H.R.6386 - A bill to amend section 331A of the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to forgo foreclosure of certain loans and to make an adjusted loan schedule available to the borrower providing for equitable repayment terms consistent with the borrower's prospective cash flow.98th Congress (1983-1984)
|Sponsor:||Rep. Volkmer, Harold L. [D-MO-9] (Introduced 10/03/1984)|
|Committees:||House - Agriculture|
|Latest Action:||House - 10/03/1984 Referred to House Committee on Agriculture. (All Actions)|
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Summary: H.R.6386 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (10/03/1984)
Amends the Consolidated Farm and Rural Development Act to permit family farmers to request the Secretary of Agriculture for foreclosure deferrals and loan rescheduling based on prospective cash flow. 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.
Terminates such program on September 30, 1986.