Sec. 2. Limitations applicable to qualified conservation loan guarantees
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Subtitle A of title III of the Agricultural Act of 1961 ( 7 U.S.C. 1922 et seq.) is amended— by amending section 304(e) of such Act ( 7 U.S.C. 1924(e) ) to read as follows: The portion of a loan that the Secretary may guarantee under this section shall— depend on the principal amount of the loan; and except as provided in paragraph (2), may not exceed the percentage specified for that principal amount in the following table: Principal Amount More Than Principal Amount Equal To Or Less Than Maximum Percent $0 $2,500,000 90% $2,500,000 $2,600,000 89% $2,600,000 $2,700,000 88% $2,700,000 $2,800,000 87% $2,800,000 $2,900,000 86% $2,900,000 $3,000,000 85% $3,000,000 $3,100,000 84% $3,100,000 $3,200,000 83% $3,200,000 $3,300,000 82% $3,300,000 $3,400,000 81% $3,400,000 $3,500,000 80%.
In the case of a loan to a producer that is a qualified beginning farmer or rancher or a socially disadvantaged farmer or rancher (as the term is defined in section 2501(e)), the portion of the loan the Secretary may guarantee under this paragraph may not exceed the percentage specified for the principal amount of the loan in the following table: Principal Amount More Than Principal Amount Equal To Or Less Than Maximum Percent $0 $2,500,000 95% $2,500,000 $2,600,000 94% $2,600,000 $2,700,000 93% $2,700,000 $2,800,000 92% $2,800,000 $2,900,000 91% $2,900,000 $3,000,000 90% $3,000,000 $3,100,000 89% $3,100,000 $3,200,000 88% $3,200,000 $3,300,000 87% $3,300,000 $3,400,000 86% $3,400,000 $3,500,000 85%.
The Secretary may not guarantee a loan under this section in an amount that exceeds $3,500,000. The Secretary shall annually adjust the dollar figures under paragraphs (1), (2), and
(3)to reflect the change in the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture). ; and in section 305(a) of such Act ( 7 U.S.C. 1925(a) )— by striking $300,000, or, in the case of a loan guaranteed by the Secretary, $700,000 and inserting $600,000 ; and by striking 2000 and inserting 2023 . The amendments made by this section shall apply with respect to qualified conservation loans entered into by the Secretary of Agriculture under section 304 of the Agricultural Act of 1961 ( 7 U.S.C. 1924 ) on or after the date of the enactment of this Act.
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Sec. 2
Limitations applicable to qualified conservation loan guarantees
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