bill to provide emergency credit assistance to farmers, and for other purposes.
Emergency Agricultural Credit Act of 1983 - Amends the Consolidated Farm and Rural Development Act to permit family farmers to request economic hardship loan repayment and foreclosure deferrals through FY 1983. Requires a showing of: (1) good management; (2) temporary inability to repay because of circumstances beyond one's control; and (3) reasonable chance of repayment.
Provides for loan consolidation and rescheduling at the end of such deferral period.
Requires the Secretary of Agriculture to provide notification to Farmers Home Administration borrowers regarding such deferral and rescheduling programs.
Requires deferred or rescheduled loan interest rates to be at the lower of either original or current rates.
Raises limits on individual aggregate guaranteed and insured operating loans.
Extends the maximum payment period from seven to 15 years. Authorizes specified amounts for FY 1983 operating loans. Sets aside a specified portion for new borrowers.
Requires that at least 20 percent of FY 1983 farm ownership and operating loans be for limited-resource farmers. Requires the Secretary to notify all farmers about such program.
Extends the economic emergency loan program through FY 1984. Authorizes additional amounts in loan guarantees for such program.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
Referred to Subcommittee on Agricultural Credit.
Committee on Agriculture. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Agriculture received executive comment from Agriculture Department. Unfavorable.
Committee on Agriculture. Reported to Senate by Senator Helms with an amendment in the nature of a substitute. With written report No. 98-28.
Committee on Agriculture. Reported to Senate by Senator Helms with an amendment in the nature of a substitute. With written report No. 98-28.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 57.
Subcommittee on Agricultural Credit. Hearings held after full committee reported to Senate. Hearings printed: S.Hrg. 98-135.
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