Page:United States Statutes at Large Volume 110 Part 1.djvu/1112

 110 STAT. 1088 PUBLIC LAW 104-127—APR. 4, 1996 "SEC. 312. PURPOSES OF LOANS. "(a) IN GENERAL. —^A direct loan may be made under this subtitle only for— "(1) paying the costs incident to reorganizing a farm or ranch for more profitable operation; "(2) purchasing livestock, poultry, or farm or ranch equipment; "(3) purchasing feed, seed, fertilizer, insecticide, or farm or ranch supplies, or to meet other essential farm or ranch operating expenses, including cash rent; "(4) financing land or water development, use, or conservation; "(5) paying loan closing costs; "(6) assisting a farmer or rancher in changing the equipment, facilities, or methods of operation of a farm or ranch to comply with a standard promulgated under section 6 of the Occupational Safety and Health Act of 1970 (29 U.S.C. 655) or a standard adopted by a State under a plan approved under section 18 of the Act (29 U.S.C. 667), if the Secretary determines that without assistance under this paragraph the farmer or rancher is likely to suffer substantial economic injury in complying with the standard; "(7) training a limited-resource borrower receiving a loan under section 310D in maintaining records of farming and ranching operations; "(8) training a borrower under section 359; "(9) refinancing the indebtedness of a borrower, if the borrower— "(A) has refinanced a loan under this subtitle not more than 4 times previously; and "(B)(i) is a direct loan borrower under this title at the time of the refinancing and has suffered a qualifying loss because of a natural disaster declared by the Secretary under this title or a major disaster or emergency designated by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.); or "(ii) is refinancing a debt obtained from a creditor other than the Secretary; or "(10) providing other farm, ranch, or home needs, including family subsistence. "(b) GUARANTEED LOANS.—^A loan may be guaranteed under this subtitle only for— "(1) paying the costs incident to reorganizing a farm or ranch for more profitable operation; "(2) purchasing livestock, poultry, or farm or ranch equipment; "(3) purchasing feed, seed, fertilizer, insecticide, or farm or ranch supplies, or to meet other essential farm or ranch operating expenses, including cash rent; "(4) financing land or water development, use, or conservation; " (5) refinancing indebtedness; "(6) paying loan closing costs; "(7) assisting a farmer or rancher in changing the equipment, facilities, or methods of operation of a farm or ranch to comply with a standard promulgated under section 6 of

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