Persons eligible for operating loans

Section 311(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941(a)) is amended— (1) in the 2nd sentence of paragraph (1), by striking a majority each place it appears and inserting at least a 50 percent; and (2) in paragraph (2)— (A) in the paragraph heading, by striking (2) Special rule.— An entity and inserting the following: (2) Special rules (A) Eligibility of qualified operators Qualified operators, as defined by the Secretary, shall be considered to meet the operator requirement of paragraph (1). (B) Eligibility of certain operating-only entities An entity; and (B) by striking ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm and inserting total ownership interests of the embedded entity, or of the other entities, is owned, directly or indirectly, by qualified operators of the farm improved or supported with funds under this subtitle.

Section 311(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941(a)) is amended— (1) in the 2nd sentence of paragraph (1), by striking a majority each place it appears and inserting at least a 50 percent; and (2) in paragraph (2)— (A) in the paragraph heading, by striking (2) Special rule.— An entity and inserting the following: (2) Special rules (A) Eligibility of qualified operators Qualified operators, as defined by the Secretary, shall be considered to meet the operator requirement of paragraph (1). (B) Eligibility of certain operating-only entities An entity; and (B) by striking ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm and inserting total ownership interests of the embedded entity, or of the other entities, is owned, directly or indirectly, by qualified operators of the farm improved or supported with funds under this subtitle.