H.R. 7475: Expedited Guaranteed Lender Pilot Program Act

This bill, titled the Expedited Guaranteed Lender Pilot Program Act, aims to establish a pilot program to expedite the loan approval process for borrowers seeking guaranteed loans from the U.S. Department of Agriculture (USDA). Here are the key components of the bill:

1. Program Establishment

The bill mandates the Secretary of Agriculture to implement a pilot program that will provide a faster qualification and approval process for borrowers. These borrowers will be seeking bridge loans that are guaranteed by the Secretary.

2. Lender Involvement

The loans will be managed by Preferred Certified Lenders, a designation that indicates these lenders meet specific criteria set by the USDA. They will be responsible for determining the creditworthiness of borrowers.

3. Streamlined Processes

The bill instructs the Secretary to streamline the necessary processes for assessments and certifications that determine eligibility for the loans. This includes reducing the time needed to make required determinations without modifying any existing requirements beyond the timing aspects.

4. Reporting Requirements

After the pilot program is initiated, the Secretary is required to report annually to Congress on the program's activities and results. The first report is due within one year of the program’s start date.

5. Conclusion of the Program

The authority to operate this pilot program will be effective until September 30, 2031, after which it will terminate unless further action is taken.

Relevant Companies

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