Section 1 Short title
This Act may be cited as the “Emergency Loans Reform Act of 2024”.
Emergency Loans Reform Act of 2024
A BILL
To amend the Consolidated Farm and Rural Development Act to modify certain requirements relating to emergency loans, and for other purposes.
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—
by striking the section designation and all that follows through “For” in subsection (a) and inserting the following:
“322. Factors for consideration in making loan determinations
“For”
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—
by striking the section designation and all that follows through “The Secretary” in the first sentence and inserting the following:
“329. Financial assistance based on production losses
“(a) In general—The Secretary”
in subsection (a) (as so designated)—
by striking “if the applicant” and inserting the following: “if—
“(1) the applicant”
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”
in paragraph (2) (as so designated), by striking “Such loans” and inserting the following:
“(b) Requirement—A loan under subsection (a)”
in subsection (b) (as so designated)—
by striking “per centum,” and inserting “percent,”; and
by striking “per centum as” and inserting “percentage as”.