An Act to provide temporary emergency livestock financing through the establishment of a guaranteed loan program.
PL 93-357 (S.3679), enacted 07/25/1974

88 STAT. ] 
PUBLIC LAW 93-357-JULY 25, 1974 
391 
Public Law 93-357 
AN ACT 
To provide temporary emergency livestock financing tlirougli the establishment 
of a guaranteed loan program. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That this Act may 
be cited as the "Emergency Livestock Credit Act of 1974". 
SEC. 2. (a) The Secretary of Agriculture is authorized and directed 
to provide financial assistance to bona fide farmers and ranchers who 
are primarily and directly engaged in agricultural production for the 
purpose of breeding, raising, fattening, or marketing livestock. In 
the case of corporations or partnerships, such financial assistance 
shall be extended only when a majority interest in such corporations 
or partnerships is held by stockholders or partners who themselves are 
primarily and directly engaged in such agricultural production. For 
purposes of this Act, the term "livestock" shall mean beef cattle, dairy 
cattle, swine, sheep, goats, chickens, and turkeys. 
(b) The Secretary shall guarantee loans, including both principal 
and interest, made by any legally organized lending agency which 
otherwise meet the purposes and conditions of this Act, As used herein, 
a guaranteed loan is one which is made, held, and serviced by a legally 
organized lending agency and which is guaranteed by the Secretary 
hereunder: Provided^ That the term "legally organized lending 
agency" shall not be deemed to include the Federal Financing Bank. 
(c) No contract guaranteeing any such loan by a lender shall require 
the Secretary to participate in more than 80 per centum of any loss 
sustained thereon. 
(d) No fees or charges shall be assessed by the Secretary for any 
guarantee provided by him under this Act. 
(e) Loans guaranteed under this Act shall bear interest at a rate 
to be agreed upon by the lender and borrower. 
(f) Loans guaranteed under this Act shall be payable in not more 
than three years, but may be renewed for not more than two additional 
years. 
SEC. 3. As a condition of the Secretary's guaranteeing any loan under 
this Act— 
(a) The lender shall certify that— 
(1) the lender is unwilling to provide credit to the loan appli-
cant in the absence of the guarantee authorized by this Act; 
(2) the loan applicant is directly and in good faith engaged in 
agricultural production, and the financing to be furnished the loan 
applicant is to be used for purposes related to the breeding, raising, 
fattening, or marketing of livestock; 
(3) the loan is for the purpose of maintaining the operations of 
the loan applicant, and the total loans made to the loan applicant 
do not exceed the amount necessary to permit the continuation of 
his livestock operations at a level equal to its highest level during 
the eighteen months immediately preceding the date of enactment 
of this Act: Provided^ That the total loans guaranteed under 
this Act for any loan applicant shall not exceed $250,000; 
(4) in the case of any loan to refinance the livestock operations 
of a loan applicant (i) the loan and refinancing are absolutely 
essential in order for the loan applicant to remain in business, 
(ii) the lending agency would not refinance such loan in the 
absence of a guarantee, and (iii) the lending agency is not cur-
rently refinancing similar loans to others without such guarantees. 
(b) The loan applicant shall certify that he will be unable to obtain 
financing in the absence of the guarantee authorized by this Act. 
July 25,1974 
[S.3679] 
Emergency 
Livestock Credit 
Act of 1974. 
7 u s e prec. 
1961 note. 
'Livestock.' 
Loan guarantee. 
"Legally orga-
nized lending 
agency." 
Interest rate. 
Loan certifica-
tion. 
7 u s e prec, 
1961 note. 
392 
PUBLIC LAW 93-358-JULY 25, 1974 
[88 STAT. 
Guaranteed loan 
security. 
7 u s e prec. 
1961 note. 
Outstanding 
loan guarantees, 
limitation. 
7 u s e prec. 
1961 note. 
7 u s e 1929. 
7 u s e prec. 
1961 note. 
7 u s e prec. 
1961 note. 
Effective date. 
7 u s e prec. 
1961 note. 
7 u s e prec. 
1961 note. 
7 u s e 1932. 
Regulations. 
7 u s e prec. 
1961 note. 
(c) The Secretary finds there is reasonable probability of accom-
plishing the objectives of the Act and repayment of the loan. 
SEC. 4. Loans guaranteed under this Act shall be secured by security 
adequate to protect the Government's interests, as determined by the 
Secretary. 
SEC. 6, Loan guarantees outstanding under this Act shall not exceed 
$2,000,000,000 at any one time. Subject to the provisions of section 
2(c) of this Act, the fund created in section 309 of the Consolidated 
Farm and Rural Development Act shall be used by the Secretary for 
the discharge of the obligations of the Secretary under contracts of 
guarantee made pursuant to this Act. 
SEC. 6. Contracts of guarantee under this Act shall not be included 
in the totals of the budget of the United States Government and shall 
be exempt from any general limitation imposed by statute on expendi-
tures and net lending (budget outlays) of the United States. 
SEC. 7. Any contract of guarantee executed by the Secretary under 
this Act shall be an obligation supported by the full faith and credit 
of the United States and incontestable except for fraud or misrepre-
sentation of which the holder had actual knowledge at the time it 
became a holder. 
SEC. 8. The provisions of this Act shall become effective upon enact-
ment, and the authority to make new guarantees under this Act shall 
terminate one year from the date of enactment of this Act, except that 
the Secretary of Agriculture may extend the guarantee authority pro-
vided in this Act for a period not to exceed six months if he (1) deter-
mines that such guarantees are necessary to the welfare of livestock 
producers and that adequate credit cannot be obtained without such 
guarantee by the Secretary, and (2) notifies the Committee on Agri-
culture and Forestry of the Senate and the Committee on Agriculture 
of the House of Representatives at least thirty days prior to the date on 
which he elects to extend the guarantee authority provided in the Act. 
SEC. 9. (a) The provisions of section 310B(d) (6) of the Consoli-
dated Farm and Rural Development Act shall apply to loans guaran-
teed under this Act. 
(b) Contracts of guarantee executed pursuant to the provisions of 
this Act shall be fully assignable. 
SEC. 10. The Secretary is authorized to issue such regulations as he 
determines necessary to carry out this Act; The proposed regulations 
shall be issued as soon as possible, but in no event later than thirty days 
from the date of enactment of this Act. 
Approved July 25, 1974. 
July 25,1974 
[H. R.11143] 
Public Law 93-358 
AN A C T 
To provide the authorization for fiscal year 1975 and succeeding fiscal years 
for the Committee for Purchase of Products and Services of tlie Bliuu and 
Other Severely Handicapped, and for other purposes. 
eommittee for 
Purchase of 
Products and 
Services of the 
Blind and Other 
Severely Handi-
capped. 
Appropriation 
authorization. 
41 u s e 46. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled^ That the Act entitled 
•'An Act to create a Committee on Purchases of Blind-made Products, 
and for other purposes", approved June 25, 1938 (41 U.S.C. 46-48c) 
is amended as follows: 
(1) Section 1(a) is amended— 
(A) by striking out "Committee for Purchase of Products 
and Services of" in the first sentence thereof and inserting 
in lieu thereof "Committee for Purchase from";