§ 1949. Graduation of borrowers with operating loans or guarantees to private commercial credit
(a)
Graduation plan
The Secretary shall establish a plan, in coordination with activities under sections
2006a,
2006b,
2006c, and
2006d of this title, to encourage each borrower with an outstanding loan under this subchapter or with respect to whom there is an outstanding guarantee under this subchapter to graduate to private commercial or other sources of credit.
(b)
Limitation on period borrowers are eligible for guaranteed assistance
(1)
General rule
Subject to paragraph (2), the Secretary shall not guarantee a loan under this subchapter for a borrower for any year after the 15th year that a loan is made to, or a guarantee is provided with respect to, the borrower under this subchapter.
(2)
Transition rule
If, as of October 28, 1992, a farmer or rancher has received a direct or guaranteed operating loan under this subchapter during each of 10 or more previous years, the borrower shall be eligible to receive a guaranteed operating loan under this subchapter during 5 additional years after October 28, 1992.