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HR 7475

Expedited Guaranteed Lender Pilot Program Act

119th Congress Introduced by Austin Scott

Creates an expedited, pilot process to qualify and approve USDA-guaranteed bridge loans for creditworthy borrowers via Preferred Certified Lenders, starting within a year.

Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
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Bill Summary · HR 7475

Summary of H.R. 7475 (119th Congress): Expedited Guaranteed Lender Pilot Program Act

Overview

  • Purpose: Establish a pilot program to expeditiously qualify and approve loan guarantees for bridge loans guaranteed by the USDA, specifically for creditworthy borrowers served by “Preferred Certified Lenders.”
  • Introduced: February 10, 2026 by Rep. Austin Scott (GA); referred to the House Committee on Agriculture.
  • Short Title: Expedited Guaranteed Lender Pilot Program Act.

Key Provisions and Changes

1) Creation of an Expedited Guarantee Approval Pilot

  • The bill adds a new section to Subtitle D of the Consolidated Farm and Rural Development Act, creating Section 333E: Expedited Loan Guarantee Approval Pilot Program.
  • Scope of the pilot:
    • Applies to bridge loans guaranteed by the Secretary under the Act.
    • Loans must be serviced by Preferred Certified Lenders under section 339(d).
    • Loans must be provided to creditworthy borrowers as determined by the Preferred Certified Lender.
  • Timing: The Secretary must begin the pilot not later than 1 year after enactment.

2) Program Objectives and Process

  • General aim: Establish an expedited qualification and approval process for these USDA-guaranteed bridge loans.
  • Loan assessments: The Secretary should streamline determinations necessary to:
    • Make the certifications and assessments described in section 339(c)(5).
    • Make determinations under section 360(b).
  • Limitations: The section expressly states it should not be interpreted to waive or modify any legal requirement (other than timing for processing applications) imposed by the Act.

3) Reporting and Evaluation

  • Reporting requirement: The Secretary must submit a report within 1 year of enactment, and then annually thereafter, to:
    • Committee on Agriculture (House)
    • Committee on Agriculture, Nutrition, and Forestry (Senate)
    • The report will cover actions taken under the pilot and the results achieved.

4) Termination of Effectiveness

  • The authority for the expedited pilot terminates on September 30, 2031.

5) Conforming Amendments (Administrative)

  • Minor amendments to section 346(b)(2) of the Act to reflect the pilot’s timing and practicability considerations:
    • Adds language like “to the extent practicable” after certain fiscal-year timing statements (April 1 and September 1 dates) to align with pilot administration.

Who Is Affected

  • Borrowers: Creditworthy borrowers seeking USDA-guaranteed bridge loans.
  • Lenders: Preferentially those designated as Preferred Certified Lenders under section 339(d), which suggests a trusted subset of lenders subject to streamlined processes.
  • USDA and Agencies: Department of Agriculture, specifically the Rural Development mission area, tasked with administering the pilot, determinations, and reporting.

Timelines and Timeline Points

  • Pilot start: Not later than 1 year after enactment.
  • Initial report: Within 1 year after enactment.
  • Ongoing reporting: Annually thereafter.
  • Sunset/termination: Authority expires September 30, 2031.

Potential Impact

  • Aims to shorten decision times for USDA-guaranteed bridge loans by creating a streamlined, expedited process for qualified borrowers via Preferred Certified Lenders.
  • Could improve access to capital for creditworthy rural borrowers during interim financing needs.
  • Requires careful adherence to existing statutory requirements; emphasis on processing timing rather than relaxing substantive standards or eligibility criteria.
  • Provides a mechanism for ongoing evaluation to inform any broader program changes based on pilot results.

Compiled from official sources — confirm details with the bill’s official record.

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