829 
financial information, and otherwise assess an appli-
cation. 
‘‘(b) PREFERRED CERTIFIED LENDERS PROGRAM.— 
‘‘(1) IN GENERAL.—The Secretary shall estab-
lish a Preferred Certified Lenders Program for lend-
ers under this title who establish— 
‘‘(A) knowledge of, and experience under, 
the program established under subsection (a); 
‘‘(B) knowledge of the regulations con-
cerning the guaranteed loan program; and 
‘‘(C) proficiency related to the certified 
lender program requirements. 
‘‘(2) REVOCATION OF DESIGNATION.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the designation of a lender as a Pre-
ferred Certified Lender shall be revoked at any 
time— 
‘‘(i) that the Secretary determines 
that the lender is not adhering to the rules 
and regulations applicable to the program; 
or 
‘‘(ii) if the loss experiences of a Pre-
ferred Certified Lender are excessive as 
compared to other Preferred Certified 
Lenders. 
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‘‘(B) EFFECT.—A suspension or revocation 
under subparagraph (A) shall not affect any 
outstanding guarantee. 
‘‘(3) CONDITION
OF
CERTIFICATION.—As a 
condition of preferred certification, the Secretary 
shall require the institution to undertake to service 
the loans guaranteed by the Secretary under this 
subsection using generally accepted banking stand-
ards concerning loan servicing employed by prudent 
commercial or cooperative lenders. 
‘‘(4) MONITORING.—The Secretary shall, at 
least annually, monitor the performance of each Pre-
ferred Certified Lender to ensure that the conditions 
of certification are being met. 
‘‘(5) EFFECT OF PREFERRED LENDER CERTIFI-
CATION.— 
‘‘(A) IN GENERAL.—Notwithstanding any 
other provision of law, the Secretary shall— 
‘‘(i) guarantee not more than 80 per-
cent of an approved loan made by a cer-
tified lending institution as described in 
this subsection, subject to a determination 
that the borrower meets the eligibility re-
quirements or such other criteria as may 
be applicable to loans guaranteed by the 
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Secretary under other provisions of this 
title; 
‘‘(ii) permit certified lending institu-
tions— 
‘‘(I) to make all decisions, with 
respect to loans to be guaranteed by 
the Secretary under this subsection 
relating to credit worthiness, the clos-
ing, monitoring, collection and liquida-
tion of loans; and 
‘‘(II) to accept appropriate cer-
tifications, as provided by regulations 
issued by the Secretary, that the bor-
rower is in compliance with all re-
quirements of law or regulations pro-
mulgated by the Secretary; and 
‘‘(iii) be considered to have guaran-
teed 80 percent of a loan made by a pre-
ferred certified lending institution as de-
scribed in paragraph (1), if the Secretary 
fails to approve or reject the application of 
such institution within 14 calendar days 
after the date that the lending institution 
presented the application to the Secretary. 
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‘‘(B) REQUIREMENT.—If the Secretary re-
jects an application under subparagraph (A)(iii) 
during the 14-day period, the Secretary shall 
state, in writing, the reasons the application 
was rejected. 
‘‘(c) ADMINISTRATION OF CERTIFIED LENDERS AND 
PREFERRED CERTIFIED LENDERS PROGRAMS.—The Sec-
retary may administer the loan guarantee programs under 
subsections (a) and (b) through central offices established 
in States or in multi-State areas. 
‘‘SEC. 3910. LOANS TO RESIDENT ALIENS. 
‘‘(a) IN GENERAL.—Notwithstanding the provisions 
of this title limiting the making of a loan to a citizen of 
the United States, the Secretary may make a loan under 
this title to an alien lawfully admitted to the United States 
for permanent residence under the Immigration and Na-
tionality Act (8 U.S.C. 1101 et seq.). 
‘‘(b) REGULATIONS.— 
‘‘(1) IN
GENERAL.—No loan may be made 
under this title to an alien referred to in subsection 
(a) until the Secretary issues regulations estab-
lishing the terms and conditions under which the 
alien may receive the loan. 
‘‘(2) REQUIREMENT.—The Secretary shall sub-
mit the regulations to the Committee on Agriculture 
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