text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Agricultural Credit Expansion Act''.
  
  SEC. 2. ELIGIBILITY FOR FARM LOANS.
  
      (a) Farm Ownership Loans.--Section 302(a) of the Consolidated Farm 
  and Rural Development Act (7 U.S.C. 1922(a)) is amended--
              (1) by striking ``(a) In General.--The'' and inserting the 
          following:
      ``(a) In General.--
              ``(1) Eligibility requirements.--The'';
              (2) in the 1st sentence, by inserting after ``limited 
          liability companies'' the following: ``, and such other legal 
          entities as the Secretary deems appropriate,'';
              (3) in the 2nd sentence, by redesignating clauses (1) 
          through (4) as clauses (A) through (D), respectively;
              (4) in each of the 2nd and 3rd sentences, by striking ``and 
          limited liability companies'' each place it appears and 
          inserting ``limited liability companies, and such other legal 
          entities''; and
              (5) by adding at the end the following:
              ``(2) Special deeming rules.--
                      ``(A) Eligibility of certain operating-only 
                  entities.--An entity that is or will become only the 
                  operator of a family farm is deemed to meet the owner-
                  operator requirements of paragraph (1) if the 
                  individuals that are the owners of the family farm own 
                  more than 50 percent (or such other percentage as the 
                  Secretary determines is appropriate) of the entity.
                      ``(B) Eligibility of certain embedded entities.--An 
                  entity that is an owner-operator described in paragraph 
                  (1), or an operator described in subparagraph (A) of 
                  this paragraph that is owned, in whole or in part, by 
                  other entities, is deemed to meet the direct ownership 
                  requirement imposed under paragraph (1) if at least 75 
                  percent of the ownership interests of each embedded 
                  entity of such entity is owned directly or indirectly 
                  by the individuals that own the family farm.''.
      (b) Conservation Loans.--Section 304(c) of such Act (7 U.S.C. 
  1924(c)) is amended by inserting after ``limited liability companies'' 
  the following: ``, or such other legal entities as the Secretary deems 
  appropriate,''.
      (c) Farm Operating Loans.--Section 311(a) of such 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 1st sentence, by inserting after ``limited 
          liability companies'' the following: ``, and such other legal 
          entities as the Secretary deems appropriate,'';
              (3) in the 2nd sentence, by redesignating clauses (1) 
          through (4) as clauses (A) through (D), respectively;
              (4) in each of the 2nd and 3rd sentences, by striking ``and 
          limited liability companies'' each place it appears and 
          inserting ``limited liability companies, and such other legal 
          entities''; and
              (5) by adding at the end the following:
              ``(2) Special deeming rule.--An entity that is an operator 
          described in paragraph (1) that is owned, in whole or in part, 
          by other entities, is deemed to meet the direct ownership 
          requirement imposed under paragraph (1) if at least 75 percent 
          of the ownership interests of each embedded entity of such 
          entity is owned directly or indirectly by the individuals that 
          own the family farm.''.
      (d) Emergency Loans.--Section 321(a) of such Act (7 U.S.C. 1961(a)) 
  is amended--
              (1) by striking ``owner-operators (in the case of loans for 
          a purpose under subtitle A) or operators (in the case of loans 
          for a purpose under subtitle B)'' each place it appears and 
          inserting ``(in the case of farm ownership loans in accordance 
          with subtitle A) owner-operators or operators, or (in the case 
          of loans for a purpose under subtitle B) operators'';
              (2) by inserting after ``limited liability companies'' the 
          1st place it appears the following: ``, or such other legal 
          entities as the Secretary deems appropriate''; and
              (3) by inserting after ``limited liability companies'' the 
          2nd place it appears the following: ``, or other legal 
          entities'';
              (4) by striking ``and limited liability companies,'' and 
          inserting ``limited liability companies, and such other legal 
          entities'';
              (5) by striking ``ownership and operator'' and inserting 
          ``ownership or operator''; and
              (6) by adding at the end the following: ``An entity that is 
          an owner-operator or operator described in this subsection is 
          deemed to meet the direct ownership requirement imposed under 
          this subsection if the entity is owned, in whole or in part, by 
          other entities and each individual that is an owner of the 
          family farm involved has a direct or indirect ownership 
          interest in each of the other entities.''.
      (e) Conforming Amendments.--
              (1) Section 304(c)(2) of such Act (7 U.S.C. 1924(c)(2)) by 
          striking ``paragraphs (1) and (2) of section 302(a)'' and 
          inserting ``subparagraphs (A) and (B) of section 302(a)(1)''.
              (2) Section 310D of such Act (7 U.S.C. 1934) is amended--
                      (A) by inserting after ``partnership'' the 
                  following: ``, or such other legal entities as the 
                  Secretary deems appropriate,''; and
                      (B) by inserting after ``partners'' the following: 
                  ``, or owners,''.
              (3) Section 343(a)(11) of such Act (7 U.S.C. 1991(a)(11)) 
          is amended--
                      (A) by inserting after ``joint operation,'' the 1st 
                  place it appears the following: ``or such other legal 
                  entity as the Secretary deems appropriate,'';
                      (B) by striking ``or joint operators'' each place 
                  it appears and inserting ``joint operators, or 
                  owners''; and
                      (C) by inserting after ``joint operation,'' each 
                  other place it appears the following: ``or such other 
                  legal entity,''.
              (4) Section 359(b)(2) of such Act (7 U.S.C. 2006a(b)(2)) is 
          amended by striking ``section 302(a)(2) or 311(a)(2)'' and 
          inserting ``section 302(a)(1)(B) or 311(a)(1)(B)''.
target: Agricultural Credit Expansion Act - Amends the Consolidated Farm and Rural Development Act to expand eligibility for Farm Service Agency operating loans, farm ownership loans, conservation loans, and emergency loans.
  
  Deems specified embedded entities (an entity owned wholly or in part by another entity) eligible for farm ownership and operating loans.
  
  Deems specified operating-only entities eligible for farm ownership loans.
  
  Deems an entity that is an owner-operator or operator to meet the direct ownership loan requirement if it is owned in whole or in part by other entities and each individual that is an owner of the family farm involved has an ownership interest in each of the other entities.
feat_title: To amend the Consolidated Farm and Rural Development Act to expand eligibility for Farm Service Agency loans.