US Congress Senate Bill 3085 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 1)
Status: Introduced on March 5 2010 - 25% progression, died in chamber
Action: 2010-03-05 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Text: Latest bill text (Introduced) [PDF]

Rural Access to Credit Act of 2010 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture (USDA) to use commercial lending standards in determining equity requirements for rural entity direct or guaranteed loans. Directs the Secretary, through December 31, 2011, to guarantee up to 90% of high priority business and industry loans up to $10 million. Authorizes the Secretary, beginning on January 1, 2012, to guarantee up to 80% or 90% of high priority business and industry loans up to $10 million. Directs the Secretary to guarantee related line-of-credit loans. Authorizes business and industry loans to be used for refinancing. Waives audit requirements for business and industry loans under $1 million. Authorizes audit waiver for loans of at least $1 million. Directs the Secretary to use the Small Business Administration (SBA) calculation method in calculating the delinquency rate for business and industry loans. Expresses the sense of Congress that in allocating discretionary funds the Secretary should give priority to the rural microentrepreneur assistance program.

Rural Access to Credit Act of 2010

Sen. Max Baucus [D-MT]

Date	Chamber	Action
2010-03-05		Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/3085/all-info
Text	https://www.congress.gov/111/bills/s3085/BILLS-111s3085is.pdf