Bill > HR6169

This bill provides comprehensive reforms to farm loans and the agricultural loan appeals process, focusing on supporting farmers facing financial challenges. The legislation offers a two-year payment deferment for eligible borrowers, including limited resource, socially disadvantaged, beginning, and veteran farmers who are either delinquent or financially distressed. During this period, direct farm loan interest rates will be reduced to 0.125 percent, and guaranteed farm loan fees will be waived for covered producers. The bill also reforms farm loan eligibility requirements, making it easier for beginning farmers to qualify by allowing waivers of experience requirements if the farmer has a mentoring relationship or acceptable alternative experience. Additionally, the legislation changes how farm loans can be used for debt refinancing, removes previous restrictions on loan eligibility based on debt write-downs, and significantly reforms the National Appeals Division process by shifting the burden of proof to the agency for appellants with adjusted gross incomes below $300,000. The bill aims to provide more supportive and flexible lending practices for farmers, particularly those who are economically vulnerable or just starting in agriculture.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/6169/all-info