Page:United States Statutes at Large Volume 101 Part 3.djvu/411

 PUBLIC LAW 100-233—JAN. 6, 1988

101 STAT. 1709

this title and to each prospective purchaser of a pool certificate issued under paragraph (2), information on the terms, conditions, and yield of such instrument. As used in this subparagraph, if the instrument being sold is a loan, the term 'seller' does not include (i) the person who made the loan or (ii) any person who sells three or fewer guaranteed loans per year. "(C) Provide for adequate custody of any pooled guaranteed loans. "(D) Take such actions as are necessary, in restructuring pools of the guaranteed portion of loans, to minimize the estimated costs of paying claims under guarantees issued under this subsection. "(E) Require each market maker— "(i) to service all pools formed, and participations sold, by the market maker; and "(ii) to provide the Secretary with information relating to the collection and disbursement of all periodic payments, prepayments, and default funds from lenders, to or from the reserve fund that the Secretary shall establish to enable the timely payment guarantee to be self-funding, and from all beneficial holders. "(F) Regulate market makers in pool certificates sold under this subsection. "(4)(A) Not later than March 31 of each year, the Secretary shall transmit to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives a report on the secondary market operations under this subsection during the preceding calendar year. "(B) Each report under subparagraph (A) shall include— "(i) the number and the total dollar amount of loans sold in the secondary market and the distribution of such loans by size of loan, size of lender, geographic location of lender, interest rate, maturity, lender servicing fees, whether the interest rate is fixed or variable, and premium paid; "(ii) the number and dollar amount of loans resold in the secondary market and the distribution of such loans by size of loan, interest rate, and premiums; "(iii) the number and total dollar amount of pools formed; "(iv) the number and total dollar amount of loans in each pool; "(v) the dollar amount, interest rate, and terms on each loan in each pool, and whether the interest rate is fixed or variable; "(vi) the number, face value, interest rate, and terms of the pool certificates issued for each pool; "(vii) to the maximum extent possible, the use by the lender of the proceeds of sales of loans in the secondary market for additional lending to farmers; and "(viii) an analysis of the information reported in clauses (i) through (vii) to assess farmers' access to capital at reasonable rates and terms as a result of secondary market operations.". (b) REGULATIONS.—Within 180 days after the date of the enactment of this Act, the Secretary shall develop and promulgate final regulations to implement this section and the amendment made by this section. (c) POOL CERTIFICATES NOT TO BE ISSUED UNTIL FINAL REGULATIONS

TAKE EFFECT.—The Secretary of Agriculture shall not implement paragraph (2) of section 338(f) of the Consolidated Farm and Rural

Reports.

7 USC 1988 note.

7 USC 1988 note.

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