Coordination of assistance for qualified beginning farmers and ranchers
(1)
(1)#
Not later than 60 days after any State expresses to the Secretary, in writing, a desire to coordinate the provision of financial assistance to qualified beginning farmers and ranchers in the State, the Secretary and the State shall conclude a joint memorandum of understanding that shall govern the coordination of the provision of the financial assistance by the State and the Secretary.
(2)#
The memorandum of understanding shall provide that if a State beginning farmer program makes a commitment to provide a qualified beginning farmer or rancher with financing to establish or maintain a viable farming or ranching operation, the Secretary shall, subject to applicable law, normal loan approval criteria, and the availability of funds provide the farmer or rancher with a down payment loan under section 1935 of this title or a guarantee of the financing provided by the State program, or both.
(3)#
The Secretary shall not charge any person (including a lender) any fee with respect to the provision of any guarantee under this subsection.
(4)#
The Secretary shall notify each State of the provisions of this subsection.
(5)#
As used in paragraph (1), the term “State beginning farmer program” means any program that is—
(A) carried out by, or under contract with, a State; and
(B) designed to assist persons in obtaining the financial assistance necessary to enter agriculture and establish viable farming or ranching operations.