Bill > HR5296

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. Allowing eligible economically distressed farmers and ranchers to defer payments of principal and interest on direct farm loans for 2 years, and extending the repayment period by at least 2 additional years. The interest rate on these loans will also be set to 0% for the initial 2-year period. 2. Requiring lenders of guaranteed farm loans to waive borrower fees for historically underserved farmers and ranchers during the 2-year period. 3. Reforming the farm loan program, including providing detailed reasons for adverse decisions, placing limitations on the use of a borrower's primary residence as collateral, and removing restrictions on eligibility based on previous debt write-downs or losses. 4. Shifting the burden of proof in National Appeals Division cases to the agency for appellants below a certain income threshold, and requiring the agency to use the Division's information in implementing final determinations.

Agriculture and Natural Resources

https://www.congress.gov/bill/118th-congress/house-bill/5296/all-info