Sec. 2. Deferment of payments for borrowers of farm loans
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In this section: The term economically distressed farmer or rancher means a farmer or rancher that is— delinquent, as described in the definition of the term delinquent borrower in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations); financially distressed, as described in the definition of the term financially distressed borrower in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations); or a borrower of a direct farm loan who is unable to develop a feasible plan (as defined in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations)) for the current or next production cycle with current available rates and terms.
The term eligible borrower means a borrower that— is an economically distressed farmer or rancher; and did not receive assistance under section 22006 of Public Law 117–169 (commonly known as the Inflation Reduction Act ). The term farm loan means a direct or guaranteed— farm ownership loan under subtitle A of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922 et seq. ); operating loan under subtitle B of that Act ( 7 U.S.C. 1941 et seq. ); or emergency loan under subtitle C of that Act ( 7 U.S.C. 1961 et seq. ).
The term farm loan includes direct microloans of any type of loan described in clauses
(i)through
(iii)of subparagraph (A). The term historically underserved farmer or rancher means— a limited resource farmer or rancher, as determined by the Secretary; a socially disadvantaged farmer or rancher (as defined in section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(a) )); a beginning farmer or rancher (as defined in that section); and a veteran farmer or rancher (as defined in that section). The term Secretary means the Secretary of Agriculture. The Secretary shall— defer payments of principal and interest due on direct farm loans by eligible borrowers during the 2-year period beginning on the date of enactment of this Act; and extend the date required for repayment of direct farm loans by eligible borrowers subject to deferment under paragraph
(1)by not less than 2 years after the end of the period described in that paragraph. The Secretary shall modify each direct farm loan of an eligible borrower that is outstanding as of the date of enactment of this Act such that the interest rate on the farm loan is zero percent during the 2-year period beginning on that date of enactment. The Secretary shall require lenders of guaranteed farm loans to historically underserved farmers or ranchers to waive borrower fees on those loans during the period— beginning on the date of enactment of this Act; and ending not earlier than 2 years after that date of enactment.
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Sec. 2
Deferment of payments for borrowers of farm loans
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