566), enacted April 24, 1820, is the United States federal law that ended the ability to purchase the United States' public domain lands on a credit or installment system over four years, as previously established.
The new law became effective July 1, 1820 and required full payment at the time of purchase and registration.
But to encourage more sales and make them more affordable, Congress also reduced both the minimum price (from $2.00 to $1.25 (equivalent to $27 in 2023[1]) per acre ($495 to $309/km2)) and the minimum size of a standard tract (from 160 to 80 acres (647,000 to 324,000 m2)).
With the high cost of transporting their produce and lack of internal improvements, the law was considered necessary because many farmers were having trouble paying off loans due to the additional economic hardships brought by the Panic of 1819.
For earlier buyers of public lands however, and although helped by the eight-year credit extension, more than time was required to alleviate their situation.