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 paragraph (1) (as designated by paragraph (1))--
                      (A) in the first sentence, by striking ``and 
                  limited liability companies'' and inserting ``limited 
                  liability companies, and such other legal entities that 
                  the Secretary determines to be appropriate,''; and
                      (B) in the second sentence--
                              (i) by striking ``and limited liability 
                          companies'' each place it appears and inserting 
                          ``limited liability companies, and such other 
                          legal entities that the Secretary determines to 
                          be appropriate'';
                              (ii) by striking ``(1)'' and inserting 
                          ``(A)'';
                              (iii) by striking ``(2)'' and inserting 
                          ``(B)'';
                              (iv) by striking ``(3)'' and inserting 
                          ``(C)''; and
                              (v) by striking ``(4)'' and inserting 
                          ``(D)'';
              (3) in the third sentence--
                      (A) by striking ``and limited liability companies'' 
                  each place it appears and inserting ``limited liability 
                  companies, and such other legal entities that the 
                  Secretary determines to be appropriate'';
                      (B) by striking ``(3)'' and inserting ``(C)''; and
                      (C) by striking ``(4)'' and inserting ``(D)''; and
              (4) by adding at the end the following:
              ``(2) Special rules regarding determinations.--
                      ``(A) Eligibility of certain operating-only 
                  entities.--An entity that is, or will become, only the 
                  operator of a family farm shall be determined by the 
                  Secretary to meet each owner-operator requirement 
                  described in paragraph (1) if the 1 or more individuals 
                  who are the owners of the family farm own--
                              ``(i) a percentage of the family farm that 
                          exceeds 50 percent; or
                              ``(ii) such other percentage that the 
                          Secretary determines to be appropriate.
                      ``(B) Eligibility of certain embedded entities.--An 
                  entity that is an owner-operator described in paragraph 
                  (1), or an operator described in subparagraph (A), that 
                  is owned, in whole or in part, by 1 or more other 
                  entities, shall be determined by the Secretary to meet 
                  the direct ownership requirement described in paragraph 
                  (1) if not less than 75 percent of the ownership 
                  interests of each embedded entity of the entity is 
                  owned directly or indirectly by the 1 or more 
                  individuals who own the family farm.''.
      (b) Conservation Loans.--Section 304(c)(1) of the Consolidated Farm 
  and Rural Development Act (7 U.S.C. 1924(c)(1)) is amended by striking 
  ``or limited liability companies'' and inserting ``limited liability 
  companies, or such other legal entities that the Secretary determines 
  to be appropriate,''.
      (c) 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 paragraph (1) (as designated by paragraph (1))--
                      (A) in the first sentence, by striking ``and 
                  limited liability companies'' and inserting ``limited 
                  liability companies, and such other legal entities that 
                  the Secretary determines to be appropriate,''; and
                      (B) in the second sentence--
                              (i) by striking ``and limited liability 
                          companies'' each place it appears and inserting 
                          ``limited liability companies, and such other 
                          legal entities that the Secretary determines to 
                          be appropriate'';
                              (ii) by striking ``(1)'' and inserting 
                          ``(A)'';
                              (iii) by striking ``(2)'' and inserting 
                          ``(B)'';
                              (iv) by striking ``(3)'' and inserting 
                          ``(C)''; and
                              (v) by striking ``(4)'' and inserting 
                          ``(D)'';
              (3) in the third sentence--
                      (A) by striking ``and limited liability companies'' 
                  each place it appears and inserting ``limited liability 
                  companies, and such other legal entities that the 
                  Secretary determines to be appropriate'';
                      (B) by striking ``(3)'' and inserting ``(C)''; and
                      (C) by striking ``(4)'' and inserting ``(D)''; and
              (4) by adding at the end the following:
              ``(2) Special rules regarding determinations.--An entity 
          that is an operator described in paragraph (1) that is owned, 
          in whole or in part, by 1 or more other entities, shall be 
          determined by the Secretary to meet the direct ownership 
          requirement described in paragraph (1) if not less than 75 
          percent of the ownership interests of each embedded entity of 
          the entity is owned directly or indirectly by the 1 or more 
          individuals who own the family farm.''.
      (d) Emergency Loans.--Section 321(a) of the Consolidated Farm and 
  Rural Development Act (7 U.S.C. 1961(a)) is amended--
              (1) in the first sentence, in the matter preceding the 
          proviso--
                      (A) 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'';
                      (B) by striking ``or limited liability companies'' 
                  the first place it appears and inserting ``limited 
                  liability companies, or such other legal entities that 
                  the Secretary determines to be appropriate''; and
                      (C) by striking ``or limited liability companies'' 
                  the second place it appears and inserting ``limited 
                  liability companies, or such other legal entities'';
              (2) in the second sentence of the proviso--
                      (A) by striking ``and limited liability companies'' 
                  and inserting ``limited liability companies, and such 
                  other legal entities''; and
                      (B) by striking ``ownership and operator'' and 
                  inserting ``ownership or operator''; and
              (3) by adding at the end the following: ``An entity that is 
          an owner-operator or operator described in this subsection 
          shall be determined by the Secretary to meet the direct 
          ownership requirement described in this subsection if the 
          entity is owned, in whole or in part, by 1 or more other 
          entities and each individual who 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 the Consolidated Farm and Rural 
          Development Act (7 U.S.C. 1924(c)(2)) is amended by striking 
          ``paragraphs (1) and (2) of section 302(a)'' and inserting 
          ``clauses (A) and (B) of section 302(a)(1)''.
              (2) Section 310D(a) of the Consolidated Farm and Rural 
          Development Act (7 U.S.C. 1934(a)) is amended--
                      (A) in the first sentence, by striking ``paragraphs 
                  (2) through (4) of section 302'' and inserting 
                  ``clauses (B) through (D) of section 302(a)(1)''; and
                      (B) in the second sentence--
                              (i) by striking ``farm cooperative or 
                          private domestic corporation or partnership'' 
                          and inserting ``farm cooperative, private 
                          domestic corporation, partnership, or such 
                          other legal entity that the Secretary 
                          determines to be appropriate,''; and
                              (ii) by striking ``or partners'' and 
                          inserting ``partners, or owners''.
              (3) Section 343(a)(11) of the Consolidated Farm and Rural 
          Development Act (7 U.S.C. 1991(a)(11)) is amended--
                      (A) in subparagraph (C)--
                              (i) by striking ``or joint operation'' and 
                          inserting ``joint operation, or such other 
                          legal entity that the Secretary determines to 
                          be appropriate''; and
                              (ii) by striking ``or joint operators'' and 
                          inserting ``joint operators, or owners''; and
                      (B) in subparagraph (D)--
                              (i) in clause (i)(II)(aa)--
                                      (I) by striking ``or joint 
                                  operation'' and inserting ``joint 
                                  operation, or such other legal 
                                  entity''; and
                                      (II) by striking ``or joint 
                                  operators'' and inserting ``joint 
                                  operators, or owners''; and
                              (ii) in clause (ii)(II)(aa)--
                                      (I) by striking ``or joint 
                                  operation'' and inserting ``joint 
                                  operation, or such other legal 
                                  entity''; and
                                      (II) by striking ``or joint 
                                  operators'' and inserting ``joint 
                                  operators, or owners''.
              (4) Section 359(c)(2) of the Consolidated Farm and Rural 
          Development Act (7 U.S.C. 2006a(c)(2)) is amended by striking 
          ``section 302(a)(2) or 311(a)(2)'' and inserting ``clause (B) 
          of section 302(a)(1) or clause (B) of section 311(a)(1)''.
  
  SEC. 3. PURPOSES OF CERTAIN DIRECT LOANS.
  
      Section 303(a)(1) of the Consolidated Farm and Rural Development 
  Act (7 U.S.C. 1923(a)(1)) is amended--
              (1) in subparagraph (D), by striking ``or'' at the end;
              (2) in subparagraph (E)(ii), by striking the period at the 
          end and inserting ``; or''; and
              (3) by adding at the end the following:
                      ``(F) refinancing 1 or more loans made or 
                  guaranteed under this subtitle.''.
  
  SEC. 4. REPEAL OF CERTAIN LOAN TERM LIMITS.
  
      (a) Direct Loans.--Section 311 of the Consolidated Farm and Rural 
  Development Act (7 U.S.C. 1941) is amended by striking subsection (c).
      (b) Limitation on Period Borrowers Are Eligible for Guaranteed 
  Assistance.--Section 319 of the Consolidated Farm and Rural Development 
  Act (7 U.S.C. 1949) is amended--
              (1) by striking ``(a) Graduation Plan.--The Secretary'' and 
          inserting ``The Secretary''; and
              (2) by striking subsection (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.
  
  Directs the Secretary of Agriculture (USDA) to determine that an entity that is an owner-operator or operator meets 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.
  
  Permits direct loans to be used to refinance Farm Service Agency loans or guaranteed loans.
  
  Eliminates the 15-year limitation on the period operating loan borrowers are eligible for guaranteed assistance.
feat_title: A bill to amend the Consolidated Farm and Rural Development Act to expand eligibility for Farm Service Agency loans.