Legislative History
| House Bill/Resolution NO. HB00417 | |
| FULL TITLE : AN ACT ALLOWING A FARMER-BENEFICIARY TO MORTAGE HIS RIGHT TO FARM LAND AWARDED TO HIM, WITHOUT LOSING HIS SECURITY TO TENURE AND PROVIDING THAT THE CERTIFICATE OF LAND OWNERSHIP AWARD ISSUED TO HIM UNDER THE COMPREHENSIVE AGRARIAN REFORM PROGRAM SHALL BE ACCEPTED BY BANKS AND OTHER FINANCIAL INSTITUTIONS AS COLLATERAL FOR LOANS AMENDING FOR THE PURPOSE SECTIONS TWENTY-SEVEN AND TWENTY-ONE OF REPUBLIC ACT NUMBERED SIXTY-SIX HUNDRED AND FIFTY SEVEN, OTHERWISE KNOWN AS THE 'COMPREHENSIVE AGRARIAN REFORM LAW OF 1998,' AND FOR OTHER PURPOSES | |
| ABSTRACT : This bill seeks to allow farmer-beneficiaries of the Comprehensive Agrarian Reform Law (CARL) to use awarded land as collateral in availing of both short-term and long-term production and other types of loans from commercial banks and other financial institutions for the acquisition of farm equipment and machineries, seeds, fertilizers and other similar items and to allow foreclosure of collateral in case of loan payment default by debtor and re-sale to the Land Bank in the amount equivalent to the unpaid portion of the loan plus interest. It provides that the farmer-beneficiary shall neither lose his security of tenure nor be ejected from the land within the mortgage period provided he regularly pays the amortization. | |
| PRINCIPAL AUTHOR/S : LACSON, JOSE CARLOS V. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Arroyo (006 ) | 2. Lopez (006 ) |
| 3. Amin (008 ) | 4. Codilla (010 ) |
| 5. Tulagan (063 ) | 6. Espino (068 ) |
| 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 2004-07-27 | |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON BANKS AND FINANCIAL INTERMEDIARIES |
Abstract
This bill seeks to allow farmer-beneficiaries of the Comprehensive Agrarian Reform Law (CARL) to use awarded land as collateral in availing of both short-term and long-term production and other types of loans from commercial banks and other financial institutions for the acquisition of farm equipment and machineries, seeds, fertilizers and other similar items and to allow foreclosure of collateral in case of loan payment default by debtor and re-sale to the Land Bank in the amount equivalent to the unpaid portion of the loan plus interest. It provides that the farmer-beneficiary shall neither lose his security of tenure nor be ejected from the land within the mortgage period provided he regularly pays the amortization.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.