Active Reservists and National Guard Farm Loan Relief Act of 2003

Active Reservists and National Guard Farm Loan Relief Act of 2003 - Amends the Consolidated Farm and Rural Development Act to provide for loan interest forgiveness while a borrower is a mobilized active reservist and principal payment deferral while (or after) a borrower is a mobilized active reservist.

Defines "mobilized military reservist."

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3298 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 3298

To provide relief to mobilized military reservists from certain Federal 
                     agricultural loan obligations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 15, 2003

    Mr. Janklow (for himself and Mr. Bishop of Utah) introduced the 
   following bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
To provide relief to mobilized military reservists from certain Federal 
                     agricultural loan obligations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Active Reservists and National Guard 
Farm Loan Relief Act of 2003''.

SEC. 2. RELIEF FOR MOBILIZED MILITARY RESERVISTS FROM CERTAIN FEDERAL 
              AGRICULTURAL LOAN OBLIGATIONS.

    Subtitle D of the Consolidated Farm and Rural Development Act (7 
U.S.C. 1981-2009dd-7) is amended by inserting after section 331F the 
following:

``SEC. 332. RELIEF FOR MOBILIZED MILITARY RESERVISTS FROM CERTAIN 
              AGRICULTURAL LOAN OBLIGATIONS.

    ``(a) Forgiveness of Interest Payments Due While Borrower Is a 
Mobilized Military Reservist.--Any requirement that a borrower of a 
direct loan made under this title make any interest payment on the loan 
that would otherwise be required to be made while the borrower is a 
mobilized military reservist is hereby rescinded.
    ``(b) Deferral of Principal Payments Due While or After Borrower Is 
a Mobilized Military Reservist.--The due date of any payment of 
principal on a direct loan made to a borrower under this title that 
would otherwise be required to be made while or after the borrower is a 
mobilized military reservist is hereby deferred for a period equal in 
length to the period for which the borrower is a mobilized military 
reservist.
    ``(c) Mobilized Military Reservist.--In this section, the term 
`mobilized military reservist' means an individual who--
            ``(1) is on active duty under section 688, 12301(a), 
        12301(g), 12302, 12304, 12306, or 12406, or chapter 15 of title 
        10, United States Code, or any other provision of law during a 
        war or during a national emergency declared by the President or 
        Congress, regardless of the location at which the active duty 
        service is performed; or
            ``(2) in the case of a member of the National Guard, is on 
        full-time National Guard duty (as defined in section 101(d)(5) 
        of title 10, United States Code) under a call to active service 
        authorized by the President or the Secretary of Defense for a 
        period of more than 30 consecutive days under section 502(f) of 
        title 32, United States Code, for purposes of responding to a 
        national emergency declared by the President and supported by 
        Federal funds.''.
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