MARKET FOR GUARANTEED FARMER PROGRAM LOANS.

SEC. 1839. SECONDARY MARKET FOR GUARANTEED FARMER PROGRAM LOANS. (a) Definition of Certified Facility.— Paragraph (3) of section 8.0 (12 U.S.C. 2279aa(3)) is amended to read as follows: “(3) Certified facility.— The term ‘certified facility’ means— “(A) a secondary marketing agricultural loan facility that is certified under section 8.5; or “(B) the Corporation and any affiliate thereof, but only with respect to qualified loans described in paragraph (9)(B).”. (b) Definition of Qualified Loan.— Paragraph (9) of section 8.0 (12 U.S.C. 2279aa(9)) is amended to read as follows: “(9) Qualified loan.— The term ‘qualified loan’ means an obligation— “(A) (i) that is secured by a fee-simple or leasehold mortgage with status as a first lien, on agricultural real estate located in the United States that is not subject to any legal or equitable claims deriving from a preceding fee-simple or leasehold mortgage; “(ii) of— “(I) a citizen or national of the United States or an alien lawfully admitted for permanent residence in the United States; or “(II) a private corporation or partnership whose members, stockholders, or partners holding a majority interest in the corporation or partnership are individuals described in subclause (I); and “(iii) of a person, corporation, or partnership that has training or farming experience that, under criteria established by the Corporation, is sufficient to ensure a reasonable likelihood that the loan will be repaid according to its terms; or 104 STAT. 3835 “(B) that is the portion of a loan guaranteed by the Secretary of Agriculture pursuant to the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.), except that— “(i) subsections (b) through (f) of section 8.6, and sections 8.7, 8.8, and 8.9, shall not apply to the portion of a loan guaranteed by the Secretary or to an obligation, pool, or security representing an interest in or obligation backed by a pool of obligations relating to the portion of a loan guaranteed by the Secretary; and “(ii) the portion of a loan guaranteed by the Secretary shall be considered to meet all standards for qualified loans for all purposes under this Act.”.