A bill to advance a portion of Commodity Credit Corporation loans to eligible producers, to support the 1985 planting season operation and for other purposes.
Farm Emergency Credit Act of 1985 - Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to make advance (recourse) price support loans available for 1985 to producers unable to secure sufficient credit elsewhere. Makes up to one-third of such crop eligible for advance payments. Permits loan conversion to nonrecourse status upon harvest and availability as loan collateral. Administers such program through the Commodity Credit Corporation and the local farmer committees.
Requires a participating producer to: (1) obtain crop insurance if available; and (2) use his crop as loan collateral.
Limits loans to any single person to $30,000.
Directs the Secretary to take immediate steps to make personnel and other Department of Agriculture resources available to improve the administration of such program.
Introduced in Senate
Introduced in the Senate, read the first time.
Placed on Senate Legislative Calendar under Read the First Time.
Read the second time and placed on the Calendar. General Orders. Calendar No. 79.
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