A bill to amend the Farm Credit Act of 1971 to provide certain protections for borrowers, and for other purposes.
Farm Credit Borrower Protection Act of 1985 - Amends the Farm Credit Act of 1971 to require Farm Credit System institutions to disclose borrower information regarding annual loan costs and payments, variable interest rates, and defaults.
Directs the Farm Credit Administration to prescribe regulations relating to variable interest rates on loans from System institutions.
Provides, with regard to an adverse credit decision, that: (1) the applicant shall be given written notice and explanation of such decision; and (2) System institutions shall establish credit committees to review, upon applicant request, adverse credit decisions.
House Incorporated this Measure in S.1884 as an Amendment.
Introduced in House
Introduced in House
Referred to House Committee on Agriculture.
Referred to Subcommittee on Conservation Credit and Rural Development.
Executive Comment Requested from USDA.
See H.R.3792.
Unfavorable Executive Comment Received From Farm Credit Admin.
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