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Financial Relief, Zero Interest, and Home Protection for Distressed Farmers

This Act provides a two-year deferral of payments and zero interest on direct farm loans for financially distressed farmers. It increases transparency in USDA loan decisions, makes it harder for the government to use a farmer's primary residence as collateral, and reforms the appeals process to favor lower-income applicants. These changes aim to stabilize farm finances and ensure fairer access to credit.
Key points
Two-year payment deferral and zero interest rate on direct farm loans for eligible distressed borrowers.
Limits the USDA's ability to use a farmer's principal residence as loan collateral; the home must be the last option for security.
Reforms the appeals process for low-income farmers (under $300,000 AGI): the agency must prove its denial was correct.
Prohibits restricting eligibility for new loans based on a farmer's previous debt write-down or financial loss.
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Expired
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Additional Information
Print number: 118_S_2668
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2023-07-27
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fair Credit for Farmers Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2668.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-27.

What are the main provisions?

Key points include:

  • Two-year payment deferral and zero interest rate on direct farm loans for eligible distressed borrowers.
  • Limits the USDA's ability to use a farmer's principal residence as loan collateral; the home must be the last option for security.
  • Reforms the appeals process for low-income farmers (under $300,000 AGI): the agency must prove its denial was correct.
  • Prohibits restricting eligibility for new loans based on a farmer's previous debt write-down or financial loss.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Gillibrand, Kirsten E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Agriculture Economy