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Robinson’s bill
would aid farmers
REP. J. Kenneth Robinson has introduced a bill in Congress to treat agriculture as a business in regard to certain paperwork exemptions under the Federal Truth in Lending Act.
“Many farmers have experienced delays in obtaining money from lending institutions because of a notification and waiting period required by a law intended primarily to protect non-business borrowers and consumer^ purchasing items on an extended payment basis,’’ Robinson explained.
“Business loans were exempted from these requirements, on the assumption that business people were competent to understand the details of their loan agreements, but agriculture was not included as a business,’’ he noted.
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