,,ii  #aah? ,,congress  #b;d ,session   
,s4 #ecch  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #ah1 #bjbd,mr4
 ,wel* introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,agriculture1 ,nutrition1 & ,=e/ry  ,a  
,,bill  ,to am5d ! ,consolidat$ ,f>m &  
,rural ,developm5t ,act to modify !     
exp]i5ce requirem5t = direct f>m own]%ip
 loans1 elim9ate ! #aj-ye> limitation on
 direct f>m own]%ip loans1 all[ direct  
loans to be us$ = ref9anc+ indebt$ness1 
increase ! lifetime limitation on debt  
=giv5ess p] borr[]1 & provide           
flexibility ) respect to loan fund set  
asides = beg9n+ f>m]s & ran*]s1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,debt ,relief & ,f>m ,cr$it
 ,access ,act4  #b4 ,p]sons eligible =  
direct f>m own]%ip loans ,section       
#cjb7;b7 ( ! ,consolidat$ ,f>m & ,rural 
,developm5t ,act 7#g ,u4,s4,c4          
#aibb7;b77 is am5d$-- 7#a7 by /rik+     
p>agraph 7#a7 & ins]t+ ! foll[+3  7#a7  
,9 g5]al ,! ,secret>y may make a direct 

loan "u ?is subtitle only to a f>m] or  
ran*] :o has at lea/ #a ye> ( exp]i5ce  
sub/antially p>ticipat+ 9 ! managem5t & 
bus9ess op]ations ( a f>m or ran*1 z    
det]m9$ by ! ,secret>y4  2 &  7#b7 by   
/rik+ p>agraphs 7#c7 & 7#d7 & ins]t+ !  
foll[+3  7#c7 ,waiv] au?ority ,9 ! case 
( a qualifi$ beg9n+ f>m] or ran*]1 !    
,secret>y may waive ! #a-ye> requirem5t 
describ$ 9 p>agraph 7#a7 if ! qualifi$  
beg9n+ f>m] or ran*]-- 7,a7 has an      
e/abli%$ relation%ip ) an individual :o 
has exp]i5ce 9 f>m+ or ran*+1 or ) a    
local f>m or ran* op]ator or            
organization1 approv$ by ! ,secret>y1 t 
is committ$ to m5tor+ ! qualifi$ beg9n+ 
f>m] or ran*]2 or  7,b7 has o!r         
acceptable education or exp]i5ce = an   
appropriate p]iod ( "t1 z det]m9$ by !  
,secret>y4  4  #c4 ,improvem5ts to c]ta9
 provisions ( ! ,consolidat$ ,f>m &     
,rural ,developm5t ,act  7a7 ,all[$     
purposes ( direct loans ,section        
#cjc7;a77#a7 ( ! ,consolidat$ ,f>m &    
,rural ,developm5t ,act 7#g ,u4,s4,c4   

#aibc7;a77#a77 is am5d$ by /rik+        
subp>agraph 7,e7 & ins]t+ ! foll[+3     
7,e7 ref9anc+ ! indebt$ness ( ! f>m] or 
ran*]1 if ! f>m] or ran*]-- 7i7 has us$ 
a direct loan "u ?is subtitle to        
ref9ance indebt$ness n m ?an #d times   
previ\sly2 &  7ii7 is ref9anc+ a debt   
obta9$ f a cr$itor o!r ?an ! ,secret>y4 
4  7b7 ,effect ( pref]r$ l5d]           
c]tification ,section #cci7;d77#d77;,b7 
( ! ,consolidat$ ,f>m & ,rural          
,developm5t ,act 7#g ,u4,s4,c4          
#aihi7;d77#d77;,b77 is am5d$-- 7#a7 by  
/rik+ in/itutions to & ins]t+ ! foll[+3 
in/itutions-- 7i7 to  2 &  7#b7 9 clause
 7i7 7z s designat$7-- 7,a7 by /rik+    
subsection relat+ & ins]t+ subsection1  
relat+2  7,b7 by /rik+ wor?9ess1 ! &    
ins]t+ wor?9ess or !2 &  7,c7 by /rik+  
collection & liquidation ( loans1 & to &
 ins]t+ ! foll[+3 or collection ( loans2
 & 7ii7 to  4  7c7 ,lifetime limitation 
on debt =giv5ess p] borr[] ,section     
#cec7o7 ( ! ,consolidat$ ,f>m & ,rural  
,developm5t ,act 7#g ,u4,s4,c4 #bjja7o77

 is am5d$ by /rik+ #cjj1jjj & ins]t+    
#fjj1jjj4  #d4 ,loan fund set-asides =  
beg9n+ f>m]s & ran*]s ,section          
#cdf7;b77#b7 ( ! ,consolidat$ ,f>m &    
,rural ,developm5t ,act 7#g ,u4,s4,c4   
#aiid7;b77#b77 is am5d$-- 7#a7 9        
subp>agraph 7,a7-- 7,a7 9 clause        
7i77,,ii71 by ins]t+ 1 to ! ext5t       
practicable aft] ,april #a ( ! fiscal   
ye>2 &  7,b7 9 clause 7iii71 by ins]t+ 1
 to ! ext5t practicable aft] ,septemb]  
#a ( ! fiscal ye>2 &  7#b7 9 subp>agraph
 7,b77iii71 by ins]t+ 1 to ! ext5t      
practicable aft] ,april #a ( ! fiscal   
ye>4