HF 1511 Summary

• Increases the minimum debt threshold triggering mandatory mediation from $5,000 to $15,000, adjusted for inflation in 2022 and every five years thereafter using the USDA Index of Cost of Production

• Extends the expiration date of the Farmer-Lender Mediation Act from June 30, 2018 to June 30, 2022

• Modifies mediation notice requirements and procedures, including creditor obligations to designate representatives with settlement authority within one business day and provide detailed debt restructuring information

• Increases the monthly cap on creditor-released living expenses from $1,600 to the lesser of $3,800 or 1-1/2 times the amount eligible for MFIP payments, adjusted for inflation starting in 2022

• Adds new protections for debtors, including authorization for creditor credit reports, farm advocate assistance, and orientation sessions with financial analysts prior to initial mediation meetings