Agricultural Loan Refinancing Act

Agricultural Loan Refinancing Act - Amends the Consolidated Farm and Rural Development Act to permit guaranteed direct loans of up to $500,000 for refinancing existing indebtedness incurred between January 1, 1973 and December 31, 1977. Allows a repayment period for refinancing loans of 40 years for real estate loans, 12 years for equipment loans, and five years for operating loans. Requires the annual repayment of real estate and equipment loans at the rate of 20 percent of the normal equal annual installment in the first year and increasing in equal amounts to reach 100 percent of the normal payment in the fifth year. Requires an annual repayment rate for operating loans of 50 percent of the normal equal annual installment in the first year, 75 percent in the second year, with the remainder of the indebtedness repaid in equal annual installments over the immediately following three years.