Legislative History
| House Bill/Resolution NO. HB00279 | |
| FULL TITLE : AN ACT PROVIDING MEASURES TO ENHANCE THE ACCEPTABILITY OF AGRICULTURAL LANDS AS SECURITY FOR LOANS OBTAINED FROM LENDERS, BANKS AND OTHER FINANCIAL INSTITUTIONS THEREBY PROMOTING ACCESS TO RURAL CREDIT, PROVIDING MECHANISMS THEREFOR AND FOR OTHER PURPOSES | |
| SHORT TITLE : Enhanced Collateral Value Farm Lands Act of 2004 | |
| ABSTRACT : "Enhanced Collateral Value of Farm Lands Act of 2004". Financial institutions accept only Certificate of Land Titles as collateral for loans. The Certificate of Land Ownership Award (CLOA) given by the Department of Agrarian Reform to amortizing farmers are proof that they are beneficiaries of the Comprehensive Agrarian Reform Program (CARP). However, since CLOAs are not yet Certificates of Land Titles, financial institutions are reluctant to grant loans to beneficiaries of the CARP. The bill seeks to authorize financial institutions to accept CLOAs issued under the CARP as collateral for loans. Granting farmers access to financial institutions will surely promote an increase in agricultural production. | |
| PRINCIPAL AUTHOR/S : DE VENECIA, JOSE JR. C. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Lacson (002 ) | 2. Arroyo (006 ) |
| 3. Badelles (012 ) | 4. Marcos (012 ) |
| 5. Miranda (014 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Approved by the Committee on Ways and Means on 2005-08-16 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON AGRARIAN REFORM ON 2004-09-08 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON BANKS AND FINANCIAL INTERMEDIARIES | |
| PREVIOUS COMMITTEE REFERRALS :PRIMARILY REFERRED TO AGRICULTURE, FOOD & FISHERIES on 2004-07-27; |
Abstract
"Enhanced Collateral Value of Farm Lands Act of 2004". Financial institutions accept only Certificate of Land Titles as collateral for loans. The Certificate of Land Ownership Award (CLOA) given by the Department of Agrarian Reform to amortizing farmers are proof that they are beneficiaries of the Comprehensive Agrarian Reform Program (CARP). However, since CLOAs are not yet Certificates of Land Titles, financial institutions are reluctant to grant loans to beneficiaries of the CARP. The bill seeks to authorize financial institutions to accept CLOAs issued under the CARP as collateral for loans. Granting farmers access to financial institutions will surely promote an increase in agricultural production.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.