H.R.5741 - Perishable Agricultural Commodities Act Technical Amendments of 1992102nd Congress (1991-1992)
|Sponsor:||Rep. de la Garza, E. [D-TX-15] (Introduced 07/31/1992)|
|Committees:||House - Agriculture | Senate - Agriculture, Nutrition, and Forestry|
|Committee Reports:||H.Rept 102-788|
|Latest Action:||Senate - 08/12/1992 Read twice and referred to the Committee on Agriculture. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.5741 — 102nd Congress (1991-1992)All Information (Except Text)
Passed House amended (08/10/1992)
Perishable Agricultural Commodities Act Technical Amendments of 1992 - Reaffirms specified findings under the Perishable Agricultural Commodities Act, 1930 that: (1) a burden on commerce is caused by financing arrangements under which buyers of perishable agricultural commodities give lenders a security interest in commodity trust assets; and (2) such arrangements are against the public interest.
Amends such Act to require lenders who finance the business operations of perishable agricultural commodities commission merchants, dealers, or brokers to hold certain assets they receive in trust for the benefit of unpaid sellers, whether or not the lenders hold a security interest in such trust assets.