USDA Express Loan Act
HR 5877 creates the USDA Express Guaranteed Farm Ownership Loan Program, allowing participating lenders to process farm ownership loan guarantees within 36 hours. It sets a $1 million annual loan limit per farm, with guarantees covering 75% of loans up to $750,000 and 50% for loans between $750,000-$1 million. Borrowers must use funds exclusively for agricultural production, and lenders must verify borrower creditworthiness before submission. The bill also establishes a similar express program for farm operating loans.
Bill status
in committee
1 of 4 stages cleared
Introduction
Oct 2023
Committee Review
Floor Vote
President
Introduced Oct 3, 2023
Last action Jan 17, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
0
Committee
2
Jan 17, 2024
Committee
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
lower
Oct 3, 2023
Committee
Referred to the House Committee on Agriculture.
lower
Oct 3, 2023
Introduced
Introduced in House
lower
1 primary · 3 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Brad Finstad
RRepublican
Co
Angie Craig
DDemocratic
Co
Darren Soto
DDemocratic
Co
Yadira Caraveo
DDemocratic
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