Expedited Guaranteed Lender Pilot Program Act
Sponsored By: Representative Scott, Austin [R-GA-8]
Introduced
Summary
Expedited loan guarantee approval for certain bridge loans.
Show full summary
This bill would create an Expedited Loan Guarantee Approval Pilot Program in Subtitle D of the Consolidated Farm and Rural Development Act to shorten application timing for bridge loans serviced by Preferred Certified Lenders and to qualify some program deadlines with a practicability standard.
- Borrowers: Creditworthy borrowers would get faster access to bridge loans guaranteed under the Act when those loans are serviced by Preferred Certified Lenders.
- Preferred Certified Lenders: These lenders would be able to use an expedited qualification and approval process and would determine borrower creditworthiness for the covered bridge loans.
- Administration and oversight: The Secretary would have to start the expedited process within one year and report annually to the House and Senate agriculture committees on actions taken and results.
- Timing and sunset: The pilot authority would end on September 30, 2031, and three specified timing deadlines in the Act would be qualified "to the extent practicable" to allow limited timing flexibility.
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Faster USDA bridge loans for farms
If enacted, the Secretary would start a pilot within one year to speed approval for some USDA bridge loans. It would apply only to bridge loans guaranteed under this Act and serviced by Preferred Certified Lenders. It would apply only when the Preferred Certified Lender finds the borrower creditworthy. The Secretary would be instructed to consider streamlining certain certifications and determinations (sections 339(c)(5) and 360(b)). The Secretary could not waive any other loan requirements, only timing rules for application processing. The Secretary would report to House and Senate agriculture committees within one year and then every year. The pilot authority would end September 30, 2031.
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.
View on Congress.gov