To limit a previous owner's right of first refusal in the case of fraud or resale for sales of farm property by the Farmers Home Administration and the Farm Credit System.

[AI summary unavailable — showing source text] Amends the Consolidated Farm and Rural Development Act with regard to farmland held by the Farmers Home Administration to: (1) prohibit giving preference to a purchaser who has been convicted of defrauding the Government; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase. Amends the Farm Credit Act of 1971 with regard to farmland held by the Farm Credit System to: (1) provide for the forfeiture of the right of first refusal by a previous owner who has been convicted of defrauding the Government or the Farm Credit System; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase.…