Sec. 5104. Refinancing of guaranteed loans into direct loans
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Section 303(a)(1) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1923(a)(1) ) is amended— in subparagraph (D), by striking or at the end; in subparagraph (E)(ii), by striking the period at the end and inserting ; or ; and by adding at the end the following: refinancing a guaranteed loan described in paragraph (2), if the Secretary determines that— the guaranteed loan is distressed; the borrower on that guaranteed loan has attempted to work with the lender and has been unsuccessful; the borrower has a reasonable chance for success of the operation financed by the guaranteed loan; and the refinanced loan will have no more than a minimal impact on the loan programs of the Farm Service Agency. .
Section 309(h) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1929(h) ) is amended— in paragraph (4), by striking the principal and interest due on ; and in paragraph (6), by striking the paragraph heading and inserting . Guaranteed loans to Down Payment Loan Program participants guaranteed up to 95 percent
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