H.R. 2120 (100th): Farm Debt Restructuring Act of 1987

Introduced:
Apr 22, 1987 (100th Congress, 1987–1988)
Status:
Died (Referred to Committee)
Sponsor
Anthony Coelho
Representative for California's 15th congressional district
Party
Democrat
Related Bills
H.R. 3030 (Related)
Agricultural Credit Act of 1987

Signed by the President
Jan 06, 1988

 
Status

This bill was introduced on April 22, 1987, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 22, 1987
Referred to Committee Apr 22, 1987
 
Full Title

A bill to direct the Secretary of Agriculture to provide Federal assistance payments on behalf of eligible farm borrowers who enter into debt restructuring agreements in amounts that will enable viable farming enterprises to remain in operation.

Summary

No summaries available.

Cosponsors
4 cosponsors (4D) (show)
Committees

House Agriculture

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


4/22/1987--Introduced.
Farm Debt Restructuring Act of 1987 - Directs the Secretary of Agriculture to make assistance payments on behalf of eligible farmers who enter into qualified debt restructuring agreements.
Bases eligibility upon:
(1) farm ownership;
(2) farm loan indebtedness;
(3) farm income and sales; and
(4) gross farm income.
Requires:
(1) a qualified debt restructuring agreement to provide for specified principal and interest reductions, and no loan origination fees or points; and
(2) the parties to consider loan extensions of at least five years.
Sets maximum annual payment amounts.
Provides for a three-year period of assistance.
Requires borrowers to fully reimburse the Secretary over five years, beginning five years (with a two-year postponement if necessary) after the first assistance payment has been made.
Amends the Food Security Act of 1985 to prohibit debt restructuring assistance under this Act to borrowers who produce commodities on erodible land or on converted wetlands.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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