Expedited approval pilot program

(a) In general Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983d) the following: 333E. Expedited approval pilot program (a) In general Beginning not later than 1 year after the date of the enactment of this section, the Secretary shall carry out a pilot program to establish an expedited qualification and approval process for borrowers seeking— (1) a direct farm ownership loan under this Act; or (2) a guaranteed farm ownership loan under this Act that is serviced by a Preferred Certified Lender under section 339(d) and provided to a creditworthy borrower, as determined by the Preferred Certified Lender. (b) Loan assessments In carrying out this section, the Secretary shall consider streamlining the process for making— (1) determinations necessary to make the certifications and assessments referred to in section 339(c)(5); and (2) determinations under section 360(b). (c) Rule of interpretation Except as otherwise provided in subsections (a) and (b), this section shall not be interpreted to authorize the waiver or modification of any requirement, other than an application process timing requirement, imposed by or under this Act. (d) Report Within 1 year after the date of the enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program. (e) Termination of effectiveness The authority provided by this section shall terminate effective September 30, 2031.. (b) Conforming amendments Section 346(b)(2) of such Act (7 U.S.C. 1994(b)(2)) is amended— (1) in subparagraph (A)(i)(II), by inserting, to the extent practicable after April 1 of the fiscal year; (2) in subparagraph (A)(iii), by inserting, to the extent practicable after September 1 of the fiscal year; and (3) in subparagraph (B)(iii), in the text, by inserting, to the extent practicable after April 1 of the fiscal year.