Summary: S.1988 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.1988. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (11/21/1989)

Amends the Consolidated Farm and Rural Development Act with regard to farmland held by the Farmers Home Administration to: (1) prohibit giving preference to a purchaser who has been convicted of defrauding the Government; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase.

Amends the Farm Credit Act of 1971 with regard to farmland held by the Farm Credit System to: (1) provide for the forfeiture of the right of first refusal by a previous owner who has been convicted of defrauding the Government or the Farm Credit System; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase.