USDA Loan Modernization Act

This bill changes who can qualify for federal farm ownership, operating, and emergency loans under the Consolidated Farm and Rural Development Act. Today, a business applying for these loans generally must be majority-owned by people who farm the land; the bill would lower this to at least 50 percent ownership. It would let people the Secretary of Agriculture defines as qualified operators meet the operator requirement. It would also allow businesses owned by other businesses to qualify if at least 75 percent of the ownership is held, directly or indirectly, by qualified operators of the farm.

Full text and official record on Congress.gov

Sponsors

• Tommy Tuberville Republican sponsor
• 1 cosponsors