Public Act 16 of 2002

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• Introduced by Rep. Ron Jelinek (R) on January 25, 2001, to authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $150,000 for a farmer, or $300,000 for an agribusiness, less any federal grants, or any federal crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a ten-year period. The House Fiscal Agency estimates that the bill could cost as much as $39.8 million over ten years.
  • Referred to the House Appropriations Committee on January 25, 2001.
  • Substitute offered in the House on December 12, 2001, to replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described. The substitute passed by voice vote in the House on December 12, 2001.
  • Amendment offered by Rep. Ron Jelinek (R) on December 12, 2001, to permit loans for 100 percent of certain types of qualified loss, rather than 65 percent, and increase the maximum amount of the certain loans from $150,000 to $400,000. The amendment passed by voice vote in the House on December 12, 2001.
• Passed 102 to 1 in the House on December 12, 2001.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on December 12, 2001.
  • Substitute offered in the Senate on February 19, 2002, to replace the previous version of the bill with a version recommended by the committee which reported it. The substitute changes the maximum duration of the loans from ten years to five years, and changes other details of the program. The substitute passed by voice vote in the Senate on February 19, 2002.
• Passed 35 to 1 in the Senate on February 20, 2002, to authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $200,000 for a farmer, or $400,000 for an agribusiness, less any federal grants, or any crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a five year period. The Senate Fiscal Agency estimates that the bill could cost as much as $32,400,000 over five years.
  Who Voted "Yes" and Who Voted "No"
• Received in the House on February 20, 2002, to authorize state subsidized interest-free loans to farmers or agribusinesses affected by drought conditions during the summer of 2001. The loans would be made by banks, which would be compensated by the state for the foregone interest. The maximum loan would be $200,000 for a farmer, or $400,000 for an agribusiness, less any federal grants, or any crop insurance which was either paid to the farmer, or would have been paid had he taken advantage of its availability. The loans would be paid back over a five year period. The Senate Fiscal Agency estimates that the bill could cost as much as $32,400,000 over five years.
  • Amendment offered by Rep. Ron Jelinek (R) on February 21, 2002, to make certain technical language revisions in the bill, and to replace a requirement for the state to verify compliance by financial institutions with a requirement for the institutions to provide an annual affidavit signifying compliance. The amendment passed by voice vote in the House on February 21, 2002.
• Passed 99 to 2 in the House on February 21, 2002, to concur with the Senate-passed version of the bill, with amendments.
  Who Voted "Yes" and Who Voted "No"
• Received in the Senate on February 21, 2002, to concur with the Senate-passed version of the bill, with amendments.
• Passed 35 to 1 in the Senate on February 27, 2002, to concur with the House-passed version of the bill.
  Who Voted "Yes" and Who Voted "No"
• Signed by Gov. John Engler on February 27, 2002.