A bill to amend the Consolidated Farm and Rural Development Act to provide agricultural credit assistance to borrowers of loans made by legally organized lending institutions, and for other purposes.
Agricultural Credit Assistance Act of 1984 - Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to temporarily take over lending institution-held agricultural loans (at from 75 percent to 95 percent of original value) at reduced interest rates. Requires the Secretary to issue such a lending institution an obligation for the amount of the take-over.
Limits loan amounts to $750,000 and maximum interest rate buy-downs to five percent.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line