[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5207 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 5207

  To amend the Consolidated Farm and Rural Development Act to modify 
    certain requirements relating to emergency loans, and for other 
                               purposes.


_______________________________________________________________________


                   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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Loans Reform Act of 
2024''.

SEC. 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:

``SEC. 322. FACTORS FOR CONSIDERATION IN MAKING LOAN DETERMINATIONS.

    ``For''; and
            (2) by striking subsection (b).

SEC. 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:

``SEC. 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''.
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