Page:United States Statutes at Large Volume 101 Part 3.djvu/367

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1665

"SEC. 358. WAIVER OF MEDIATION RIGHTS BY BORROWERS.

7 USC 2006.

"The Secretary may not make, insure, or guarantee any farmer program loan to a farm borrower on the condition that the borrower waive any right under the agricultural loan mediation program of any State.".

TITLE VI—FARMERS HOME ADMINISTRATION LOANS SEC. 601. AMENDMENT OF CONSOLIDATED FARM AND RURAL DEVELOPMENT ACT.

Except as otherwise specifically provided, whenever in this title an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.). SEC. 602. DEFINITIONS.

Section 343 (7 U.S.C. 1991) is amended— (1) by inserting "(a)" after the section designation; and (2) by adding at the end thereof the following new subsection: "(b) As used in sections 307(e), 331D, 335 (e) and (f), 338(f), 351(h), 352 db) and (c), 353, and 357: "(1) The term 'borrower' means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise. "(2) The term 'loan service program' means, with respect to a farmer program borrower, a primary loan service program or a preservation loan service program. "(3) The term 'primary loan service program' means— "(A) loan consolidation, rescheduling, or reamortization; ^" "(B) interest rate reduction, including the use of the limited resource program; "(C) loan restructuring, including deferral, set aside, or writing down of the principal or accumulated interest charges, or both, of the loan; or "(D) any combination of actions described in subparagraphs (A), (B), and (C). "(4) The term 'preservation loan service program' means— ' "(A) homestead retention as authorized under section 352; and "(B) a leaseback or buyback of farmland authorized under section 335.". SEC. 603. SECURITY FOR FMHA REAL ESTATE LOANS.

Section 307(c) (7 U.S.C. 1927(c)) is amended by adding at the end thereof the following new sentence: "A borrower may use the same collateral to secure two or more loans made, insured, or guaranteed under this subtitle, except that the outstanding amount of such loans may not exceed the total value of the collateral so used.".

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