H.R.4906 - Agricultural Credit Improvement Act of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. English, Glenn [D-OK-6] (Introduced 04/09/1992)|
|Committees:||House - Agriculture | Senate - Agriculture, Nutrition, and Forestry|
|Committee Reports:||H.Rept 102-783|
|Latest Action:||Senate - 10/08/1992 Message on Senate action sent to the House. (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
Summary: H.R.4906 — 102nd Congress (1991-1992)All Information (Except Text)
Passed Senate amended (10/07/1992)
Agricultural Credit Improvement Act of 1992 - Amends the Consolidated Farm and Rural Development Act to state that the interest rate for loans sold into the secondary market may be lower than the interest rate on the retained portion, but may not exceed the average interest rate charged by the lender on loans made to farm and ranch borrowers.
Provides for Federal-State coordination of assistance for beginning farmers and ranchers.
Directs the Secretary of Agriculture (Secretary) to establish an Advisory Committee on Beginning Farmers and Ranchers.
Authorizes the Secretary to make grants for rural passenger transportation services or facilities.
Directs the Secretary to establish within the farm ownership loan program a ten-year down payment loan program for beginning farmers and ranchers. Sets forth loan terms.
Limits the availability of certain agricultural loans and guarantees to beginning farmers and ranchers during specified applicable periods.
Directs the Secretary of Agriculture to establish a program of assistance (ten-year maximum) for beginning farmers and ranchers. Requires an applicant to submit a farm operations plan (plan) to the appropriate county committee, which must be approved by the committee and then by the Secretary of Agriculture.
Provides assistance in the form of operation and equipment loan guarantees. Gives applicants priority for equipment purchases in the Farmers Home Administration (FmHA) inventory.
Terminates assistance for avoidable failure to achieve plan goals.
Directs the Secretary to: (1) establish a program to encourage borrowers with operating loans or guarantees to graduate to private commercial credit sources; and (2) provide for the graduation of FmHA direct loan borrowers to FmHA guaranteed loans.
Extends: (1) loan service program consideration under extraordinary circumstances; and (2) the time period during which county committee loan eligibility certification remains in effect.
Sets forth provisions for processing farm operating loan applications. Requires the Secretary to develop a simplified loan application for loans of $50,000 or less.
Authorizes the leasing or leasing-with-purchase-option of certain FmHA inventory land not otherwise suitable for sale.
Sets forth provisions regarding the transfer of Indian lands pledged as FmHA loan collateral, including properties containing a hazardous substance.
Sets forth debt service margin requirements, including establishment of a certified lenders program.
Defines "qualified beginning farmer or rancher" for assistance purposes.
Sets aside specified percentages of operating and ownership loan assistance for beginning farmers or ranchers.
Targets loans to members of groups subject to gender prejudice. Requires loan recordkeeping by borrower's gender.
Amends the Agricultural Credit Act of 1987 to increase the Federal share available for State loan mediation programs.