To amend the Consolidated Farm and Rural Development Act to enable farmers and ranchers to obtain farm ownership loans for the purpose of refinancing loans. (Introduced in the House)

HR 1721 IH

107th CONGRESS

1st Session

H. R. 1721

To amend the Consolidated Farm and Rural Development Act to enable farmers and ranchers to obtain farm ownership loans for the purpose of refinancing loans.

IN THE HOUSE OF REPRESENTATIVES

May 3, 2001

Ms. LOFGREN introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the Consolidated Farm and Rural Development Act to enable farmers and ranchers to obtain farm ownership loans for the purpose of refinancing loans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. USE OF FARM OWNERSHIP LOANS TO REFINANCE LOANS.

Section 303(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1923(a)(1)) is amended--

(1) by striking `or' at the end of subparagraph (C);

(2) by striking the period at the end of subparagraph (D) and inserting `; or'; and

(3) by adding at the end the following:

`(E) refinancing indebtedness.'.