Bill > S2668

This bill, the Fair Credit for Farmers Act of 2023, aims to reform farm loans and the National Appeals Division process at the Department of Agriculture. The key provisions are: 1. Deferment of payments on direct farm loans for "economically distressed farmers or ranchers" for 2 years, with an extension of the repayment period by at least 2 additional years. It also sets the interest rate on these loans to zero percent during the 2-year period. 2. Waiver of guaranteed farm loan fees for "historically underserved farmers or ranchers" for at least 2 years. 3. Reforms to farm loan processes, including requirements for the Department of Agriculture to provide more detailed information in adverse decision letters, restrictions on using principal residences as collateral, and removal of eligibility restrictions based on previous debt write-downs or losses. 4. Changes to the National Appeals Division process, including shifting the burden of proof to the agency for appellants below a certain income threshold and requiring the agency to use the information used by the Division in implementing final determinations.

Agriculture and Natural Resources

https://www.congress.gov/bill/118th-congress/senate-bill/2668/all-info