Summary: H.R.2653 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.2653. Bill summaries are authored by CRS.

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Introduced in House (07/26/2001)

Agricultural Credit Act of 2001 - Amends the Consolidated Farm and Rural Development Act to exclude from "debt forgiveness": (1) loan rescheduling, consolidation, deferral, or reamortization; (2) a write-down due to natural disaster or family medical condition; or (3) a write-down as part of the resolution of a discrimination complaint against the Secretary of Agriculture.

Increases the number of occasions of permitted loan or loan guarantee debt forgiveness per borrower from one to two. Includes as an exception to such limitation an operating loan or loan guarantee to an individual whose payments are current under a specified reorganization plan.

Permits excess funds obligated for socially disadvantaged farmers to be reallocated for such use in another State (currently limited to intrastate reallocation).

Permits direct operating loans and loan guarantees to be made to persons in areas: (1) affected by a natural disaster or designated emergency; or (2) determined to be suffering from an economic emergency.

Revises (shared appreciation arrangement) recapture percentage provisions.