Summary: H.R.1335 — 98th Congress (1983-1984)All Information (Except Text)

There is one summary for H.R.1335. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (02/08/1983)

Family Farm Emergency Credit Assistance Act of 1983 - Amends the Consolidated Farm and Rural Development Act to permit family farmers to request economic hardship loan repayment and foreclosure deferrals through December 31, 1983. Requires a showing of: (1) good management; (2) temporary inability to repay because of circumstances beyond one's control; and (3) reasonable chance of repayment.

Provides for loan consolidation and rescheduling at the end of such deferral period.

Requires the Secretary of Agriculture to provide notification to Farmers Home Administration borrowers regarding such deferral and rescheduling programs.

Prohibits deferred or rescheduled loan interest rates in excess of the original interest rates.

Requires the Governor of the Farm Credit Administration to submit recommendations to the appropriate congressional committees on how the Federal land banks and the Federal intermediate credit banks could implement a similar family farm credit assistance program.