Page:United States Statutes at Large Volume 103 Part 1.djvu/610

 103 STAT. 582 PUBLIC LAW 101-82—AUG. 14, 1989 would be eligible for an emergency loan under subtitle C of such Act, if such eligibility is the result of damage to an annual crop planted for harvest in 1989. 7 USC 1941 note. SEC. 302.1990 FARM OPERATING LOANS. (a) DIRECT CREDIT. —To the maximum extent practicable, the Sec- retary of Agriculture shall ensure that direct operating loans made or insured under subtitle B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941 et seq.) for 1990 crop production are made available to farmers and ranchers suffering major losses due to excess moisture, freeze, storm, or related condition occurring in 1989 or drought or related condition occurring in 1988 or 1989, as authorized under existing law and under regulations of the Sec- retary that implement the objective of enabling farmers and ranch- ers to stay in business. (b) LOAN GUARANTEES.— Real property. (1) IN GENERAL.—Notwithstanding any other provision of law, Animals. the Secretary shall make available in fiscal year 1990 guaran- tees to commercial or cooperative lenders for loans under sub- title B of the Consolidated Farm and Rural Development Act, to refinance and reamortize 1989 operating loans, or 1989 or 1990 installments due and payable on real estate debt, farm equip- ment or building (including storage facilities) debt, livestock loans, or other operating debt, of farmers and ranchers that otherwise cannot be repaid due to major losses incurred by such farmers or ranchers as a result of excess moisture, freeze, storm, or related condition occurring in 1989 or drought or related condition occurring in 1988 or 1989. (2) REAMORTIZATION. — Each fiscal year 1990 guaranteed loan for 1988 or 1989 natural disaster purposes, as described in paragraph (1), shall contain terms and conditions governing the reamortization of the debt of the farmer or rancher that will provide the farmer or rancher a reasonable opportunity to continue to receive new operating credit while repaying the guaranteed loan, as determined by the Secretary. (3) ELIGIBILITY.— Notwithstanding any other provision of law, any person eligible to receive payments under subtitle A of title I shall be deemed eligible to have guaranteed, in accordance with this subsection, loams made to such person by a commercial or cooperative lender to refinance installment payments that are or become due and payable during 1989 or 1990, as described in paragraph (1), except tnat, to be deemed eligible to have such loan guaranteed, the person must otherwise— (A) be current in the person's obligation to the commer- cial or cooperative lender that agrees to accept the guaran- tee in consideration of allowing the person to make the 1989 or 1990 payment or installment over a period of time not to exceed 6 years from the original due date of such payment or installment; and (B) meet the criteria for guaranteed loan borrowers under subtitle B of the Consolidated Farm and Rural Develop- ment Act established by the Secretary. (c) USE OF AGRICULTURAL CREDFF INSURANCE FUND.—For purposes of providing guaranteed loans in accordance with subsection (b), in addition to funds otherwise available, the Secretary may use any funds available from the Agricultural Credit Insurance Fund during fiscal years 1989 or 1990 for emergency insured and guaranteed

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