S. 1024 Family Farmer Protection Act of 1997
Family Farmer Protection Act of 1997 (S. 1024) Web posted and Copyright © July 11, 1997, American Bankruptcy Institute.
On July 16, 1997, Sen. Charles Grassley (R - Iowa) introduced The Family Farmer Protection Act of 1997 (S. 1024), also co-sponsored by Sens. Richard Durbin (D - Ill.) and Thomas A. Daschle (D - S.D.), intended to make chapter 12 of title 11 of the United States Code permanent.
The bill would repeal the sunset provision of Section 302 of the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 (28 U.S.C. 581) by striking subsection (f). The bill also seeks to clarify the rights of family farmers after the completion of a plan.
Below are the text of the proposed bill and the relavant text of PL 104-127, which initiated the exception to loan prohibitions for family farmers.
SEC. 2. REPEAL OF SUNSET PROVISION.
Section 302 of the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 (28 U.S.C. 581 note) is amended by striking subsection (f).
SEC. 3. CLARIFICATION OF RIGHTS OF FAMILY FARMERS AFTER SUCCESSFUL COMPLETION OF A PLAN.
Section 2008h(b)(2), of title 7, United States Code is amended by adding `or has successfully completed a reorganization plan under Chapter 12 of title 11, United States Code (the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986, Public Law No. 99-554, as amended)' after `title'.
Sec. 648 of H.R. 2854
SEC. 648. DELINQUENT BORROWERS.
(b) LOAN AND LOAN SERVICING LIMITATIONS- The Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.) (as amended by subsection (a)) is amended by adding at the end the following:
`SEC. 373. LOAN AND LOAN SERVICING LIMITATIONS.Wednesday, July 16, 1997