Emergency Loans Reform Act of 2024

Bill: 118-s-5207
Sponsor: full_name: Sen. Welch, Peter [D-VT]
Introduced: 2024-09-25
Policy area: Agriculture and Food
Latest action: action_date: 2024-09-25
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5207 IN THE SENATE OF THE UNITED STATES September 25, 2024 Mr. Welch (for himself, Ms. Smith , and Mr. Sanders ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Consolidated Farm and Rural Development Act to modify certain requirements relating to emergency loans, and for other purposes.

1. Short title This Act may be cited as the Emergency Loans Reform Act of 2024 . 2. Factors for consideration in making loan determinations Section 322 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1962 ) is amended— (1) by striking the section designation and all that follows through For in subsection (a) and inserting the following: 322. Factors for consideration in making loan determinations For ; and (2) by striking subsection (b). 3. Financial assistance based on production losses Section 329 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1970 ) is amended— (1) by striking the section designation and all that follows through The Secretary in the first sentence and inserting the following: 329. Financial assistance based on production losses (a) In general The Secretary ; (2) in subsection (a) (as so designated)— (A) by striking if the applicant and inserting the following: “if— (1) the applicant ; (B) in paragraph (1) (as so designated), by striking at least a 30 per centum and all that follows through in effect for the previous year and the and inserting the following: “a qualifying production loss, as determined by the Secretary, as a result of the disaster; and (2) the ; and (C) in paragraph (2) (as so designated), by striking Such loans and inserting the following: (b) Requirement A loan under subsection (a) ; and (3) in subsection (b) (as so designated)— (A) by striking per centum, and inserting percent, ; and (B) by striking per centum as and inserting percentage as .