This bill, titled the USDA Loan Modernization Act, aims to broaden access to federal agricultural loans by amending the Consolidated Farm and Rural Development Act. It expands eligibility for farm ownership, operating, and emergency loans by modifying the required ownership interest for applicants. Specifically, it changes the threshold from "a majority" to "at least a 50 percent" interest for individuals or entity members seeking these loans. The legislation also introduces new criteria for eligibility, recognizing "qualified operators" as meeting the operator requirement for all loan types. Furthermore, it establishes pathways for certain "operating-only entities" and "embedded entities" to qualify, provided that a significant portion (at least 75 percent) of their ownership interests are held by qualified operators of the farm. These changes are intended to modernize loan access and support a wider range of farming structures.