Page:United States Statutes at Large Volume 104 Part 5.djvu/499

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3821 ommendation required to be made by the county committee, and for reversal or modification thereof should the facts warrant such action;". SEC. 1811. BUSINESS AND INDUSTRY AND COMMUNITY FACILITY LOANS. Section 333A(a) (7 U.S.C. 1983a(a)) is amended by adding at the end the following new paragraph: "(4)(A) Notwithstanding paragraph (1), each application for a loan or loan guarantee under section 310B(a), or for a loan under section 306(a), that is to be disapproved by the Secretary solely because the Secretary lacks the necessary amount of funds to make the loan or guarantee shall not be disapproved but shall be placed in pending status. "(B) The Secretary shall retain the pending application and reconsider the application beginning on the date that sufficient funds become available. "(C) Not later than 60 days after funds become available regarding each pending application, the Secretary shall notify the applicant of the approval or disapproval of funding for the application.'. SEC. 1812. APPEALS. Section 333B(e) (7 U.S.C. 1983b(e)) is amended by adding at the end the following new paragraph: "(4) Except as provided in paragraph (3) and in the regulations of the Secretary governing the right of the Secretary to seek review of appeal decisions under this title, a county committee or employee of the Farmers Home Administration shall, on having a case returned pursugmt to the decision of a hearing officer. State director, or the director of the national appeals division, implement the decision within a reasonable period of time.". SEC. 1813. DISPOSITION OF SUITABLE PROPERTY. (a) HOLDING PERIOD.— The fourth sentence of section 335(c)(l) (7 U.S.C. 1985(c)(1)) is amended by striking "three years from the date of acquisition" and inserting "12 months from the date first published under paragraph (2)(D)". (b) RANDOM SELECTION AMONG EQUALLY QUALIFIED APPLICANTS. — Section 335 (7 U.S.C. 1985) is amended— (1) in subsection (c)(2)(C), by inserting before the semicolon the following: ", except that if the committee determines that two or more applicants meet the loan eligibility criteria, the committee shall select between the qualified applicemts on a random basis"; and (2) in subsection (e)(4)(C)— (A) by striking "shall, by majority vote," and inserting "shall randomly; and (B) by inserting before the period at the end the following: ", in accordance with subsection (c)(2)(B)(iii)". (c) PROPERTY SUBJECT TO BORROWER PURCHASE OR LEASE OPTION.— Section 335(e)(l)(A)(i) (7 U.S.C. 1985(e)(l)(A)(i)) is amended by striking "real property" and inserting "real farm or ranch property (including the principal residence of the borrower)". (d) RIGHT OF FIRST REFUSAL.— Section 335(e)(l)(A) (7 U.S.C. 1985(e)(l)(A)) is amended by adding at the end the following new clause: "(iv) In the case of real property described in clause (i) that was acquired by the Secretary before January 6, 1988, that is (or has

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