,i  #aahth ,,congress  #ast ,session    
,h4 ,r4 #ehgg  ,,in ,,the ,,house ,,of  
,,representatives  ,october #c1         
#bjbc,mr4 ,finstad 7for himself and ,ms4
 ,craig7 introduced the following bill2 
which was referred to the ,committee on 
,agriculture  ,a ,,bill  ,to amend the  
,consolidated ,farm and ,rural          
,development ,act to direct the         
,secretary of ,agriculture to create the
 ,,usda ,express ,guaranteed ,farm      
,ownership and ,guaranteed ,farm        
,operating ,loan programs1 enabling     
faster access to credit for ,america's  
farmers and ranchers4  #a4 ,short title 
,this ,act may be cited as the ,,usda   
,express ,loan ,act4  #b4 ,,usda express
 loans  7a7 ,in general ,subtitle ,a of 
the ,consolidated ,farm and ,rural      
,development ,act 7#g ,u4,s4,c4 #aibb et
 seq47 is amended by adding at the end  
the following3  #caj;,j4 ,,usda ,express
 ,guaranteed ,farm ,ownership ,loan     
,program  7a7 ,in general ,within #a    
year after the date of the enactment of 

this section1 the ,secretary shall      
establish a program1 which shall be     
known as the ,,usda ,express ,guaranteed
 ,farm ,ownership ,loan ,program1 under 
which1 within #cf hours after receipt of
 an application to guarantee a farm     
ownership loan that meets the           
requirement of subsection 7e7 originated
 by a ,,usda express lender1 the        
,secretary shall notify the lender as to
 whether the application is approved or 
disapproved4  7b7 ,,usda express lender 
defined ,in this section1 the term      
,,usda express lender means any         
regulated lender authorized by the      
,secretary to participate in the        
guaranteed farm ownership loan program  
under this subtitle4  7c7 ,documents ,in
 originating a loan for consideration   
under this section1 a ,,usda express    
lender may use any loan documents that  
incorporate the loan analyses1          
procedures1 and documentation of the    
lender1 or such other documents as the  
,secretary may prescribe4  7d7 ,credit  

decisions ,before submitting an         
application pursuant to this section1 a 
,,usda express lender shall determine   
the creditworthiness1 and ascertain the 
repayment ability1 of the borrower      
involved4  7e7 ,loans eligible for      
guarantee ,the ,secretary shall not     
accept an application under this section
 with respect to a loan that exceeds    
#a1jjj1jjj per farm or ranch operation  
per year4  7f7 ,maximum guarantee ,the  
percentage of the principal amount of a 
loan which may be guaranteed pursuant to
 this section shall not exceed--  7#a7  
#ge percent1 in the case of a loan not  
exceeding #gej1jjj2 or  7#b7 #ej        
percent1 in the case of a loan of more  
than #gej1jjj and not more than         
#a1jjj1jjj4  7g7 ,use of loan proceeds  
,the borrower of a loan guaranteed      
pursuant to this section shall use the  
loan proceeds only to produce           
agricultural commodities consistent with
 the purposes of the guaranteed loan    
programs under this title4  7h7         

,regulations ,the ,secretary shall issue
 such regulations as are necessary to   
implement this section4  4  7b7 ,section
 #cab of such ,act 7#g ,u4,s4,c4 #aidb7 
is amended by adding at the end the     
following3  7f7 ,,usda express          
guaranteed farm operating loans ,the    
,secretary shall establish a ,,usda     
,express ,guaranteed ,farm ,operating   
,loan ,program on the same basis as the 
,,usda ,express ,guaranteed ,farm       
,ownership ,loans ,program under section
 #caj;,j4  4