Page:United States Statutes at Large Volume 122.djvu/1169

 12 2 STA T . 11 46PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 200 8‘ ‘ (B)ast a nd a r d gu arant e e pl an ,whic h shall c ov er an a m ount e q ual to 90 percent o f the outstanding principal of the loan . ‘‘( 2 ) ELIG I B LI TYFORS T AND ARD G U ARANT E E P LAN. —I n order for a private seller to b e eligible for a standard guarantee plan referred to in paragraph ( 1 )(B), the private seller shall— ‘‘( A ) secure a commercial lending institution or similar entit y , as determined by the S ecretary, to serve as an escrow agent or ‘‘(B) in cooperation with the farmer or rancher, use an appropriate alternate arrangement, as determined by the Secretary. ‘‘(f) T RANSITION F RO MP ILOT PROGRAM.— ‘‘(1) IN GENERAL.—The Secretary may phase - in the implementation of the changes to the Beginning Farmer and R ancher and Socially D isadvantaged Farmer or Rancher C on- tract L and Sales Program provided for in this section. ‘‘(2) LIMITATION.—All changes to the Beginning Farmer and Rancher and Socially Disadvantaged Farmer or Rancher Contract Land Sales Program must be implemented for the 2011 Fiscal Y ear. ’ ’. Subti t leB—Op e ra ti ngLo an sSEC.510 1. FARMING E XP ERIENCE AS E L IGI B ILI TY RE QU IREMENT. Section 3 11 of the Consolidated Farm and Rural Development Act ( 7U .S.C. 19 4 1) is amended— (1) by stri k ing the section designation and all that follows through ‘‘(a) The Secretary is authori z ed to’’ and inserting the following

‘SEC. 3 11. PERS O NS ELIGIBLE FOR LOANS. ‘‘(a) IN G ENERAL.—The Secretary may’’; (2) in subsection (a)(2), by inserting ‘‘, taking into consider- ation all farming e x perience of the applicant, without regard to any lapse between farming experiences’’ after ‘‘farming oper- ations’’. SEC. 510 2 . LIMITATIONS ON AMOUNT OF OPERATING LOANS. Section 313(a)(1) of the Consolidated Farm and Rural Develop- ment Act (7 U.S.C. 1943(a)(1)) is amended by striking ‘‘ $ 200,000’’ and inserting ‘‘$300,000’’. SEC. 5103. SUSPENSION OF LIMITATION ON PERIO D FOR WH ICH BOR - ROWERS ARE ELIGIBLE FOR GUARANTEED ASSISTANCE. Section 5 102 of the Farm Security And Rural Investment Act of 2002 (7 U.S.C. 1949 note; Public Law 107 – 171) is amended by striking ‘‘September 30, 2007’’ and inserting ‘‘December 31, 2010’’. Subtitle C — Em ergen cy Loans SEC. 5201. ELIGIBILITY OF EQUINE FARMERS AND RANCHERS FOR EMERGENCY LOANS. Section 321(a) of the Consolidated Farm and Rural Develop- ment Act (7 U.S.C. 19 6 1(a)) is amended—

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