United States 118th Congress Status: In Committee Bipartisan · 3 D · 1 R cosponsors

HR 5877 — USDA Express Loan Act

Last action — Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

To amend the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to create the USDA Express Guaranteed Farm Ownership and Guaranteed Farm Operating Loan programs, enabling faster access to credit for America's farmers and ranchers.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes two new loan programs aimed at providing faster access to credit for farmers and ranchers.

  • 7 U.S.C. 1922

    SEC. 310J. USDA EXPRESS GUARANTEED FARM OWNERSHIP LOAN PROGRAM. (a) In General.--Within 1 year after the date of the enactment of this section, the Secretary shall establish a program, which shall be known as the 'USDA Express Guaranteed Farm Ownership Loan Program', under which, within 36 hours after receipt of an application to guarantee a farm ownership loan that meets the requirement of subsection (e) originated by a USDA express lender, the Secretary shall notify the lender as to whether the application is approved or disapproved. (b) USDA Express Lender Defined.--In this section, the term 'USDA express lender' means any regulated lender authorized by the Secretary to participate in the guaranteed farm ownership loan program under this subtitle. (c) Documents.--In originating a loan for consideration under this section, a USDA express lender may use any loan documents that incorporate the loan analyses, procedures, and documentation of the lender, or such other documents as the Secretary may prescribe. d) Credit Decisions.--Before submitting an application pursuant to this section, a USDA express lender shall determine the creditworthiness, and ascertain the repayment ability, of the borrower involved. (e) Loans Eligible for Guarantee.--The Secretary shall not accept an application under this section with respect to a loan that exceeds $1,000,000 per farm or ranch operation per year. (f) Maximum Guarantee.--The percentage of the principal amount of a loan which may be guaranteed pursuant to this section shall not exceed-- (1) 75 percent, in the case of a loan not exceeding $750,000; or (2) 50 percent, in the case of a loan of more than $750,000 and not more than $1,000,000. (g) Use of Loan Proceeds.--The borrower of a loan guaranteed pursuant to this section shall use the loan proceeds only to produce agricultural commodities consistent with the purposes of the guaranteed loan programs under this title. (h) Regulations.--The Secretary shall issue such regulations as are necessary to implement this section.

    This creates a new guaranteed loan program with expedited application processing for farm ownership loans.

  • 7 U.S.C. 1942

    (f) USDA Express Guaranteed Farm Operating Loans.--The Secretary shall establish a USDA Express Guaranteed Farm Operating Loan Program on the same basis as the USDA Express Guaranteed Farm Ownership Loans Program under section 310J.

    This establishes a new program for guaranteed farm operating loans modeled after the new farm ownership loan program.

Action History

  1. Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

  2. Introduced in House

  3. Introduced in House

  4. Referred to the House Committee on Agriculture.

Sponsors

Sponsorship breakdown

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1 sponsors · 3 co-sponsors · 543 not signed on

Sponsors (1)

Co-sponsors (3)

Not signed on (543)

543 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance agriculture
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 5877 do?
To amend the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to create the USDA Express Guaranteed Farm Ownership and Guaranteed Farm Operating Loan programs, enabling faster access to credit for America's farmers and ranchers.
Who sponsors HR 5877?
HR 5877 is sponsored by Craig, Angie (Democratic), Caraveo, Yadira (Democratic), Soto, Darren (Democratic), and Finstad, Brad (Republican).
What is the current status of HR 5877?
This bill died with 118th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 5877?
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