H.R.1975 - An Act to amend the emergency loan program under the Consolidated Farm and Rural Development Act, and for other purposes.93rd Congress (1973-1974)
|Sponsor:||Rep. Alexander, Bill [D-AR-1] (Introduced 01/15/1973)|
|Committees:||House - Agriculture | Senate - Agriculture and Forestry|
|Committee Reports:||H.Rept 93-15; S.Rept 93-85; H.Rept 93-119|
|Latest Action:||04/20/1973 Public law 93-24. (All Actions)|
|Roll Call Votes:||There have been 2 roll call votes|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.1975 — 93rd Congress (1973-1974)All Information (Except Text)
Public Law No: 93-24 (04/20/1973)
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.