AlB—Lancaster Farming, Saturday, March 5,1983
PFA opposes loan foreclosure moratorium
HARRISBURG - The Penn
sylvania Farmers’ Association
(PFA) Wednesday told the House
Business and Commerce Com
mittee that it can support
legislation to place < oratorium
on loan foreclosures.
Richard Denison, lanager of
PFA’s Farm Management Ser
vices, testified before the state
panel that a foreclosure
Tobacco insurance period ends March 31
LANCASTER March 31 ends Lebanon and York counties and
the 1982 crop year insurance period insured by the Federal Crop In
fer Type 41 tobacco grown in surance Corporation (FDIC) or by
Berks, Chester, Lancaster, a private company reinsured by
Md. Polled Hereford
Assn, plans sale
COLLEGE PARK, Md. The Pennsylvania, Ohio, West
Maryland Polled Hereford Assoc. Virginia, New Jersey and Montana
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Sie'lS'S SZn3£t*S Jute Hudson and
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Grounds, Frederick, Md. cat tle field, will be grading
TTiis sale has been held for the the offering,
past nine years. According to Cocktails and dinner will be
Ronald E. Mills, president of available at 5 p.m. The sale follows
MPHA, this sale will offer more at 7 p.m.
top pedigrees than any sale in the
past. For additional information,
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breeders in Maryland as well as 2992
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moratorium could slow down
future economic recovery.
However, he said that PFA
would support efforts to encourage
lenders and lending institutions to
re-amortize or extend repayment
or overdue loans for those, with
good credit ratings, who are being
affected by the present economic
recession. PFA is suggesting that
tax incentives or government
sureties on loan repayment to be
used to encourage lender leniency.
Commenting on legislation - H.B.
4, S.B. 105,286 & 287, introduced to
suspend, prohibit or impede the
right of a lender to foreclose or
repossess collator from defaulting
debtors, Denison told the com
mittee, “The Pennsylvania Far
mers’ Association cautions you to
give serious consideration to the
economic ramifications of the
the FCIG, according to Bill Foose,
FCIC Director for Eastern Penn
sylvania.
“Any claim for indemnity for the
1982 crop year,” according to
Foose, must be made no later than
SOdays after March 31.”
“Notice must be given a least 15
days prior to harvest if the tobacco
on any unit is damaged to the
extent that a loss is possible,” says
Mr. Foose.
If a loss is not noticed until later
than 15 days before harvest notice
should.be given immediately to the
agent servicing the FCIC policy. A
representative sample of the
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proposed legislation. We urge you
to use reasonable legislative
restraint. It is important to Penn
sylvania’s welfare that you guard
against the adoption of hastily
made and carelessly considered
patchwork legislation to cure the
economic ills of today. To do so
may well augment the ailments of
today’s economy and worsen the
economic situation of all Penn
sylvanians.”
unharvested tobacco (10 feet wide
and the entire length of the field)
must be left intact for 15 days until
inspected by an adjuster.
“Notice should be given im
mediately if any tobacco is
destroyed or damaged by fire at
any time during the insurance
period,” Foose states.
Any acreage on which harvest/
will not be completed must be left
intact until inspected by the
Corporation. The Corporation
reserves the right to reject any
claim for indemnity if these loss
reporting requirements are not
met.
tyrtyny since 1961.
Phone 717-776-3129
Denison said PFA opposes a
legislative* moratorium on
foreclosures and debt collection for
the following reasons:
It would significantly dunish
the incentive of present borrowers
to repay their debts on time.
It would reduce the return of
loan money back to the lender,
thus decreasing the amount
available for lending to other
borrowers.
It would force lenders to find
other ways to protect against
default losses such as restricting
the number of loans granted in the
future and increasing their interest
rates. ,
Denison added, “Legislation to
impede the lender’s foreclosure,
repossession or other loan
protection rights would severely
limit the availability of investment
capital and would make such
capital very costly. As a result, £
economic recovery would come at
a very slow and painful pace. And
those individuals whom the
‘moratorium’ bills are intended to
protect will continue to be bound to
the harsh economic shackles of
unemployment and continued
business decline.”
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sth Avenue, Lebanon, Pa. 17042!
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