Fair Credit for Farmers Act

This bill changes federal farm loan programs run by the U.S. Department of Agriculture. For two years, it would defer payments on direct farm loans for delinquent or financially distressed borrowers, set the interest rate on those loans at 0.125 percent, and extend their repayment periods by two years. It would require lenders to waive guarantee fees on guaranteed farm loans to beginning, veteran, limited resource, and socially disadvantaged farmers for at least two years. It also changes loan eligibility, refinancing, and collateral rules, including limits on using a borrower's home as security. It lets appeals hearing officers grant equitable relief and requires the agency, rather than the farmer, to prove its decision was correct in appeals by farmers with adjusted gross income of $300,000 or less.

Full text and official record on Congress.gov

Sponsors

• Alma S. Adams Democrat sponsor
• 2 cosponsors