S.371 - Emergency Farm Credit Assistance Act of 198599th Congress (1985-1986)
|Sponsor:||Sen. Abdnor, James [R-SD] (Introduced 01/31/1985)|
|Committees:||Senate - Agriculture, Nutrition, and Forestry|
|Latest Action:||Senate - 01/31/1985 Read twice and referred to the Committee on Agriculture. (All Actions)|
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Summary: S.371 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in Senate (01/31/1985)
Emergency Farm Credit Assistance Act of 1985 - Amends the Consolidated Farm and Rural Development Act to include "circumstances beyond the borrower's control" (such as income reduction due to death, unemployment, or disaster, or unplanned farm and home operating expenses) as a basis for loan or mortgage foreclosure deferral.
Directs the Secretary of Agriculture to release to borrowers from normal income security (as defined by this Act) amounts sufficient to assure living and farm operating expenses.