,,ii #aaith ,,congress #b;d ,session ,s4 #cicf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #bf1 #bjbf,mr4 ,tuberville 7for himself and ,mr4 ,husted7 introduced the following bill2 which was read twice and referred to the ,committee on ,agriculture1 ,nutrition1 and ,forestry ,a ,,bill ,to amend the ,consolidated ,farm and ,rural ,development ,act to expand eligibility for guaranteed and direct loans to individuals or entity members that hold at least a #ej percent interest and that are or will become qualified operators of the farm real estate acquired1 improved1 or supported with farm ownership1 operating1 or emergency loans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,,usda ,loan ,modernization ,act4 #b4 ,persons eligible for real estate loans ,section #cjb7;a7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aibb7;a77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking a majority and inserting at least a #ej percent2 and 7,b7 in subparagraph 7,c71 by striking a majority and inserting at least a #ej percent2 and 7#b7 in paragraph 7#b71 by striking subparagraphs 7,a7 and 7,b7 and inserting the following3 7,a7 ,eligibility of qualified operators ,qualified operators1 as defined by the ,secretary1 shall be considered to meet the operator requirement of paragraph 7#a74 7,b7 ,eligibility of certain operating-only entities ,an applicant that is or will become only the operator of farm real estate acquired1 improved1 or supported with funds under this subtitle shall be considered to meet the owner-operator requirements of paragraph 7#a7 if #a or more of the individuals who is an owner of the farm real estate owns at least #ej percent 7or such other percentage as the ,secretary determines is appropriate7 of the applicant4 7,c7 ,eligibility of certain embedded entities ,an entity that is an owner-operator described in paragraph 7#a71 or an operator described in subparagraph 7,b7 of this paragraph that is owned1 in whole or in part1 by #a or more other entities1 shall be considered to meet the direct ownership requirement imposed under paragraph 7#a7 if at least #ge percent of the total ownership interests of the embedded entity1 or of the other entities1 is owned1 directly or indirectly1 by qualified operators of the farm acquired1 improved1 or supported with funds under this subtitle4 4 #c4 ,persons eligible for operating loans ,section #caa7;a7 of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aida7;a77 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking a majority and inserting at least a #ej percent2 and 7,b7 in subparagraph 7,c71 by striking a majority and inserting at least a #ej percent2 and 7#b7 by amending paragraph 7#b7 to read as follows3 7#b7 ,special rules 7,a7 ,eligibility of qualified operators ,qualified operators1 as defined by the ,secretary1 shall be considered to meet the operator requirement of paragraph 7#a74 7,b7 ,eligibility of certain operating-only entities ,an entity that is an operator described in paragraph 7#a7 that is owned1 in whole or in part1 by other entities1 shall be considered to meet the direct ownership requirement imposed under paragraph 7#a7 if at least #ge percent of the total ownership interests of the embedded entity1 or of the other entities1 is owned1 directly or indirectly1 by qualified operators of the farm improved or supported with funds under this subtitle4 4 #d4 ,persons eligible for emergency loans ,section #cba of the ,consolidated ,farm and ,rural ,development ,act 7#g ,u4,s4,c4 #aifa7 is amended-- 7#a7 in subsection 7a7-- 7,a7 in the first sentence-- 7i7 by striking 7,a7 and inserting 7i72 7ii7 by striking 7,b7 and inserting 7ii72 7iii7 by striking 7#a7 and inserting 7,a72 7iv7 by striking 7#b7 and inserting 7,b72 and 7v7 by striking a majority each place it appears and inserting at least a #ej percent2 7,b7 in the second sentence1 by striking this subsection and inserting this paragraph2 7,c7 by striking the fifth sentence2 and 7,d7 by adding at the end the following3 7#b7 ,special rules 7,a7 ,eligibility of qualified operators ,qualified operators1 as defined by the ,secretary1 shall be considered to meet the operator requirement of paragraph 7#a74 7,b7 ,eligibility of certain operating-only entities ,an applicant that is or will become only the operator of farm real estate acquired1 improved1 or supported with funds under this subtitle shall be considered to meet the owner-operator requirements of paragraph 7#a7 if #a or more of the individuals who is an owner of the real estate owns at least #ej percent 7or such other percentage as the ,secretary determines is appropriate7 of the applicant4 7,c7 ,eligibility of certain embedded entities ,an entity that is an owner-operator described in paragraph 7#a71 or an operator described in subparagraph 7,b7 of this paragraph that is owned1 in whole or in part1 by #a or more other entities1 shall be considered to meet the direct ownership requirement imposed under paragraph 7#a7 if at least #ge percent of the total ownership interests of the embedded entity1 or of the other entities1 is owned1 directly or indirectly1 by qualified operators of the farm acquired1 improved1 or supported with funds under this subtitle4 2 and 7#b7 by striking the section designation and all that follows through shall make and insure in the first sentence of the matter preceding paragraph 7#b7 of subsection 7a7 and inserting the following3 #cba4 ,eligibility for loans 7a7 ,in general 7#a7 ,eligibility requirements ,the ,secretary shall make and insure 4