[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 3181 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 3181

To amend the Consolidated Farm and Rural Development Act to ensure that 
the interest rate for direct loans paid by low income, limited resource 
borrowers is less than the interest rate for direct loans paid by other 
                       borrowers under that Act.


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                   IN THE SENATE OF THE UNITED STATES

                           November 20, 2002

Mr. Leahy (for himself and Ms. Landrieu) introduced the following bill; 
  which was read twice and referred to the Committee on Agriculture, 
                        Nutrition, and Forestry

_______________________________________________________________________

                                 A BILL


 
To amend the Consolidated Farm and Rural Development Act to ensure that 
the interest rate for direct loans paid by low income, limited resource 
borrowers is less than the interest rate for direct loans paid by other 
                       borrowers under that Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MINIMUM INTEREST RATE FOR DIRECT LOANS FOR LOW INCOME, 
              LIMITED RESOURCE BORROWERS.

    Section 316(a)(2) of the Consolidated Farm and Rural Development 
Act (7 U.S.C. 1946(a)(2)) is amended by striking subparagraph (B) and 
inserting the following:
            ``(B) less than the lesser of--
                    ``(i) 5 percent per year; or
                    ``(ii) the interest rate on such loans payable 
                under paragraph (1), less 25 basis points.''.
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