Summary: H.R.6129 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.6129. Bill summaries are authored by CRS.

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Introduced in House (10/03/1992)

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 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 by the Secretary.

Provides assistance in the form of operating 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; (2) develop a simplified application for loans $50,000 or less; (3) provide for the graduation of FmHA direct loan borrowers to FmHA guaranteed loans; and (4) maintain gender-based loan records and include women among the targeted loan recipients.

Sets forth provisions regarding the transfer of Indian lands pledged as FmHA loan collateral, including properties containing a hazardous substance.

Extends the period during which county committee loan eligibility certification remains in effect.

Sets forth debt service margin requirements including the 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.

Amends the Agricultural Credit Act of 1987 to increase the Federal assistance ceiling for State agricultural loan mediation programs.