Sec. 5001. Eligibility for farm ownership loans
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/bill/113/hr/2642/eah/section-5001A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 302(a) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922(a) ) is amended— by striking
(a)and inserting the following: In general.— The The ; in the 1st sentence, by inserting after limited liability companies the following: , and such other legal entities as the Secretary deems appropriate, ; in the 2nd sentence, by redesignating clauses
(1)through
(4)as clauses
(A)through (D), respectively; in each of the 2nd and 3rd sentences, by striking and limited liability companies each place it appears and inserting limited liability companies, and such other legal entities ; in the 3rd sentence, by striking
(3)and
(4)and inserting
(C)and
(D), respectively; and by adding at the end the following: An entity that is or will become only the operator of a family farm is deemed to meet the owner-operator requirements of paragraph
(1)if the individuals that are the owners of the family farm own more than 50 percent (or such other percentage as the Secretary determines is appropriate) of the entity. An entity that is an owner-operator described in paragraph (1), or an operator described in subparagraph
(A)of this paragraph that is owned, in whole or in part, by other entities, is deemed to meet the direct ownership requirement imposed under paragraph
(1)if at least 75 percent of the ownership interests of each embedded entity of such entity is owned directly or indirectly by the individuals that own the family farm. . Section 302(b)(1) of such Act ( 7 U.S.C. 1922(b)(1) ) is amended by inserting or has other acceptable experience for a period of time, as determined by the Secretary, after 3 years . Section 304(c)(2) of such Act ( 7 U.S.C. 1924(c)(2) ) by striking paragraphs
(1)and
(2)of section 302(a) and inserting clauses
(A)and
(B)of section 302(a)(1) . Section 310D of such Act ( 7 U.S.C. 1934 ) is amended— by inserting after partnership the following: , or such other legal entities as the Secretary deems appropriate, ; and by striking or partners each place it appears and inserting partners, or owners .
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