Sec. 5001. Eligibility for farm ownership loans
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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 first sentence, by striking and limited liability companies and inserting limited liability companies, and such other legal entities as the Secretary considers appropriate, ; in the second sentence, by redesignating paragraphs
(1)through
(4)as subparagraphs
(A)through (D), respectively; in each of the second and third sentences, by striking and limited liability companies each place it appears and inserting limited liability companies, and such other legal entities ; in the third sentence— by striking clause
(3)and inserting subparagraph
(C); by striking clause
(4)and inserting subparagraph
(D); and by adding at the end the following: An entity that is or will become only the operator of a family farm shall be considered 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, shall be considered to meet the direct ownership requirement imposed under paragraph
(1)if at least 75 percent of the ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm. . Section 302(b)(1) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922(b)(1) ) is amended in the matter preceding subparagraph
(A)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 the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1924(c)(2) ) by striking paragraphs
(1)and
(2)of section 302(a) and inserting subparagraphs
(A)and
(B)of section 302(a)(1) . Section 310D(a) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1934(a) ) is amended in the second sentence— by inserting after partnership the following: , or such other legal entities as the Secretary considers appropriate, ; and by striking or partners each place it appears and inserting partners, or owners .
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