Summary: H.R.1975 — 93rd Congress (1973-1974)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Public Law No: 93-24 (04/20/1973)

(LATEST SUMMARY)

Repeals the legislation establishing an emergency agricultural and rural loan program under the Consolidated Farm and Rural Development Act, for disasters occurring after June 30, 1971, and July 1, 1973.

Requires the Secretary of Agriculture to make loans in any area designated by him or by the President as a major disaster area: (1) to qualifying farmers, ranchers, or oyster planters who are citizens of the United States; and (2) to eligible private domestic corporations or partnerships engaged primarily in farming ranching, or oyster planting.

Establishes a 5 percent interest rate on emergency agricultural loans.

Increases from $100,000,000 to $500,000,000 the limitation on loans made from the Agricultural Credit Insurance Fund.

Allows eligible applicants in natural disaster areas designated by the Secretary between January 1, 1972, and December 27, 1972, to apply for 1 percent disaster loans if applications have been accepted within 18 days of enactment of this Act.