H.R. 6129 (102nd): Agricultural Credit Improvement Act of 1992

Introduced:
Oct 03, 1992 (102nd Congress, 1991–1992)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 102-554.
Sponsor
Eligio “Kika” de la Garza
Representative for Texas's 15th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Oct 28, 1992
Length
Related Bills
H.R. 4906 (Related)
Agricultural Credit Improvement Act of 1992

Passed Senate with Changes
Last Action: Oct 07, 1992

S. 3310 (Related)
Agricultural Credit Amendments Act of 1992

Referred to Committee
Last Action: Oct 02, 1992

 
Status

This bill was enacted after being signed by the President on October 28, 1992.

Progress
Introduced Oct 03, 1992
Referred to Committee Oct 03, 1992
Passed House Oct 04, 1992
Passed Senate Oct 08, 1992
Signed by the President Oct 28, 1992
 
Full Title

To amend the Consolidated Farm and Rural Development Act to establish a program to aid beginning farmers and ranchers and to improve the operation of the Farmers Home Administration, and to amend the Farm Credit Act of 1971, and for other purposes.

Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (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.

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.


10/3/1992--Introduced.
Agricultural Credit Improvement Act of 1992 - Amends the Consolidated Farm and Rural Development Act to state that the interest rate for loans sold into the secondary market may be lower than the interest rate on the retained portion, but may not exceed the average interest rate charged by the lender on loans made to farm and ranch borrowers.
Provides for Federal-State coordination of assistance for beginning farmers and ranchers.
Directs the Secretary of Agriculture (Secretary) to establish an Advisory Committee on Beginning Farmers and Ranchers. Authorizes the Secretary to make grants for rural passenger transportation services or facilities.
Directs the Secretary to establish within the farm ownership loan program a ten-year down payment loan program for beginning farmers and ranchers.
Sets forth loan terms.
Limits the availability of certain agricultural loans and guarantees to beginning farmers and ranchers during specified applicable periods.
Directs the Secretary to establish a program of assistance (ten-year maximum) for beginning farmers and ranchers.
Requires an applicant to submit a farm operations plan (plan) to the appropriate county committee, which must be approved by the committee and by the Secretary. Provides assistance in the form of operating and equipment loan guarantees.
Gives applicants priority for equipment purchases in the Farmers Home Administration (FmHA) inventory.
Terminates assistance for avoidable failure to achieve plan goals.
Directs the Secretary to:
(1) establish a program to encourage borrowers with operating loans or guarantees to graduate to private commercial credit sources;
(2) develop a simplified application for loans $50,000 or less;
(3) provide for the graduation of FmHA direct loan borrowers to FmHA guaranteed loans; and
(4) maintain gender-based loan records and include women among the targeted loan recipients.
Sets forth provisions regarding the transfer of Indian lands pledged as FmHA loan collateral, including properties containing a hazardous substance.
Extends the period during which county committee loan eligibility certification remains in effect.
Sets forth debt service margin requirements including the establishment of a certified lenders program.
Defines "qualified beginning farmer or rancher" for assistance purposes.
Sets aside specified percentages of operating and ownership loan assistance for beginning farmers or ranchers.
Amends the Agricultural Credit Act of 1987 to increase the Federal assistance ceiling for State agricultural loan mediation programs.

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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