Expedited Guaranteed Lender Pilot Program Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill establishes a pilot program within the USDA to speed up the approval process for bridge loans guaranteed by the agency. The program aims to streamline qualification and approval for creditworthy borrowers serviced by Preferred Certified Lenders. It requires the Secretary of Agriculture to implement this pilot program and report on its effectiveness. The pilot program will conclude on September 30, 2031.
Key provisions
- Creates a pilot program for expedited loan guarantee approvals at USDA.
- Focuses on bridge loans guaranteed by the Secretary.
- Prioritizes creditworthy borrowers serviced by Preferred Certified Lenders.
- Requires the Secretary to streamline certification and assessment processes.
- Mandates an annual report to Congress on the pilot program's results.
Who is affected
- USDA
- Borrowers seeking bridge loans
- Preferred Certified Lenders
- Farmers and rural landowners
Notable changes
- Streamlines the loan guarantee approval process.
- Establishes specific deadlines for assessments and determinations.
- Limits the changes to timing requirements, not substantive requirements.
Bill text
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Sponsors
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1 on record
Primary sponsor
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