A bill to amend the Emergency Livestock Credit Act of 1974.

Amends the Emergency Livestock Credit Act of 1974: (1) to require the borrower of a guaranteed loan to pay the lender five percent interest, the remainder of the agreed upon interest to be paid by the Secretary of Agriculture; (2) to extend the original term of such a loan from seven to ten years; (3) to provide for a two-year suspension of principal payments by the borrower to avoid severe financial hardship; (4) to increase the total principal balance which maybe outstanding at any one time for any borrower from $350,000 to $500,000; and (5) to move up the expiration date of such Act from September 30, 1978 to December 31, 1977.