Amendments
2018—Subsec. (a)(1). Pub. L. 115–334, § 12306(c)(1), substituted “eligible farmers or ranchers” for “qualified beginning farmers or ranchers and socially disadvantaged farmers or ranchers”.
Subsec. (d)(2)(A). Pub. L. 115–334, § 12306(c)(2)(A), substituted “farmers or ranchers” for “recipients of the loans”.
Subsec. (d)(3). Pub. L. 115–334, § 12306(c)(2)(B), added par. (3) and struck out former par. (3) which read as follows: “encourage retiring farmers and ranchers to assist in the sale of their farms and ranches to qualified beginning farmers and ranchers and socially disadvantaged farmers or ranchers by providing seller financing;”.
Subsec. (d)(4). Pub. L. 115–334, § 12306(c)(2)(C), substituted “for—” for “for beginning farmers or ranchers or socially disadvantaged farmers or ranchers”, added subpars. (A) and (B) and subpar. (C) designation, and inserted “veteran farmers or ranchers, as defined in section 2279(a) of this title; and” before “; and” in subpar. (C).
Subsec. (d)(5). Pub. L. 115–334, § 12306(c)(2)(D), substituted “an eligible farmer or rancher” for “a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher”.
Subsec. (e). Pub. L. 115–334, § 12306(c)(3), added subsec. (e) and struck out former subsec. (e). Prior to amendment, text read as follows: “In this section, the term ‘socially disadvantaged farmer or rancher’ has the meaning given that term in section 2003(e)(2) of this title.”
2014—Subsec. (b)(1)(C). Pub. L. 113–79, § 5005(a), substituted “$667,000” for “$500,000”.
Subsec. (b)(2). Pub. L. 113–79, § 5005(b), struck out second par. (2) which read as follows: “The interest rate on any loan made by the Secretary under this section shall be 4 percent.”
2008—Subsec. (a)(1). Pub. L. 110–246, § 5004(1), substituted “or ranchers and socially disadvantaged farmers or ranchers” for “and ranchers”.
Subsec. (b)(1), (2). Pub. L. 110–246, § 5004(2)(A), added par. (1) and par. (2) consisting of subpars. (A) and (B) and struck out former par. (1). Prior to amendment, text of par. (1) read as follows: “Each loan made under this section shall be in an amount equal to 40 percent of the purchase price or appraisal value, whichever is lower, of the farm or ranch to be acquired, unless the borrower requests a lesser amount.”
Subsec. (b)(3). Pub. L. 110–246, § 5004(2)(B), substituted “20” for “15”.
Subsec. (c)(1). Pub. L. 110–246, § 5004(3)(A), substituted “5” for “10”.
Subsec. (c)(2), (3). Pub. L. 110–246, § 5004(3)(B), (C), redesignated par. (3) as (2), in subpar. (B), substituted “20-year” for “15-year”, and struck out former par. (2). Prior to amendment, text read as follows: “The Secretary shall not make a loan under this section with respect to a farm or ranch for which the purchase price or appraisal value, whichever is lower, exceeds $250,000.”
Subsec. (d)(3). Pub. L. 110–246, § 5004(4)(A)(ii), struck out “and” at end.
Pub. L. 110–246, § 5004(4)(A)(i), which directed the insertion of “and socially disadvantaged farmers or ranchers” after “ranchers”, was executed by making the insertion after “ranchers” the second place it appeared to reflect the probable intent of Congress.
Subsec. (d)(4). Pub. L. 110–246, § 5004(4)(B), substituted “or ranchers or socially disadvantaged farmers or ranchers; and” for “and ranchers.”
Subsec. (d)(5). Pub. L. 110–246, § 5004(4)(C), added par. (5).
Subsec. (e). Pub. L. 110–246, § 5004(5), added subsec. (e).
2002—Subsec. (b)(1). Pub. L. 107–171, § 5005(1)(A), substituted “40 percent” for “30 percent”.
Subsec. (b)(3). Pub. L. 107–171, § 5005(1)(B), substituted “15 years” for “10 years”.
Subsec. (c)(3)(B). Pub. L. 107–171, § 5005(2), substituted “15-year” for “10-year”.
