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HI HB1481
Bill
Status
1/24/2019
Primary Sponsor
Angus McKelvey
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AI Summary
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Establishes a five-year pilot program within the Department of Agriculture to issue agricultural loans with no interest and no required payments for three years.
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Creates a delayed loan payment subaccount within the existing agricultural loan revolving fund to manage these loans, with loan terms and conditions governed by chapter 155, Hawaii Revised Statutes.
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Appropriates unspecified amounts from general revenues for fiscal years 2019-2020 and 2020-2021 to fund the subaccount and issue loans under this program.
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Pilot program terminates on June 30, 2024, though existing loan terms remain in effect; unencumbered balances lapse to the agricultural loan revolving fund and subsequent payments are redirected there.
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Designed to assist farmers affected by natural disasters, particularly those in the 2018 Lahaina fires, by allowing time for agricultural operations to return to profitability before debt payments begin.
Legislative Description
Relating To Agricultural Loans.
DOA
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Aquino, DeCoite, Nakamura, Quinlan, Thielen excused (5).
2/15/2019