An Act to amend and extend the Emergency Livestock Credit Act of 1974, and for other purposes.
PL 94-35 (S.1236), enacted 06/16/1975

PUBLIC LAW 94-35—JUNE 16, 1975 
89 STAT. 213 
Public Law 94-35 
94th Congress 
An Act 
To extend and amend the Emergency Livestock Credit Act of 1974, and for 
other puriwses. 
Be it enacted hy the Senate and House of Representatives of the 
United States of America in Congress assembled, That the Emergency 
Livestock Credit Act of 1974 (88 Stat. 391) is amended as follows: 
(a) Section 2 is amended— 
(1) By striking "for the purpose of-' in the first sentence of 
subsection (a) and inserting in lieu thereof the following: "and 
who have substantial operations in". 
(2) By striking the period at the end of subsection (a) and 
inserting in lieu thereof the following: "including dairy cattle 
raised and maintained for the primary purpose of marketing 
dairy products.". 
(3) By striking everything following the word ^^Provided,'''' 
in subsection (b) and inserting in lieu thereof the following: 
"That the term 'legally organized lending agency' shall be deemed 
to include the Federal Financing Bank only to the extent that 
such Bank may hold the guaranteed portion of such loans.". 
(4) By striking all of subsection (c) after the word "Secre-
tary" and inserting the following in lieu thereof: "to guarantee 
more than 90 per centum of the principal and interest on such 
loan.". 
(5) By changing subsection (f) to read as follows: 
"(f) Loans guaranteed under this Act shall be for the period 
reasonably required by the needs of the borrower, taking into con-
sideration the security the borrower has available, but not exceeding 
an original term of seven years. Loans may be renewed for not more 
than three additional years.". 
(b) Section 3 is amended by striking all of paragraph (3) of sub-
section (a) after the words "^Provided, That" and inserting in lieu 
thereof the following: "the total principal balance outstanding at any 
one time on loans guaranteed under this Act for any borrower shall 
not exceed $350,000;". 
(c) Section 4 is amended to read as follows: 
"SEC. 4. Loans guaranteed under this Act shall be secured by col-
lateral adequate to protect the Government's interests, as determined 
by the Secretary: Provided, That the Secretary may accept collateral 
which has depreciated in value owing to temporary economic condi-
tions and which, in the opinion of the lender, together with his con-
fidence in the repayment ability of the borrower, is adequate security 
for the loan.". 
(d) Section 5 is amended by striking "$2,000,000,000" and inserting 
in lieu thereof "$1,500,000,000", and by adding at the end thereof the 
following new sentences: "Such fund may also be utilized to pay 
administrative expenses of the Secretary necessary to carry out the 
provisions of this Act. The Secretary in his discretion is authorized 
to use the funds from the Agricultural Credit Insurance Fund to pur-
chase, on such terms and conditions as he may deem appropriate, the 
guaranteed portion of any loan made pursuant to this Act and to pay 
such expenses and fees incident to such purchases.". 
June 16, 1975 
[S. 1236] 
Emergency 
Livestock Credit 
Act of 1974, 
amendment. 
7 u s e prec. 1961 
note. 
"Legally 
organized lending 
agency." 
Loans, term and 
renewaL 
Collateral. 
89 STAT. 214 
PUBLIC LAW 94-35—JUNE 16, 1975 
Guarantee 
authority, 
extension. 
7USCprec. 1961 
note. 
Report to 
congressional 
committees. 
Contents. 
7 u s e 1992. 
(e) Section 8 is amended to read as follows: 
"SEC. 8. The provisions of this Act shall become effective upon 
enactment, and the authority to make new guarantees shall terminate 
on December 31,1976.". 
(f) Section 10 is amended by adding at the end thereof the following 
new sentence: "Insofar as practicable, the Secretary shall complete 
action on each loan application within thirty days after its receipt.". 
(g) The Act is amended by adding at the end thereof the following 
new section 11: 
"SEC. 11. The Secretary shall report to the Committee on Agri-
culture, United States House of Kepresentatives, and the Committee 
on Agriculture and Forestry, United States Senate, on or within one 
year of the date of the enactment of this section, and annually there-
after, with respect to the effectiveness of this Act. The Secretary shall 
be required, but not limited, to include in such report the number of 
loan applications submitted, the number and amount of loans approved, 
the financial situation facing cattlemen at the time of the report, the 
effect of this Act on the retail marketing of beef and on the farm-retail 
price spread of beef, and any recommendations he may have as to 
actions which can be taken to further decrease the price spread and to 
increase the consumption of beef.". 
SEC. 2. Section 344 of the Consolidated Farm and Rural Development 
Act (86 Stat. 667) is amended by changing the last sentence thereof to 
read as follows: "No contract guaranteemg any such loan by such 
other lender shall require the Secretary to guarantee more than 90 
per centum of the principal and interest on such loan.". 
Approved June 16, 1975. 
LEGISLATIVE HISTORY: 
HOUSE REPORTS: No. 94-125 (Comm. on Agriculture) and No. 94-244 (Comm. of 
Conference). 
SENATE REPORTS: No. 94-43 (Comm. on Agriculture and Forestry) and No. 94-151 
(Comm. of Conference). 
CONGRESSIONAL RECORD, Vol. 121 (1975): 
Mar. 20, considered and passed Senate. 
May 6, considered and passed House, amended. 
May 22, Senate agreed to conference report. 
June 3, House agreed to conference report. 
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 11, No. 25: 
June 16, Presidential statement.