Farm Emergency Credit Act of 1985

[AI summary unavailable — showing source text] Farm Emergency Credit Act of 1985 - Amends the Agricultural Act of 1949 to direct the Secretary of Agricultural to make advance (recourse) price support loans available for 1985 for producers participating in the 1985 farm program. Makes up to 50 percent of such crop eligible for advance payments. Permits loan conversion to nonrecourse status upon harvest and availability as loan collateral. Administers such program through the Commodity Credit Corporation and the local farmer committees. Amends the Consolidated Farm and Rural Development Act to provide agricultural lenders with a 90 percent Federal guarantee in exchange for interest rates of not more than two and one-half percent above the Federal Reserve discount rate. Sets the Farmers Home Administration (FmHA) loan cash flow requirement at 100 percent. Authorizes FY 1985 appropriations for farm ownership and operating loan guarantees. Expresses the sense of the Congress that the Secretary should take immediate steps to make personnel and other resources available to facilitate the administration of such program. Requires the FmHA to approve or reject "approved lender" applications within 15 days.…