Sec. 5407. Guaranteed farmer program loan applications
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Section 333A(g) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1983a(g) ) is amended— in paragraph (1)(A), by striking $125,000 or less and inserting less than a limit determined by the Secretary ; by redesignating paragraphs
(2)and
(3)as paragraphs
(3)and (4), respectively; and by inserting after paragraph
(1)the following: The Secretary shall provide to certified lenders (within the meaning of section 339(c)) and Preferred Certified Lenders (within the meaning of section 339(d)) the option to submit for accelerated consideration an application to guarantee a farmer program loan the principal amount of which is $1,000,000 or less. Not later than 5 business days after receipt of an application to guarantee a farmer program loan originated by a certified lender (within the meaning of section 339(c)) or a Preferred Certified Lender (within the meaning of section 339(d)) that is submitted for accelerated consideration under subparagraph (A), the Secretary shall notify the lender as to whether the application is approved or disapproved. If the Secretary fails to provide the notice required under subparagraph (B), the Secretary shall approve the application submitted for accelerated consideration. Notwithstanding any other provision of this title, the percentage of the principal amount of a loan that may be guaranteed pursuant to this paragraph shall not exceed— 75 percent, in the case of a loan of $500,000 or less; or 50 percent, in the case of a loan of more than $500,000 but less than or equal to $1,000,000. . Section 333A(h) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1983a(h) ) is amended by striking subsection (g)(2) and inserting subsection (g)(3) .
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Sec. 5407
Guaranteed farmer program loan applications
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