Sec. 5101. Modification of the 3-year experience eligibility requirement for farm ownership loans
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/bill/115/hr/2/ih/section-5101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 302(b) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922(b) ) is amended by adding at the end the following: In the case of a qualified beginning farmer or rancher, the Secretary may— reduce the 3-year requirement in paragraph
(1)to— 2 years, if the farmer or rancher has— 16 credit hours of post-secondary education in a field related to agriculture; at least 1 year of direct substantive management experience in a business; been honorably discharged from the armed forces of the United States; successfully repaid a youth loan made under section 311(b); or an established relationship with an individual participating as a counselor in a Service Corps of Retired Executives program authorized under section 8(b)(1)(B) of the Small Business Act ( 15 U.S.C. 637(b)(1)(B) ), or with a local farm or ranch operator or organization, approved by the Secretary, that is committed to mentoring the farmer or rancher; 1 year, if the farmer or rancher has military leadership or management experience from having completed an acceptable military leadership course; or waive the 3-year requirement in paragraph
(1)if the farmer or rancher— meets a requirement of subparagraph (A)(i) (other than subclause
(V)thereof) and meets the requirement of subparagraph (A)(ii); and meets the requirement of subparagraph (A)(i)(V). .
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Sec. 5101
Modification of the 3-year experience eligibility requirement for farm ownership loans
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