The Secretary shall enter into contracts to provide educational training to all borrowers of farmer program direct loans made under this chapter in financial and farm management concepts associated with commercial farming.
(1) In general
The Secretary may contract with State or private providers of farm management and credit counseling services (including a community college, the extension service of a State, a State department of agriculture, or a nonprofit organization) to carry out this section.
The Secretary may consult with the chief executive officer of a State concerning the identity of the contracting organization and the process for contracting.
(c) Eligibility for loans
(1) In general
Subject to paragraph (2), to be eligible to obtain a direct loan under this chapter, a borrower must obtain management assistance under this section, appropriate to the management ability of the borrower (as determined by the appropriate county committee during the determination of eligibility for the loan).
(2) Loan conditions
The need of a borrower who satisfies the criteria set out in section
1941(a)(1)(B) of this title for management assistance under this section shall not be cause for denial of eligibility of the borrower for a direct loan under this chapter.
(d) Guidelines and curriculum
The Secretary shall issue regulations establishing guidelines and curriculum for the borrower training program established under this section.
A borrower shall pay for training received under this section, and may use funds from operating loans made under subchapter II of this chapter to pay for the training.
(1) In general
The Secretary may waive the requirements of this section for an individual borrower if the Secretary determines that the borrower demonstrates adequate knowledge in areas described in this section.
The Secretary shall establish criteria providing for the application of paragraph (1) consistently in all counties nationwide.
2002—Subsec. (c)(1). Pub. L. 107–171, § 5501(c), struck out “established pursuant to section
1982 of this title,” after “appropriate county committee”.
Subsec. (f). Pub. L. 107–171, § 5316, added subsec. (f) and struck out heading and text of former subsec. (f). Text read as follows: “The Secretary may waive the requirements of this section for an individual borrower on a determination by the county committee that the borrower demonstrates adequate knowledge in areas described in this section.”
1998—Subsec. (a). Pub. L. 105–277, § 101(a) [title VIII, § 805(3)(A)], struck out “and guaranteed” after “direct”.
Subsec. (c). Pub. L. 105–277, § 101(a) [title VIII, § 805(3)(B)], struck out “or guaranteed” after “direct” in pars. (1) and (2).
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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