; and (2) by striking subsection (h). 5110. Farmer loan pilot projects Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D ( 7 U.S.C. 1983d ) the following: 333E. Prior approval authorization pilot program (a) In general The Secretary, acting through the Administrator of the Farm Service Agency, shall carry out a pilot program to establish a pre-approval process for direct farm ownership loans made under subtitle A in order to streamline the application process and provide greater certainty to borrowers. (b) Eligibility requirements (1) In general Notwithstanding any other provision of this Act, the Secretary may establish eligibility requirements for direct farm ownership loans under subtitle A. (2) Limitation This section shall not be interpreted to repeal any borrowing requirement imposed under subtitle A. (c) Report Not later than 1 year after the date of enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program. (d) Termination of effectiveness The authority provided by this section shall terminate effective September 30, 2029. . 5111. Refinancing of guaranteed loans into direct loans (a) In general Not later than 1 year after the date of enactment of this Act, the Secretary, acting through the Administrator of the Farm Service Agency (referred to in this section as the Secretary ), shall promulgate regulations allowing certain loans guaranteed by the Farm Service Agency to be refinanced into direct loans issued by the Farm Service Agency, in accordance with this section. (b) Requirements (1) In general The regulations promulgated under subsection (a) shall provide that a guaranteed loan described in that subsection may be refinanced into a direct loan described in that subsection only if the Secretary determines