Agricultural Credit Act

Agricultural Credit Act - Title I: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to establish a low-income farm ownership loan program for owners or operators of small or family farms, and to extend eligibility for farm ownership, equipment and operating loans to farm cooperatives.

Provides loans for agricultural, animal, or poultry waste pollution abatement and control facilities.

Increases the maximum allowable total principal indebtedness for real estate loans which may be outstanding by any one borrower to $200,000, or $300,000 in the case of a guaranteed loan.

Removes the $500,000 ceiling from the aggregate principal of loans made using the Agricultural Credit Insurance Fund.

Raises the ceiling on the annual aggregate amount of water and waste facility grants from $300,000 to $400,000, and increases from 50 percent to 75 percent the percentage of the development cost of such facilities which a grant may cover.

Increases the amount of indebtedness which may be outstanding for operating loans for an individual from $50,000 to $100,000, or in the case of a guaranteed loan, $200,000.

Authorizes the Secretary of Agriculture to purchase the guaranteed portion of any rural development loan using funds from the Rural Development Insurance Fund and the guaranteed portion of all other loans with funds from the Agricultural Credit Insurance Fund.

Replaces the current provision for an up to five-year renewal of an operating loan with a provision for the consolidation or rescheduling of outstanding loans for payment over a period not to exceed seven years from the date of such consolidation or rescheduling.

Authorizes the Secretary to make loans and grants, and approve transfers and assumptions under such Act in connection with property securing a loan made, insured, or held by the Secretary notwithstanding the fact an area ceases to be eligible for assistance under the Act.

Authorizes the Secretary to provide a procedure for appeal and review of determinations by a county committee that a loan applicant is able to obtain sufficient credit elsewhere to finance his actual needs at reasonable rates and terms.

Increases from $15,000 to $25,000 the amount of a claim that can be compromised without approval of the Administrator of the Farmers Home Administration.

Authorizes the Secretary to grant a moratorium upon the payment by an individual of interest and principal on a loan, if there is a showing of temporary inability to continue making payments which is beyond the individual's control.

Title II: Emergency Agricultural Credit Adjustment Act - Authorizes the Secretary to insure or guarantee loans for the purpose of making payment of principal and interest installments or refinancing, in whole or in part, equipment or operating loans, giving preference to owners of small or family farms. Permits the Secretary to guarantee up to 90 percent of such loans. Limits the total principal balance outstanding on insured or guaranteed loans to $400,000. Allows the total outstanding principal indebtedness of any borrower to reach $150,000 without approval of the senior State official of the Farmers Home Administration.

Limits the total principal amount of all outstanding loans under this title during 1978 to $2,000,000,000 and during 1979 to $4,000,000,000. Terminates such program on December 31, 1979.

Title III: Miscellaneous Provisions - Extends the Emergency Livestock Credit Act through September 30, 1979.

Renames the Farmers Home Administration the Farm and Rural Development Administration.