Bill > HR7475

This bill, titled the "Expedited Guaranteed Lender Pilot Program Act," establishes a pilot program within the U.S. Department of Agriculture (USDA) to speed up the approval process for certain agricultural loans. Specifically, it aims to create a faster system for qualifying and approving borrowers who are seeking bridge loans that are guaranteed by the Secretary of Agriculture. These loans must be serviced by "Preferred Certified Lenders," which are lenders that have met certain USDA certification requirements, and provided to creditworthy borrowers as determined by these lenders. The program focuses on streamlining the Secretary's assessments and certifications needed for these loans, but it explicitly states that it does not waive or change any requirements of the underlying law, only the timing of application processing. The Secretary is required to report annually on the pilot program's progress and results to relevant Congressional committees, and the authority for this program will end on September 30, 2031.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/7475/all-info