Page:United States Statutes at Large Volume 89.djvu/273

 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 by 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 "Secretary" 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 consideration 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 subsection (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 collateral 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 conditions and which, in the opinion of the lender, together with his confidence 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 purchase, 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 USC prec. 1961 note.

"Legally organized lending agency."

Loans, term and renewaL

Collateral.

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