ELIGIBILITY FOR FARM OPERATING LOANS.

SEC. 5101. ELIGIBILITY FOR FARM OPERATING LOANS. Section 311(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941(a)) is amended— (1) by striking “(a) In General.—The” and inserting the following: “(a) In General. “(1) Eligibility requirements. The” ; (2) in the first sentence, by striking “and limited liability companies” and inserting “ limited liability companies, and such other legal entities as the Secretary considers appropriate,”; (3) in the second sentence, by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively; (4) in each of the second and third sentences, by striking “and limited liability companies” each place it appears and inserting “limited liability companies, and such other legal entities”; (5) in the third sentence— (A) by striking “clause (3)” and inserting “subparagraph (C)”; and (B) by striking “clause (4)” and inserting “subparagraph (D)”; and (6) by adding at the end the following: “(2) Special rule. An entity that is an operator described in paragraph (1) that is owned, in whole or in part, by other entities, shall be considered to meet the direct ownership requirement imposed under paragraph (1) if at least 75 percent of the ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm.” .