1. Short title This Act may be cited as the Fair Credit for Farmers Act of 2023 . 2. Deferment of payments for borrowers of farm loans (a) Definitions In this section: (1) Economically distressed farmer or rancher The term economically distressed farmer or rancher means a farmer or rancher that is— (A) delinquent, as described in the definition of the term delinquent borrower in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations); (B) financially distressed, as described in the definition of the term financially distressed borrower in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations); or (C) a borrower of a direct farm loan who is unable to develop a feasible plan (as defined in section 761.2(b) of title 7, Code of Federal Regulations (or successor regulations)) for the current or next production cycle with current available rates and terms. (2) Eligible borrower The term eligible borrower means a borrower that— (A) is an economically distressed farmer or rancher; and (B) did not receive assistance under section 22006 of Public Law 117–169 (commonly known as the Inflation Reduction Act ). (3) Farm loan (A) In general The term farm loan means a direct or guaranteed— (i) farm ownership loan under subtitle A of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922 et seq. ); (ii) operating loan under subtitle B of that Act ( 7 U.S.C. 1941 et seq. ); or (iii) emergency loan under subtitle C of that Act ( 7 U.S.C. 1961 et seq. ). (B) Inclusion The term farm loan includes direct microloans of any type of loan described in clauses (i) through (iii) of subparagraph (A). (4) Historically underserved farmer or rancher The term historically underserved farmer or rancher means— (A) a limited resource farmer or rancher, as determined by the Secretary; (B) a socially disadvantaged farmer or rancher (as defined in section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(a) ))