In order for farmers and ranchers to qualify for retraining, they shall:
1. Have at least fifty percent (50%) of income from farming and ranching on or after January 1, 1983, and the applicant furnish appropriate federal and state tax returns to verify facts necessary to qualify for retraining; and
2. Have defaulted on any agriculture-related loan to any banking, savings and loan, or federal agency, on or after January 1, 1983; or
3. Have been the subject of a foreclosure on any item or property related to agriculture business by any institution similar to a bank or savings and loan, including but not limited to the Federal Land Bank; or any federal agency similar, but not limited to the Farmers Home Administration or the Federal Land Bank; or
4. Be an individual who could possibly save his farm or ranch from bankruptcy or foreclosure by learning a skill. The individuals who would qualify under this subsection will be recommended by the Advisory Committee on Agricultural Employment Retraining created in Section 2005 of this title; and
5. Satisfy the entrance and eligibility requirements imposed by the technology center school.