Forestry Loan Act of 1979
Latest action. Reported to House from the Committee on Agriculture with amendment, H. Rept. 96-735.
(Reported to House from the Committee on Agriculture with amendment, H. Rept. 96-735) Forestry Loan Act of 1980 - Directs the Secretary of Agriculture to conduct a five-year pilot program of financial assistance to nonindustrial owners of private forest land which shall provide for the insuring and guaranteeing of loans under which periodic loan disbursement shall be made to eligible landowners. Limits the cumulative total of principal and interest on such loans to $50,000,000, with no more than 80 percent of such amount for insured loans. Declares eligible for such program any private individual, group, Indian tribe or other native group, association, partnership, corporation or other legal entity which owns forest land capable of producing crops of industrial wood, if such person: (1) owns less than 500 acres of land capable of producing industrial wood; (2) is not principally engaged in the manufacture of wood products; and (3) certifies in writing that such person is unable to obtain sufficient credit elsewhere at comparable rates and terms. Prohibits the Secretary from insuring or guaranteeing any such loan in which the total loan obligation exceeds 50 percent of the projected market value of the timber. Limits periodic loan disbursements to $25 per acre per year. Limits the total period of time for any such loan to: (1) 15 years, with respect to existing stands of timber; and (2) 30 years, with respect to land which is to be forested. Authorizes the Secretary to guarantee up to 90 percent of that portion of the overall loan obligation which exceeds the market value of the assets securing such loan. Allows the interest rate to be set by the lender and borrower, but not in excess of a rate as may be determined by the Secretary. Requires borrowers to prepare, keep current, and adhere to an individual forest management plan, developed in cooperation with and approved by the State forester (or equivalent official). Bases the amount of the periodic loan disbursement upon the future expected market value of the timber securing such loan, limiting the total principal and interest obligation to 50 percent of such value. Allows for adjustment of loan terms, as agreed by both landowner and lender, following periodic reviews of individual loan agreements and forest management plans. Entitles borrowers to prepayment of all or any part of an outstanding loan obligation without penalty. Directs the Secretary to: (1) appoint a program development and evaluation committee; and (2) report annually to Congress on the progress of the pilot program. Requires funding for the program to be drawn from the Rural Development Insurance Fund. Authorizes necessary appropriations for administrative expenses. Declares that commitments to insure or guarantee loans are authorized for any fiscal year only in such amounts as are provided in appropriation Acts.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to House with amendment(s)" stage on January 23, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on January 23, 1980: Reported to House from the Committee on Agriculture with amendment, H. Rept. 96-735.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
JERRY HUCKABY (D-LA) introduced it on July 10, 1979. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 10, 1979, 17229 days ago. The most recent recorded action was 17032 days ago, on January 23, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers