Emergency loans

(a) In general Section 321 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961) is amended— (1) by striking subsection (d); (2) in subsection (c)— (A) by inserting (7 U.S.C. 2266(a)) before the period at the end; and (B) by striking (c) The Secretary and inserting the following: (d) Family farm system The Secretary; (3) by redesignating subsection (b) as subsection (c); (4) by striking the section designation and all that follows through (a) The Secretary in subsection (a) and inserting the following: 321. Definitions; eligibility for loans (a) Definitions In this subtitle: (1) Able to obtain sufficient credit elsewhere The term able to obtain sufficient credit elsewhere, with respect to an applicant, means that the applicant is able to obtain sufficient credit elsewhere to finance the actual needs of the applicant at a reasonable rate and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time. (2) Aquaculture The term aquaculture means the husbandry of aquatic organisms under a controlled or selected environment. (b) Eligible persons The Secretary; and (5) by adding at the end the following: (e) Loans to owners of nonindustrial private forest land (1) Definitions In this subsection: (A) Nonindustrial private forest land The term nonindustrial private forest land has the meaning given the term in section 407(a) of the Agricultural Credit Act of 1978 (16 U.S.C. 2206(a)). (B) Outbreak response measure The term outbreak response measure has the meaning given the term in subsection (e)(1) of section 407 of the Agricultural Credit Act of 1978 (16 U.S.C. 2206). (2) Loans Notwithstanding any other provision of this subtitle, the Secretary may make an emergency loan to an owner of nonindustrial private forest land to carry out an outbreak response measure. (3) Amount The amount of an emergency loan under this subsection shall be not less than 75 percent of the estimated total cost of the outbreak response measures to be carried out to address a pine beetle outbreak. (4) Loan repayment options In the case of an owner of nonindustrial private forest land that receives an emergency loan under this subsection and subsequently receives a cost-share payment under subsection (e)(2) of section 407 of the Agricultural Credit Act of 1978 (16 U.S.C. 2206) with respect to the same pine beetle outbreak on the same nonindustrial private forest land, the owner may, at the option of the owner, apply the amount of the cost-share payment to the remaining principal on the emergency loan under this subsection.. (b) Conforming amendments (1) Section 531(a) of the Federal Crop Insurance Act (7 U.S.C. 1531(a)) is amended— (A) in paragraph (16), by striking section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) and inserting section 321(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(b)); and (B) in paragraph (18), by striking section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 2279(e)) and inserting section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 2279(a)). (2) Section 324(d)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1964(d)(1)) is amended, in the first sentence, by striking section 321(b) of this title and inserting section 321(c). (3) Section 901(a) of the Trade Act of 1974 (19 U.S.C. 2497(a)) is amended— (A) in paragraph (5), by redesignating clauses (i) through (iii) as subparagraphs (A) through (C), respectively, and indenting the subparagraphs appropriately; (B) in paragraph (16), by striking section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) and inserting section 321(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(b)); and (C) in paragraph (18), by striking section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 2279(e)) and inserting section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 2279(a)). (4) Section 582(d)(1) of the National Flood Insurance Reform Act of 1994 (42 U.S.C. 5154a(d)(1)) is amended by striking section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) and inserting section 321(b) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(b)).