BEGINNING FARMER AND RANCHER CONTRACT LAND SALES PROGRAM.

SEC. 5006. BEGINNING FARMER AND RANCHER CONTRACT LAND SALES PROGRAM. Subtitle A of the Consolidated Farm and Rural Development Act (7 U.S.C. 1922 et seq.) is amended by adding at the end the following: “SEC. 310F. BEGINNING FARMER AND RANCHER CONTRACT LAND SALES PROGRAM. “(a) In General.—If the Secretary makes a determination that the risk is comparable under subsection (B), the Secretary shall carry out a pilot program in not fewer than 5 States, as determined by the Secretary, to guarantee up to 5 loans per State in each of fiscal years 2003 through 2007 made by a private seller of a farm or ranch to a qualified beginning farmer or rancher on a contract land sale basis, if the loan meets applicable underwriting 116 STAT. 343 criteria and a commercial lending institution agrees to serve as escrow agent. “(b) Date of Commencement of Program.—Not later than October 1, 2002, the Secretary shall make a determination on whether guarantees of contract land sales present a risk that is comparable with the risk presented in the case of guarantees to commercial lenders.”.