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Code · BILL · 115th Congress · H.R. 2 (EAS) — 115 HR 2 EAS: Agriculture Improvement Act of 2018 · Sec. 5305

Sec. 5305. Socially disadvantaged farmers and ranchers; qualified beginning farmers and ranchers

89 words·~1 min read·/bill/115/hr/2/eas/section-5305

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The Consolidated Farm and Rural Development Act is amended by inserting after section 366 (as added by section 5304) the following: In the case of a loan guaranteed by the Secretary under subtitle A or B to a socially disadvantaged farmer or rancher (as defined in section 355(e)) or a qualified beginning farmer or rancher, the Secretary shall— waive the guarantee fee of 1.5 percent; and provide for a standard guarantee plan, which shall cover an amount equal to 95 percent of the outstanding principal of the loan. .
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