Page:United States Statutes at Large Volume 104 Part 5.djvu/719

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 4041 "(1) rescind an insured telephone loan, or a Rural Telephone Bsink loan, made under this Act without the consent of the borrower, unless all of the purposes for which telephone loans have been made to the borrower under this Act have been accomplished with funds provided under this Act; "(2) regulate the order or sequence of advances of funds under telephone loans made under this Act to any borrower who has received any combination of telephone loans from the Rural Electrification Administration, the Rural Telephone Bank, or the Federal Financing Bank; or "(3) deny a loan or advance to, or take any other adverse action against, an applicant for, or a borrower of, a telephone loan under this Act for any reason that is not based on a rule, regulation, bulletin, or other written policy standard that has not been published pursuant to section 553 of title 5, United States Code.". SEC. 2358. PROMPT PROCESSING OF TELEPHONE LOANS. Title II (7 U.S.C. 922 et seq.) is amended by adding after the sections added by sections 2355, 2356, and 2357 of this Act the following new section: "SEC. 207. PROMPT PROCESSING OF TELEPHONE LOANS. "Within ten days after the end of the second and fourth calendar quarters of each year, the Administrator shall submit to the Committee on Agriculture and the Committee on Appropriations of the House of Representatives, and to the Committee on Agriculture, Nutrition, and Forestry and the Committee on Appropriations of the Senate, a report— "(1) identifying each completed application for a telephone loan under section 305, a guarantee of a telephone loan under section 306, or a loan under section 408, that has not been finally acted upon within ninety days after the date the completed application is submitted; and "(2) stating the reasons for the failure to finally act upon the completed applications within such ninety-day period.". CHAPTER 3—AMENDMENTS RELATING TO TITLE III OF THE RURAL ELECTRIFICATION ACT OF 1936 Reports. 7 USC 928. SEC. 2359. CREATION OF SEPARATE ELECTRIC AND TELEPHONE AC- COUNTS WITHIN RURAL ELECTRIC AND TELEPHONE REVOLVING FUND. Section 302 (7 U.S.C. 932) is amended by adding at the end the following new subsection: "(c)(l) The Administrator shall maintain two separate accounts within the fund, which shall be known as the electric account and the telephone account, respectively. "(2)(A) The Administrator shall account for the assets, liabilities, income, expenses, and equity of the fund attributable to electrification loan operations in the electric account. "(B) The Administrator shall account for the assets, liabilities, income, expenses, and equity of the fund attributable to telephone loan operations in the telephone account. "(3)(A) The assets accounted for in the electric account shall be available solely for electrification loan operations under this Act. Loan programs.

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