H.R. 5733 · 114th Congress
Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016
- Stage
- In committee
- Sponsor
- Mike Bost
- Introduced
- 2016-07-12
- Latest action
- 2016-08-30 · Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Summary
Beginning Farmer and Rancher Guaranteed Loan Modernization Act of 2016
This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program.
The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan.
USDA may not guarantee a loan under the program that exceeds $3.5 million.