Bill Type
Congress Name
Long Title
AN ACT PROVIDING MEASURES TO ENHANCE THE ACCEPTABILITY OF AGRICULTURAL LANDS AS SECURITY FOR LOANS FROM BANKS AND OTHER FINANCIAL INSTITUTIONS THEREBY PROMOTING ACCESS TO RURAL CREDIT AND PROVIDING MECHANISMS THEREFOR
Date filed
September 8, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB02830 |
| FULL TITLE : AN ACT PROVIDING MEASURES TO ENHANCE THE ACCEPTABILITY OF AGRICULTURAL LANDS AS SECURITY FOR LOANS FROM BANKS AND OTHER FINANCIAL INSTITUTIONS THEREBY PROMOTING ACCESS TO RURAL CREDIT AND PROVIDING MECHANISMS THEREFOR |
| SHORT TITLE : Enhanced Collateral Value of Farm Lands Act of 2004 |
| ABSTRACT : "Enhanced Collateral Value of Farm Lands Act of 2004." The bill directs all lender banks and other financial institutions to accept agricultural lands as collateral for loans. It also limits the use of the loan proceeds exclusively for agricultural activity such as agricultural production, land development and post harvest facilities. |
| PRINCIPAL AUTHOR/S : ROGER G. MERCADO |
| DATE FILED : 2004-09-08 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Arroyo (040 ) |
| 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 2004-09-14 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON BANKS AND FINANCIAL INTERMEDIARIES |
Abstract
"Enhanced Collateral Value of Farm Lands Act of 2004." The bill directs all lender banks and other financial institutions to accept agricultural lands as collateral for loans. It also limits the use of the loan proceeds exclusively for agricultural activity such as agricultural production, land development and post harvest facilities.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.