H.R. 15332 (93rd): Livestock Producers and Feeders Act

Introduced:
Jun 12, 1974 (93rd Congress, 1973–1974)
Status:
Died (Referred to Committee)
Sponsor
James Abdnor
Representative for South Dakota's 2nd congressional district
Party
Republican
Related Bills
H.R. 15137 (identical)

Referred to Committee
Last Action: May 30, 1974

 
Status

This bill was introduced on June 12, 1974, in a previous session of Congress, but was not enacted.

Progress
Introduced Jun 12, 1974
Referred to Committee Jun 12, 1974
 
Full Title

A bill to amend the Consolidated Farm and Rural Development Act to establish a loan program for livestock producers and feeders.

Summary

No summaries available.

Cosponsors
none
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.


6/12/1974--Introduced.
Livestock Producers and Feeders Act - Directs that, for a period of one year from the enactment of this Act, the Secretary of Agriculture shall insure loans made by a lender other than the United States, or made by the Secretary and sold to such lender, to a borrower in the United States who
(1) is a citizen of the United States;
(2) is or has been engaged in livestock producing and feeding operations to an extent and in a manner determined by the Secretary as necessary to assure reasonable prospects of success in livestock producing endeavors financed by loans insured under this Act;
(3) is unable to obtain sufficient credit to finance his actual needs in the livestock producing business at reasonable rates and terms, as determined by the Secretary after considering prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time;
(4) has, if he has received previously a loan insured under this Act, performed successfully the terms of such loan; and
(5) is not an operator of a commercial feedlot.
Stipulates that, subject to the approval to the county committee, the amount of any loan isured under this Act shall be determined by the lender, but in no case shall such amount exceed $250,000.
Sets forth requirements pertaining to the insurance of loans and to the rate of interest payments to be made.
Establishes the Livestock Feeders Insurance Fund, which shall be used by the Secretary as a revolving fund for the discharge of obligations of the Secretary under the provisions of this Act. Directs the Secretary to utilize the fund:
(1) to make loans which can be insured under this Act whenever he has reasonable assurance that they can be sold without undue delay, and he may sell and insure such loans;
(2) to pay amounts to which the holder of insured notes is entitled on loans accruing between the date of any payments by the borrower and the date of transmittal of any such payments to the holder; and/or
(3) to pay to the holder of insured notes any defaulted installment, or upon assignment of the note to the Secretary at the Secretary's request, the entire balance due on the loan.

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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