An original bill to extend the economic emergency loan program for farmers and provide for loan deferrals for borrowers of farm loans from the Farmers Home Administration, and for other purposes.

[AI summary unavailable — showing source text] Amends the Emergency Agricultural Credit Adjustment Act of 1978 to require (currently authorizes) the Secretary of Agriculture to make economic emergency loans. Extends such program through FY 1983. Lowers the limit on individual loans: (1) from $400,000 to $200,000 under such Act; and (2) from $650,000 to $450,000 under such Act and the Consolidated Farm and Rural Development Act combined. Amends the Consolidated Farm and Rural Development Act to permit family farmers to request economic hardship loan repayment and foreclosure deferrals until September 30, 1983. Requires the Secretary to: (1) make loan consolidation or rescheduling available at the end of such period; and (2) notify borrowers of such deferral program. States that the interest rate on any rescheduled loan shall not exceed the interest rate on the original loan.…