Bill Sponsor
House Bill 7483
116th Congress(2019-2020)
Flexible Financing for Rural America Act of 2020
Introduced
Introduced
Introduced in House on Jul 2, 2020
Overview
Text
Introduced
Jul 2, 2020
Latest Action
Sep 3, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
7483
Congress
116
Policy Area
Agriculture and Food
Agriculture and Food
Primary focus of measure is agricultural practices; agricultural prices and marketing; agricultural education; food assistance or nutrition programs; food industry, supply, and safety; aquaculture; horticulture and plants. Measures concerning international trade in agricultural products may fall under Foreign Trade and International Finance policy area.
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House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Flexible Financing for Rural America Act of 2020

This bill allows rural utility service providers to submit to the Department of Agriculture (USDA) a request to adjust the interest rate or modify the terms of certain loans. The request shall include a report summarizing how the adjustment or modification will assist the borrower in providing critical utility services to a rural community.

Specifically, on receipt of a request, USDA must

  • adjust the interest rate on the loan to match certain interest rates in effect when the bill is enacted for obligations of comparable maturity to the term remaining on the loan (or a higher rate requested by the borrower), and
  • make modifications to the loan terms as necessary to address changes in the financial position of the borrower due to the COVID-19 (i.e., coronavirus disease 2019) public health emergency and to promote the financial sustainability of the borrower.

In carrying out the adjustments or modifications, USDA shall not impose or collect any fee from, or impose any penalty on, a borrower.

The bill also provides funding to implement the adjustments and modifications.

Text (1)
Actions (3)
09/03/2020
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
07/02/2020
Referred to the Committee on Agriculture, and in addition to the Committees on Energy and Commerce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
07/02/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:46:01 PM