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.

Amends the Consolidated Farm and Rural Development Act with respect to farmland held by the Farmers Home Administration (FmHA) to prohibit the Secretary of Agriculture from giving repurchase preference to the following persons who have been convicted within the previous five years of defrauding the Government or one of its agencies: (1) an immediate previous borrower-owner; (2) the spouse or child of such a person, unless the convicted person will not live on, or profit from, the property; or (3) a stockholder in a borrower-owner corporation held exclusively by members of the same family.

Prohibits a preference purchaser from transferring title to such property for two years after purchase except under the following circumstances: (1) transfer to a family member if the value of any consideration received in such transfer does not exceed the repurchase price; (2) transfer to a financial institution in connection with a mortgage to obtain financing on such property; (3) transfer by such institution or by anyone who subsequently acquires title from such institution; (4) transfer upon death or incompetency; (5) transfer for sale in order to cover debilitating medical expenses; or (6) FmHA exemption.

Authorizes the Secretary to enforce such title transfer prohibitions through liens, deed restrictions, or other encumbrances.

Amends the Farm Credit Act of 1971 with respect to farmland held by the Farm Credit System (System) to eliminate the right of first refusal (to repurchase such land) in the case of a previous owner who has been convicted within the previous five years of defrauding the Government, one of its agencies, or a System institution.

Prohibits the transfer of land repurchased under such right of first refusal for two years, except as provided for by this Act with regard to preference purchasers. Sets forth similar enforcement provisions under this Act as provided for preference purchasers under the Consolidated Farm and Rural Development Act.