106 STAT. 4146 PUBLIC LAW 102-554—OCT. 28, 1992 "(3) encourage retiring farmers and ranchers to assist in the siale of their farms and ranches to qualified beginning farmers and ranchers by providing seller financing; and " (4) coordinate the loan program established by this section with State programs that provide farm ownership or operating loans for beginning farmers and ranchers.", (b) AVAILABILITY OF FARM OwNERsrap LOANS AND LOAN GUARANTEES FOR CERTAIN BEGINNING FARMERS AND RANCHERS. — Subtitle A (7 U.S.C. 1922 et seq.) (as amended by subsection (a) of this section) is further amended by adding at the end the following new section: 7 USE 1936. «SEC. 310F. AVAILABILNY OF FARM OWNERSHIP LOANS AND LOAN GUARANTEES FOR CERTAIN QUALIFIED BEGINNING FARMERS AND RANCHERS. "(a) ASSISTANCE PROHIBITED FOR A LIMITED PERIOD.— Except as otherwise provided in this section, if the Secretary approves the application of a qualified beginning farmer or rancher (referred to in this section as the 'applicant') for assistance under section 318, the Secretary shall not make a loan under this subtitle to the applicant or provide a guarantee under section 309(h) with respect to any farm real estate loan made to the applicant. "(b) AVAILABILITY OF DOWN PAYMENT LOANS.— After the applicable period, the Secretary may make an insured loan under this subtitle, or a down payment loan under section 310E, to an applicant if— "(1) throughout the applicable period, the applicant conducted an operation for which assistance is provided under section 318 in accordance with the plan for special assistance; and " (2) the applicant is otherwise eligible for the loan.
- (c) AVAILABILITY OF LOAN GUARANTEES. —A fl»r the applicable
period, the Secretary may guarantee under section 309(h) the repay- ment of a commercial or cooperative loan made to an applicant referred to in subsection (a) if— "(1) throughout the applicable period, the applicant conducted the operation for which assistance is provided under section 318 in accordance with the plan for special assistance; and "(2) the applicant is otherwise eligible for the loan guarantee. "(d) APPLICABLE PERIOD DEFINED.— AS used in this section, the term 'applicable period' means the first 5 years for which an applicant nas operated a farm or ranch, including the period of time the applicant is provided assistance under section 318.". SEC. 8. SPECIAL ASSISTANCE TO CERTAIN QUALIFIED BEGINNING FARMERS AND RANCHERS. Subtitle B (7 U.S.C. 1941 et seq.) is amended by adding at the end the following new section: 7 USC 1948. <n3EC. 318. SPECIAL ASSISTANCE TO CERTAIN QUALIFIED BEGINNING FARMERS AND RANCHERS. "(a) IN GENERAL. —The Secretary shall provide special assistance in accordsmce with this section to enable a qualified beginning farmer or rancher who has not operated a farm or ranch, or who has operated a farm or ranch for not more than 5 years (referred
�
