S.985 - A bill to amend the Consolidated Farm and Rural Development Act.96th Congress (1979-1980)
|Sponsor:||Sen. Talmadge, Herman E. [D-GA] (Introduced 04/23/1979)(by request)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Committee Reports:||S.Rept 96-168; H.Rept 96-1394|
|Latest Action:||10/13/1980 Public Law 96-438. (PDF) (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- Resolving Differences
- To President
- Became Law
Summary: S.985 — 96th Congress (1979-1980)All Information (Except Text)
(Conference report filed in House, H. Rept. 96-1394)
Conference report filed in House (09/25/1980)
Amends the Consolidated Farm and Rural Development Act to authorize the Farmers Home Administration to make or insure loans for: (1) the acquisition, installation, and modification of nonfossil energy systems on family farms; (2) community facilities to communities with populations up to 20,000 people (presently 10,000); and (3) the promotion of rural industrialization by encouraging the development of energy systems not utilizing fossil fuels.
Includes aliens legally admitted for permanent residence among those eligible for all Farmers Home Administration programs authorized under such Act.
Requires that any limitations on the amount of emergency loans to any one borrower, which may be imposed by the Secretary by regulation, take into consideration the operations and financial status of each borrower.
Directs the Secretary of Agriculture to conduct the emergency loan program under such Act so as to foster and encourage the family system of agriculture.
Prohibits making or insuring loans exceeding the amount of actual loss unless the Secretary determines the applicant is unable to obtain a guaranteed loan from a private or cooperative lending agency sufficient to finance actual needs. Directs the Secretary to require at least one written indication of declination of credit for loans up to $300,000 and at least two such written indications for loans over $300,000. Authorizes the Secretary to waive such requirement for loans up to $300,000 if an undue burden would be imposed on any applicant.
Limits the amount of any emergency loan covering actual loss caused by a disaster to the amount of actual loss on $500,000, whichever is less, per disaster. Limits the amount of any emergency loan for purposes other than to cover actual losses to an amount that would not cause the total unpaid indebtedness of the borrower for such loans to exceed differing specified amounts for fiscal years 1980, 1981, and 1982.
Authorizes the Secretary to make or insure emergency loans, notwithstanding specified credit requirements, to applicants able to obtain sufficient credit elsewhere to finance their actual needs at reasonable rates and terms: (1) limited to the actual loss up to $500,000 per disaster; (2) at interest rates prescribed by the Secretary, but not in excess of the cost of money to the Government plus an additional charge of up to one percent per year; and (3) subject to other terms and conditions for similar emergency loans.
Requires that, under the emergency loan program, the interest rate for guaranteed loans exceeding the amount of the actual loss be negotiable, but not in excess of a rate the Secretary may determine.
Authorizes the Secretary to pay interest subsidies in specified limited amounts to lenders for those portions of guaranteed loans representing actual losses.
Shortens the length of time for which subsequent emergency loans for annual operating purposes are authorized, from five additional years to two additional years.
Specifies the maximum aggregate principal amounts for insured and guaranteed real estate, operating, and emergency loans under the Agriculture Credit Insurance Fund; and water sewer facility, industrial development, and community facility loans under the Rural Development Insurance Fund for each of the fiscal years 1980, 1981, and 1982.
Directs the Secretary to develop, and submit to the appropriate congressional committees, long-term cost projections for specified loan programs.