emergency livestock credit act of 1974

emergency livestock credit act of 1974 Sec. 301. The Emergency Livestock Credit Act of 1974 is amended by— (1) in section 2, inserting after the words “bona fide farmers and ranchers” the following: “, including bona fide farmers or ranchers owning livestock that are fed in custom feedyards,”; (2) amending section 8 to read as follows: “Sec. 8. The provisions of this Act shall become effective upon enactment, and the authority to make new guarantees shall expire September 30, 1979, except that, with respect to any loan for a line of credit guaranteed under this Act, if the lender advances loan funds within the line of credit at any time during the remaining term or authorized renewal period of the loan after September 30, 1979, the guarantee of such advances shall not be considered new guarantees.”; (3) in section 11, amending the first sentence to read as follows: “The Secretary shall, not later than December 15 of each year, report to the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry on the effectiveness of this Act.”; and (4) adding at the end thereof a new section 12 as follows: “Sec. 12. Financial assistance may be made available under this Act throughout the ‘United States’ as that term is defined in section 343 of the Consolidated Farm and Rural Development Act.”.