(a) Any legal entity, whether foreign or domestic, that executes a program contract or agreement under which a payment, loan, or benefit may be available must provide written notification to the county committee in the county where the legal entity conducts its farming operation if:
(1) Any person, group of persons, legal entity, or group of legal entities holds more than a 10 percent interest in such legal entity; and
(2) Such person, group of persons, legal entity, or group of legal entities, in accordance with Sec. 1400.401, are ineligible to receive a payment, loan, or benefit.
(b) Such written notification must include the name and social security number or taxpayer identification number of such a person or legal entity, if known, and of all persons and legal entities that hold an interest in the legal entity.
(c) The failure of the legal entity to provide this information will result in the ineligibility of the legal entity to receive any payment, loan, or benefit.