H.R. 3980 · 100th Congress · enacted
Agricultural Credit Technical Corrections Act of 1988
Became Public Law No: 100-399.
Latest official action 1988-08-17 · Enacted
The bill, briefly
Agricultural Credit Technical Corrections Act of 1988 - Title I: Amendments Related to Title I of the 1987 Act - Makes technical amendments to the Farm Credit Act of 1971, as amended by the Agricultural Credit Act of 1987 (the Act). Repeals statutory authority for the Farm Credit System (FCS) reserve fund. Provides that if an FCS institution is unable to retire its stock at par value due to liquidation, the Financial Assistance Corporation shall provide the receiver with the necessary funds to retire such stock at par value for the first five years, after which the Farm Credit Insurance Fund shall continue such assistance. (Current law provides assistance solely through the Financial Assistance Corporation.) Makes technical amendments to provisions of the Act regarding: (1) distressed loan restructuring; and (2) reconsideration of loan reduction or restructuring denials. Increases to 30 days (currently 15 days) the time period in which a previous owner may offer to repurchase FCS-held property. Decreases to 15 days (currently 30 days) the time period in which an FCS institution must make such sale. Title II: Amendments Relating to Title II of the 1987 Act - Makes technical amendments to the Act regarding: (1) the Farm Credit System Assistance Board; (2) the Farm Credit System Financial Assistance Corporation; (3) the availability of the revolving fund to provide initial assist…
Congressional Research Service · 1988-02-22
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What happened after enactment?
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