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119-hr-7475119th CongressWALLET

Expedited Guaranteed Lender Pilot Program Act

Sponsored By: Representative Scott, Austin [R-GA-8]

In Committee

Summary

Expedited Guaranteed Lender Pilot Program would speed approval of USDA‑guaranteed bridge loans for borrowers already judged creditworthy by Preferred Certified Lenders. The bill aims to shorten application timing while keeping existing loan requirements in place.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Faster USDA bridge loans for farmers

If enacted, this bill would create a pilot to speed qualification and approval of certain USDA-guaranteed bridge loans. The pilot would apply only to bridge loans guaranteed under the Consolidated Farm and Rural Development Act. It would cover loans serviced by Preferred Certified Lenders under section 339(d) and only for borrowers the lender finds creditworthy. The pilot must start within one year after enactment and would end on September 30, 2031. The Secretary would be able to waive or modify timing rules for application processing only and must report to the House and Senate agriculture committees within one year of enactment and then every year. The Secretary would also consider streamlining specific certification and assessment steps referenced in sections 339(c)(5) and 360(b).

Sponsors & CoSponsors

Sponsor

Scott, Austin [R-GA-8]

GA • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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