{"identifier":"/us/usc/t7/s1936c","title_num":"7","num":"§ 1936c.","heading":"Relending program to resolve ownership and succession on farmland","status":null,"guid":"idefe00f43-0974-11f0-9dfd-afe1829a8806","source_credit":"(Pub. L. 87–128, title III, § 310I, as added Pub. L. 115–334, title V, § 5104, Dec. 20, 2018, 132 Stat. 4669.)","seq_in_title":1334,"parent_identifier":"/us/usc/t7/ch50/schI","ancestors":[{"identifier":"/us/usc/t7","level":"title","num":"Title 7—","heading":"AGRICULTURE","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch50","level":"chapter","num":"CHAPTER 50—","heading":"AGRICULTURAL CREDIT","status":null,"is_section":false},{"identifier":"/us/usc/t7/ch50/schI","level":"subchapter","num":"SUBCHAPTER I—","heading":"REAL ESTATE LOANS","status":null,"is_section":false}],"xml":"<section xmlns=\"http://xml.house.gov/schemas/uslm/1.0\" xmlns:xsi=\"http://www.w3.org/2001/XMLSchema-instance\" xmlns:dc=\"http://purl.org/dc/elements/1.1/\" xmlns:dcterms=\"http://purl.org/dc/terms/\" style=\"-uslm-lc:I80\" id=\"ideace4a29-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c\"><num value=\"1936c\">§ 1936c.</num><heading> Relending program to resolve ownership and succession on farmland</heading><subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace4a2a-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/a\"><num value=\"a\" class=\"bold\">(a)</num><heading class=\"bold\"> In general</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">The Secretary may make loans to eligible entities described in subsection (b) so that the eligible entities may relend the funds to individuals and entities for the purposes described in subsection (c).</p>\n</content>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace713b-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/b\"><num value=\"b\" class=\"bold\">(b)</num><heading class=\"bold\"> Eligible entities</heading><chapeau style=\"-uslm-lc:I11\" class=\"indent0\">Entities eligible for loans described in subsection (a) are cooperatives, credit unions, and nonprofit organizations with—</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace713c-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/b/1\"><num value=\"1\">(1)</num><content> certification under section 1805.201 of title 12, Code of Federal Regulations (or successor regulations), to operate as a lender;</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace713d-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/b/2\"><num value=\"2\">(2)</num><content> experience assisting socially disadvantaged farmers and ranchers (as defined in subsection (a) of <ref href=\"/us/usc/t7/s2279\">section 2279 of this title</ref>) or limited resource or new and beginning farmers and ranchers, rural businesses, cooperatives, or credit unions, including experience in making and servicing agricultural and commercial loans; and</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace713e-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/b/3\"><num value=\"3\">(3)</num><content> the ability to provide adequate assurance of the repayment of a loan.</content>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace713f-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/c\"><num value=\"c\" class=\"bold\">(c)</num><heading class=\"bold\"> Eligible purposes</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">The proceeds from loans made by the Secretary pursuant to subsection (a) shall be re-lent by eligible entities for projects that assist heirs with undivided ownership interests to resolve ownership and succession on farmland that has multiple owners.</p>\n</content>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace7140-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/d\"><num value=\"d\" class=\"bold\">(d)</num><heading class=\"bold\"> Preference</heading><chapeau style=\"-uslm-lc:I11\" class=\"indent0\">In making loans under subsection (a), the Secretary shall give preference to eligible entities—</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace7141-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/d/1\"><num value=\"1\">(1)</num><content> with not less than 10 years of experience serving socially disadvantaged farmers and ranchers; and</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace7142-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/d/2\"><num value=\"2\">(2)</num><content> in States that have adopted a statute consisting of an enactment or adoption of the Uniform Partition of Heirs Property Act, as approved and recommended for enactment in all States by the National Conference of Commissioners on Uniform State Laws in 2010, that relend to owners of heirs property (as defined in that Act).</content>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace7143-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e\"><num value=\"e\" class=\"bold\">(e)</num><heading class=\"bold\"> Loan terms and conditions</heading><chapeau style=\"-uslm-lc:I11\" class=\"indent0\">The following terms and conditions shall apply to loans made under this section:</chapeau><paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace7144-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/1\"><num value=\"1\">(1)</num><content> The interest rate at which intermediaries may borrow funds under this section shall be determined by the Secretary.</content>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace7145-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/2\"><num value=\"2\">(2)</num><chapeau> The rates, terms, and payment structure for borrowers to which intermediaries lend shall be—</chapeau><subparagraph style=\"-uslm-lc:I13\" class=\"indent2\" id=\"ideace7146-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/2/A\"><num value=\"A\">(A)</num><content> determined by the intermediary in an amount sufficient to cover the cost of operating and sustaining the revolving loan fund; and</content>\n</subparagraph>\n<subparagraph style=\"-uslm-lc:I13\" class=\"indent2\" id=\"ideace7147-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/2/B\"><num value=\"B\">(B)</num><content> clearly and publicly disclosed to qualified ultimate borrowers.</content>\n</subparagraph>\n</paragraph>\n<paragraph style=\"-uslm-lc:I12\" class=\"indent1\" id=\"ideace7148-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/3\"><num value=\"3\">(3)</num><chapeau> Borrowers to which intermediaries lend shall be—</chapeau><subparagraph style=\"-uslm-lc:I13\" class=\"indent2\" id=\"ideace7149-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/3/A\"><num value=\"A\">(A)</num><content> required to complete a succession plan as a condition of the loan; and</content>\n</subparagraph>\n<subparagraph style=\"-uslm-lc:I13\" class=\"indent2\" id=\"ideace714a-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/e/3/B\"><num value=\"B\">(B)</num><content> be offered the opportunity to borrow sufficient funds to cover costs associated with the succession plan under subparagraph (A) and other associated legal and closing costs.</content>\n</subparagraph>\n</paragraph>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace714b-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/f\"><num value=\"f\" class=\"bold\">(f)</num><heading class=\"bold\"> Report</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">Not later than 1 year after <date date=\"2018-12-20\">December 20, 2018</date>, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report describing the operation and outcomes of the program under this section, with recommendations on how to strengthen the program.</p>\n</content>\n</subsection>\n<subsection style=\"-uslm-lc:I19\" class=\"indent2 firstIndent-2\" id=\"ideace985c-099f-11eb-b61c-e565d2c02f40\" identifier=\"/us/usc/t7/s1936c/g\"><num value=\"g\" class=\"bold\">(g)</num><heading class=\"bold\"> Authorization of appropriations</heading><content><p style=\"-uslm-lc:I11\" class=\"indent0\">There is authorized to be appropriated to carry out this section $10,000,000 for each of fiscal years 2019 through 2023.</p>\n</content>\n</subsection>\n<sourceCredit id=\"ideace985d-099f-11eb-b61c-e565d2c02f40\">(<ref href=\"/us/pl/87/128/tIII/s310I\">Pub. L. 87–128, title III, § 310I</ref>, as added <ref href=\"/us/pl/115/334/tV/s5104\">Pub. L. 115–334, title V, § 5104</ref>, <date date=\"2018-12-20\">Dec. 20, 2018</date>, <ref href=\"/us/stat/132/4669\">132 Stat. 4669</ref>.)</sourceCredit>\n</section>","provision":null,"duplicates":[],"release":{"label":"119-4","currency_date":"2025-03-15","congress":119,"law_num":4,"excluded_laws":[],"update_num":null,"seq":352,"is_partial":false,"caveat":null,"titles_affected":["01","02","05","06","07","08","14","16","18","20","22","42"],"ingested_titles":[]},"served_from":{"label":"119-4","currency_date":"2025-03-15","congress":119,"law_num":4,"excluded_laws":[],"update_num":null,"seq":352,"is_partial":false,"caveat":null,"titles_affected":["01","02","05","06","07","08","14","16","18","20","22","42"],"ingested_titles":[]},"content_first_seen":{"label":"116-163","currency_date":"2020-10-02","congress":116,"law_num":163,"excluded_laws":[],"update_num":null,"seq":214,"is_partial":false,"caveat":null,"titles_affected":["01","02","03","06","07","08","10","15","17","18","21","22","23","26","28","31","35","36","38","40","42","45","49","50"],"ingested_titles":[]},"is_exact":true,"note":null}