(a) Definitions
Section 53701 of title 46, United States Code, is amended—
by redesignating paragraphs (5) through (15) as paragraphs (6) through (16), respectively;
by inserting after paragraph (4) the following:
in paragraph (14), as so redesignated, by inserting used before fishing vessels .
(b) Direct loans
Section 53702(b) of title 46, United States Code, is amended—
in the subsection heading by striking DIRECT LOANS FOR FISHERIES and inserting DIRECT LOANS ;
in paragraph (1) by inserting used before fishing vessel ; and
in paragraph (4) by striking the purpose of and all that follows through financing the purchase and inserting the purpose of financing the purchase .
(c) Funding limits
Section 53704(a) of title 46, United States Code, is amended by striking obligations related to fishing vessels and fishery facilities and inserting obligations by the Secretary related to fishing facilities, and used fishing vessels .
(d) Eligible purposes of obligations
Section 53706(a)(1)(A) of title 46, United States Code, is amended—
in clause (iv) by striking the second or ;
in clause (v) by striking the period and inserting ; or ; and
by adding at the end the following:
(e) Findings related to obligors and operators
Section 53707(c) of title 46, United States Code, is amended by inserting or Administrator after Secretary .
(f) Findings related to economic soundness
Section 53708 of title 46, United States Code, is amended by adding at the end the following:
(g) Amount of obligations
Section 53709 of title 46, United States Code, is amended—
in subsection (b)(3)—
by striking For a fishing vessel or fishery facility and inserting the following:
by adding at the end the following:
in subsection (e) by inserting or Administrator after Secretary .
(h) Replacement of vessels because of changes in operating standards
Section 53734 of title 46, United States Code, is amended—
in subsection (a)(1) by inserting fishing, or other seafood related, before coastwise, intercoastal, or foreign trade ;
in subsection (b)(2) by striking construction or reconstruction of the vessel and inserting construction or refinancing and reconstruction of the vessel ; and
by adding at the end the following:
(i) Eligibility
Notwithstanding any requirements that such vessel be reconstructed, reconditioned, or repaired to qualify for a guarantee of an obligation, for a period of 2 years after the date of enactment of this Act, a fishing vessel greater than 79 feet overall in length built and documented after January 1, 2021, shall be eligible for a guarantee of an obligation from the Administrator under chapter 537 of title 46, United States Code.
(j) Savings clause
Nothing in this section, or the amendments made by this section, shall limit the authority of the Secretary of Commerce to provide direct loan obligations authorized by section 211(e) of the American Fisheries Act ( Public Law 105–277 ).