USDA Loan Modernization Act

This bill changes who can qualify for USDA farm ownership, operating, and emergency loans under the Consolidated Farm and Rural Development Act. It replaces the current requirement that eligible people hold "a majority" interest with a requirement that they hold "at least a 50 percent" interest. It lets qualified operators, as defined by the Secretary of Agriculture, count as meeting the operator requirement. It also lets certain entities that only operate a farm, or that are owned by other entities, qualify if set ownership levels are met, such as at least 75 percent ownership by qualified operators.

Full text and official record on Congress.gov

Sponsors

• Mike Bost Republican sponsor
• 3 cosponsors