Debt Relief and Farm Credit Access Act

(1) by striking paragraph (1) and inserting the following:; and

The Secretary may make a direct loan under this subtitle only to a farmer or rancher who has at least 1 year of experience substantially participating in the management and business operations of a farm or ranch, as determined by the Secretary.

(2) by striking paragraphs (3) and (4) and inserting the following:

In the case of a qualified beginning farmer or rancher, the Secretary may waive the 1-year requirement described in paragraph (1) if the qualified beginning farmer or rancher—

(A) has an established relationship with an individual who has experience in farming or ranching, or with a local farm or ranch operator or organization, approved by the Secretary, that is committed to mentoring the qualified beginning farmer or rancher; or

(B) has other acceptable education or experience for an appropriate period of time, as determined by the Secretary.

Section 303(a)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1923(a)(1)) is amended by striking subparagraph (E) and inserting the following:

(E) refinancing the indebtedness of the farmer or rancher, if the farmer or rancher—

(i) has used a direct loan under this subtitle to refinance indebtedness not more than 4 times previously; and

(ii) is refinancing a debt obtained from a creditor other than the Secretary.

Section 339(d)(4)(B) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1989(d)(4)(B)) is amended—

(1) by striking institutions to and inserting the following: institutions—; and

(i) to

(2) in clause (i) (as so designated)—

(A) by striking subsection relating and inserting subsection, relating;

(B) by striking worthiness, the and inserting worthiness or the; and

(C) by striking collection and liquidation of loans, and to and inserting the following: or collection of loans; and.

(ii) to

Section 353(o) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2001(o)) is amended by striking $300,000 and inserting $600,000.

(1) in subparagraph (A)—

(A) in clause (i)(II), by inserting, to the extent practicable after April 1 of the fiscal year; and

(B) in clause (iii), by inserting, to the extent practicable after September 1 of the fiscal year; and

(2) in subparagraph (B)(iii), by inserting, to the extent practicable after April 1 of the fiscal year.